select
|

Signs of a positive 2011 in Plett property market

So says John Fuller, owner of the Chas Everitt International franchise in Plettenberg Bay, who notes that the substantial reduction in demand for coastal properties over the past three years has now generated a positive spin-off for buyers.

 

“It has taken some time for sellers to realise that market conditions have changed, but coastal home prices have come down and most are now exceptionally well-priced. Buyers currently also have an enormous choice of properties and demand is starting to rise once more.”

 

He says the coastal properties that have continued to show positive growth in recent years are mostly in highly-desirable locations, such as on the beachfront, or in prime secure estates with good sea views. “Until 2008, it was often more attractive to purchase a vacant stand and build a new home, whereas now, with building costs continually rising, many existing homes offer excellent value.

 

“As a result, there is strengthening demand for modern homes in the R3m to R5m range in recently developed secure estates. However the most interest from buyers is in the R1m to R2,5m category.”

 

Sectional title apartments and other lock-up-and-go properties remain very popular, says Fuller, especially in the R700 000 to R1,3m range, and an increasing number of buyers from Port Elizabeth and Cape Town are buying Plett properties in this price range.

 

“Port Elizabeth buyers in particular are currently very active in our market. Typically, buyers here do their homework carefully and many are realising that there is excellent value for money on offer. Indeed, we receive many comments that prices here are more attractive than for similar homes in Johannesburg and Cape Town.”

 

Most buyers in this category, he says, are able to pay cash and they are snapping up some of the best priced and most attractive properties, “but financial institutions are finally adopting a more relaxed stance and we are even experiencing 100% bonds being granted for some sectional title properties”. 

 

Meanwhile, holiday rentals in Plettenberg Bay have enjoyed heavy demand. “Rentals through our office were about 50% up on last year and our forward bookings into 2011 are strong with a lot of foreign interest from late January through to April.

 

“Plett has retained its renown as the best and most beautiful coastal holiday resort destination in South Africa. This year it walked away with two accolades in the annual TripAdvisor Travellers’ Choice Destination Awards – being named the third best Beach and Sun destination in Africa, and one of the top ten Outdoor and Adventure (wildlife) destinations.”

 

Berry Everitt, CEO of the Chas Everitt group says that excellent opportunities currently abound around the country for investors who can afford to purchase additional properties, with the best “buys” in this respect being properties in popular coastal locations.

 

“Many good quality second or holiday homes in these locations are now for sale at really competitive prices, and the prospects for value growth in the medium to long term are sound as coastal land becomes an increasingly scarce commodity. And this festive season, our coastal offices are all ready to embrace the savvy purchaser wanting a second home in the sun.”

 

ISSUED BY CHAS EVERITT INTERNATIONAL



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
        
    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