Kempton Park; A Revitalised Aerotropolis
Category Property News
Kempton Park is home to Africa’s biggest and busiest airport, the OR Tambo International Airport, however, it is not just a place that receives local and international tourists. Recent Lightstone Reports indicate that this East Rand town is undergoing significant property valuation growth and it is attracting an influx young professionals.
According to Lightstone Reports, from 2007 to 2017, the town underwent phenomenal growth in property values across its main residential property types, namely; freehold, sectional-title and vacant land. Statistics show that on average, the freehold market grew by 64.7 percent - from R680 thousand to R1.1 million, vacant land grew by 44.4 percent - from R450 000 to R650 000, and sectional-titles saw growth of 27.6 percent - from R470 000 to R600 000.
The increases witnessed over a 10-year period indicate that Kempton Park is attracting phenomenal homebuyer demand and the reason for this lies firmly in its municipality’s, Ekurhuleni Aerotropolis programme.
Labelled as a key driver of economic activity and job creation, the programme has spurred on massive infrastructural and commercial developments, leading to an influx of younger demographics moving into the area for job opportunities. Following a blueprint of the ‘airport city’ as seen in Asia, Europe and North America, the project aims to revitalise the manufacturing, aviation and transport sectors in the town.
Ekurhuleni Aerotropolis has ignited big investment capital injections into Kempton Park and a wealth of developments have already burgeoned in and around the airport catchment area. These include the R300 million PRASA Nerve Centre, the head office and training academy for Air Traffic and Navigation Services and the Peermont Group’s R320 million extension of Emperors Palace Casino and Resort. Furthermore, the Ponoma suburb is expected to receive 118 new mixed-use development projects including industrial, commercial and residential.
Property Stock
Kempton Park is a family orientated Johannesburg suburb that offers some of the best schools in the region and is central to major shopping malls. According to Lightstone, freehold homes comprises the largest residential stock, accounting for 62.12 percent or 30 688 of total stock. Many of these homes are spacious and ideal for a range of family sizes.
Over the last year alone, 1 111 freehold properties were sold in Kempton Park, with the most popular price-bracket between, 800 000 - 1.5 million. The second most popular property-type is sectional-titles, which account for 26.02 percent or 12 854 of total residential stock.
Demographics
The prominence of freehold properties and the growing sectional-title market is a direct result of the demographics moving into Kempton Park. Currently, the most popular age group in the town is youth/adults between 18-35 years-old, who account for 47 percent. This is followed by the middle-age group between the ages of 36-49 (41 percent). In terms of recent buyers, the middle-aged are emerging as frontrunners, comprising 44 percent of all recent buyers and this is followed by youth/adults (36 percent).
Available Property
Currently mandated by De Lucia Group is a four-bedroom, Tuscan-inspired family home in Kempton Park. Offering five living rooms, a study, gourmet open-plan kitchen, a landscaped garden and swimming pool, this home is perfect for a big family who loves to entertain.
As younger and older adults relocate to the transforming, Kempton Park, its freehold and sectional-title market is expected to grow phenomenally, in terms of, stock and value. Mandating a wealth of residential property from across Kempton Park, De Lucia Group will guide you in finding your dream home in this flourishing aerotropolis.
Author: De Lucia Group
