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Beachfront property flies in Port Elizabeth

The residential property market in Port Elizabeth has become more buoyant and beachfront properties are once again in demand.
 
Nikki Strooh, principal of Harcourts Beachfront, which covers the whole of Port Elizabeth but specialises in beachfront properties in Summerstrand, Humewood and South End, reports that buyers now have more cash in hand for deposits, which is speeding up transactions. Buyers who buy outright for cash are also active in the market.


12 Bedroom House for sale in Summerstrand
 
"Our office had an excellent August and our six agents have sold 12 properties between them in the past month," she says.
 
"Many properties that had been languishing on the market have now been taken up but prices remain stable. The market still seems to be playing catch-up after the highs the area experienced during the previous boom. Indeed, some owners who bought at the height of the boom are still selling at prices lower than their purchase prices."
 
However, investors are also getting involved in the market again, she says, since rental demand is strong. "We have lots of tenants who, in spite of favourable interest rates, still cannot afford homes of their own, and buy-to-let-investors benefit from a large pool of prospective tenants."


Boutique Hotel for sale in Humewood
 
Older residents and homeowners under pressure from escalating service costs and levies or municipal rates are also selling and renting now since they perceive this as a lower risk, she says.
 
Home prices in Summerstrand start at around R2m for houses in need of renovation and climb to around R6m to R7m for properties closer to the beach. Guesthouses in popular positions command prices of up to R10m.
 
Humewood apartments offer lower prices but, says Strooh, these are on an upward trajectory and starting to catch up with those in Summerstrand. Apartment prices in Humewood start at around R380 000 while top-end apartments reach prices of up to R2m. Home prices start at around R1,4m.
 
Prices in South End, which mostly offers sectional title properties, start at the R370 000 mark and prices of luxury units range up to R3m. Homes with sea views in all three areas command premium prices.
 
Strooh adds that units priced at between R1,1m and R1,2m are currently enjoying the strongest demand among buyers as well as investors.



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