Housing & Buildings
Since as early as 2005 Polokwane has been in the forefront of property development. There is no sign of this boom letting up in the near future.
Stands at new housing developments are being sold out as soon as they are advertised, thanks to the number of people flocking into the city. Amongst the reasons for this move is the increased investment, opening of new mines, growth in the tourism industry and new commercial developments that the city is attracting.
More houses are being built, more schools are under construction, the airport is undergoing major upliftment and the new R1,2 billion Mall of the North has started its construction. The mall will maintain the estimated R300 million that local residents have commuted to Pretoria or Johannesburg on shopping trips.
The city is now providing shopping convenience and this will have real economic benefit for the local economy. The Mall of the North, with a 36% local ownership is estimated to create between 1 200 and 2 000 permanent jobs.
The new black middle class, now recognized as the driving force behind the South African economy is playing an important role in the property boom in Polokwane. Now able to afford and to purchase homes, these first time homeowners are taking advantage of the opportunity to participate in the growing long term investments of property.
Few family homes are available for less than R500 000 and most fall into the R650 000 – R800 000 price bracket. However, large family houses with many of the luxuries are being sold between R1,2 million and even as high as R2,5 million highlighting the fact that investors, business men and high ranking officials are showing interest in investments in the city.
The 2010 Fifa World Cup has chosen Polokwane to host four of the big matches and this has created many opportunities for private organizations to become involved in the wide range of urban and commercial property developments. The 2010, combined with the massive growth shown in the city over the last 11 years has sparked interest in new commercial developments in and around the city.
The Polokwane Municipality has committed to the upgrading of roads, sanitation, water supply, the inner city transport system and the cleaning up and beautification of the inner city.