The capital city of the Northern Cape, Kimberley, is going to open the doors of the new Northern Cape University in 2014. While the local planning will include university residences it is unlikely that this housing will be sufficient to accommodate the influx of new students.
Considering that Kimberley sprang up as a frontier shanty town around a great big hole in the ground, the stunning architecture that graces the city’s streets is now a remnant of the early days of the town’s Victorian inspired aesthetic. Today these Victorian gems stand in the shadows of the towering and modern buildings.
Development land is currently in short supply in Kimberley, with very little ground being made available for development by the city council, and private developers are having to take a back-seat and await opportunities to invest. As the rental market in Kimberley is already experiencing strain, with tenants taking any available rental property regardless of desirability or affordability. Due to this massive demand and limited supply of rental properties, landlords have been able to escalate their prices, creating a market that provides much better returns for those renting out their properties than neighbouring centres like Bloemfontein.
Local estate agents, developers and investors are hopeful that more land will be made available so that the existing housing capacity can be increased significantly by the time the new students start streaming in. New developments are already being sold – some off-plan – in record time. When new property developments are advertised the interest is immediate as people are desperate to find properties to buy. Investors have also seen the gap and tend to snap up newly built homes in order to rent them out and meet the high current demand.
The residential property market in Kimberely is booming. Since the city is the province’s capital it houses many provincial departments and buyers are moving from other towns for better employment opportunities.
According to current local listings and selling prices, properties in the area sell for around R735 000 for a two bedroom townhouse up to R1.5-million for family homes and R3.5-million for luxury homes in the exclusive areas.
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