Nelson Mandela Bay Housing Market Report - 2018
As part of our series of reports on the eight metros in South Africa, this report on the residential property market in Nelson Mandela Bay Metro, Eastern Cape, provides a detailed analysis of government-sponsored properties, freehold and sectional title homes, new and resale transactions, lending, and first-time homeowners.
With a residential property market valued at R125.1 billion in 2017, over half (69%) of Nelson Mandela Bay’s residential properties are valued R600 000 or less. 42% of NMB’s residential properties are government-subsidised which represents the largest share of all the metros. The contribution of government housing programmes is evident in the entry market where 74% of houses are GSP. Of the 143 houses valued below R300 000 that were newly registered in 2017, 98% were government-subsidised properties. Furthermore, there were 771 government-subsidised houses sold in the entry market in 2017, constituting 68% of the resale transactions in this market segment.