THE PROPERTY market in the Port Elizabeth has seen a growth of 20 per cent in house prices, along with increases in demand for industrial property and a sustained demand for retail space. Jean Botha of Remax Bay Properties told the Port Elizabeth Regional Chamber of Commerce and Industry (Percci), “the Coega project is definitely having an affect on the property market and is increasing property prices dramatically. Adding to this are the positive moves that the Metro municipality has undertaken. Projects such as a newly formed Development Agency, a proposed statue of freedom and the Madiba Bay tourism project are drawing attention to our area. “I am pleased to say that we have also noticed an increase in foreigners buying in this area as they too see the Metro as a good place for investment. If the proposed Statue of Freedom goes ahead, it will have a major impact on this region.” Agreeing with Botha was Marion Engelbrecht of Independent Property Consultants who said that Coega has brought excitement and confidence to Port Elizabeth. “This is resulting in prices going up as the demand is greater. A number of investors have been buying property here which has resulted in an increase in the number of property available for letting purposes.” On the industrial side, Arnie Katz of Broll Properties said that activity in the Port Elizabeth area has increased considerably since the beginning of the year and enquiries are at an absolute premium. Marios van Dongen of Bowmans Property agreed saying, “There has been a significant take up of quality industrial stock over the past year. Areas that are in demand are Deal Party, Sidwell and Kempston Road. There is a marked shift in demand by owner-occupiers and even investors to purchase premises, which has lead to a stock shortage. This is attributable to confidence in the industry, poor off-shore and stock market investment returns and the reduction in the interest rate. Developers are having to investigate the construction of new quality warehousing to meet modern trends within secure industrial parks, providing adequate height and yard space.”