select
|

Buyers investing in high-end, luxury homes in Pringle Bay and Rooi Els

Over the past year, prime seafront properties in the coastal hamlets of Pringle Bay and Rooi Els on the scenic Whale Coast of the Western Cape have been selling in the upper price band between R4 million and R7 million. 


Scenic view of Pringle Bay from the beach.

And, reports Pam Golding Properties Pringle Bay agent Nicola Lloyd, some of the older of these homes are promptly being redeveloped to make way for brand new, luxury seafront homes.

She adds that both villages have experienced a surge in property investment, with these top end investors predominantly based in the Western Cape in the Cape Town, Stellenbosch and Franschhoek areas.

Pringle Bay – and nearby Rooi Els – are situated within the Kogelberg Biosphere Reserve, a UNESCO Heritage Site, just an hour-and-a-half from central Cape Town and only an hour from Cape Town International Airport along one of the world’s most scenic coastal routes, Clarence Drive. These scenic areas incorporate white sandy beaches, majestic mountains, international birding areas and numerous walking trails, while jaw-dropping sunset views of Table Mountain peninsula complete the perfect picture.


Scenic view of Rooi Els.

Comments Wendy Cilliers, Pam Golding Properties agent in partnership with Lloyd in these areas: “Residential property in these two villages is proving enormously popular both nationally and internationally, as holiday and weekend breakaway destinations. Added to the above attractions is a safe living environment, a growing primary eco-school - Pringle House, choice of excellent restaurants, safe swimming beaches, comparatively low municipal rates, 3G and WiFi coverage and vibrant village centres, so it’s easy to see why they are increasingly sought after as places to live permanently and raise children.

“As a result, we are seeing a generation of younger buyers moving in as permanent residents – specifically into Pringle Bay. They are seeking the quality of life and are also drawn by the fact that Somerset West node, with all its amenities, is an easy 30-minute commute.”

The town of Pringle Bay is 64 percent developed with 1110 homes and about 400 permanent residents occupying approximately 200 of these. Rooi Els, the smaller of the two villages, is 70 percent developed with 233 homes and 65 permanent residents residing in about 32 homes. The majority of owners in both villages live within a travel distance of some 150km, and use their properties for weekend and leisure getaways. Although both villages offer similar benefits, they are quite different from each other, says Lloyd. “The smaller Rooi Els generally has spacious properties of around 1000sqm and attracts a more mature owner as well as overseas investors, all of whom enjoy the tranquillity and proximity to nature afforded by the Cape Nature Proclaimed Conservancy Village.


Rooi Els R2.25m: Situated in Rooi Els, this three bedroom, two bathroom, double-storey house is marketed by Pam Golding Properties at R2.25 million. A minute’s walk from the shoreline with spectacular views over False Bay to Cape Point and Devils Peak, the house is split level, making for interesting spaces

“Pringle Bay is larger and also has a number of large properties - situated on erven of  between 600sqm and 1200sqm, which, together with a safe and picturesque swimming beach and Pringle House school make it alluring for young families as well as other local, permanent residents.

“Local, national and international buyers also find that seafront properties here are far more affordable and present far greater value for money when compared with Cape Town and the more traditional holiday towns. Capetonians focus on these villages because of their scenic beauty and proximity to Cape Town,” says Lloyd.

In Pringle Bay, Pam Golding Properties has sold vacant land priced from R280 000 up to R1.6 million and houses from R1.3 million to R6.9 million, with the majority of sales priced between R1.5 million and R2.5 million. “In Rooi Els we’ve sold vacant land priced from R650 000 up to R3.3 million for seafront stands, and homes between R1.708 million and R2.7 million, with the bulk of our sales in the R2 million -R3 million price band,” says Lloyd.

Top prices are being achieved by Pam Golding Properties, and over the past year include R6.9 million for a five bedroom seafront villa in Pringle Bay and R3.3 million for a vacant seafront stand in Rooi Els.

Says Lloyd: “Currently there is strong demand for both holiday and permanent homes within the R1.8 million to R2.5 million price range.  In Pringle Bay that would acquire a three to four bedroom modern home with double garage on a stand of approximately 1200sqm, within 5-10 minutes’ walk of the beach and with partial sea views, while in exclusive Rooi Els this represents the entry level range for a well-located older holiday cottage on a 1200sqm stand with two to three bedrooms and good sea views”.

She says in Pringle Bay, entry level properties priced from R280 000 remain serviced vacant stands a minimum of 600sqm in size and situated about 15-20 minutes’ walk from the beach and with no sea views. In Rooi Els entry level properties would be a minimum of 1000sqm in size and priced at R500 000, located in the heart of the village and with a partial sea view.

“In 2014 the average price for a vacant stand in Pringle Bay was about R450 000 and R1.6 million in Rooi Els, so they cater for different markets,” says Cilliers. “Rooi Els is seen as far more exclusive and with a far higher average entry level, while purchasers of entry level plots in Pringle Bay are usually younger people seeking to gain a foothold in the market, or more mature buyers wanting to relocate, build and retire.”

Reflecting the increasing popularity of the area, the number of new homes built in Pringle Bay is increasing every year. For example, 40 vacant stands were developed between 2013 and the end of 2014.

According to Lightstone property statistics, in 2014 97 properties were sold in Pringle Bay for a total of R91.9 million, indicating an average selling price of R947 423. For the same period in Rooi Els, 11 properties sold for a total of R17.23 million with an average selling price of R1.566 million.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    • 17 Apr 2018
      The recent interest rate cut has stoked the coals in the first-time buyer’s market. At least for the next two months until the next interest rate announcement, homeowners are guaranteed lower monthly instalments than in the previous quarter. But, is it wise to take out a 100% bond just to enter the property market while interest rates are low?
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK