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IOLProperty - South African Property For Sale
Friday Oct 19, 2012

Proposed university will affect Kimberley property supply

The new Northern Cape university located in Kimberley is expected to register its first students in 2014 and the city is scrambling to provide housing for the expected inflow of new residents.

Kobus van der Walt, local developer and co-owner of the Aida estate agency in the city, foresees great demand - and shortages - in the rental market when the campus opens. "Varsity residences are being planned but are unlikely to provide enough room to accommodate all students. But the rental market here is already under severe strain with prospective tenants take up whatever is available, irrespective of their preferred price bracket," he says.

"This strong demand has seen rentals escalate and landlords here are consequently earning much better returns than in other nearby centres such as Bloemfontein. Investors have been quick to spot this and are very active in the market.

"However, new development is urgently needed and we hope that development land will be made available in good time to prepare for the expected influx of students looking for accommodation."

Van der Walt says development land is currently in short supply, with private developers last in the queue. "Furthermore, electricity supply in the city is taking strain and the power infrastructure needs urgent attention. It is to be hoped that all interested parties in the city will work together assiduously to tackle this issue in the short time remaining and that existing capacity and expertise will be employed by the council."

Aida Press Release

 
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