New holiday buying boosts Plettenberg Bay market

Property sales in Plettenberg Bay are picking up steadily, thanks mostly to an increase in the purchase of holiday homes in what is still one of SA’s most popular holiday destinations.

“When the recession hit in 2008/ 09, this was still primarily a second-home destination, and property sales activity here halved overnight and continued to drop until the end of 2011.
“However, there has been an upward trend since then and average selling prices are now almost back to 2008 levels,” says Hein Pretorius, owner of the local Sotheby’s International Realty franchise, whose mandate on a Robberg Beach mansion recently sold for R45m – the highest price ever paid for a beachfront property in Plettenberg Bay.
The current average price for a freehold property in the village is around R2,5m, he says, and that for sectional title apartments around R1,2m. “However, entry-levels are still low, by Plett standards, and that is making the area much more attractive to first-time buyers and those who always wanted to buy a holiday home here but found it too pricey.
“Although stock is limited, entry-level houses are available for around R950 00, bachelor apartments for around R400 000, and vacant stands at prices from R225 000. These promise to be smart investments in a market which has shown an average 13% annual price growth over the past 10 years.”
At the moment, says Pretorius, the real impetus in the market is coming from Gauteng buyers who once more have decided to make Plettenberg Bay their regular annual holiday destination.
“They want to get away from the city on their holidays and enjoy the natural beauty, the Blue Flag swimming beaches and laid back lifestyle of Plett, while still having access to every modern convenience.”
The village is more fully-fledged now than it used to be, he says, with its own hospital and branches of most national retail chains, so residents and holidaymakers don’t have to travel far to do their shopping. The slowly rising number of permanent residents is also attracting a number of young professionals who have found that they can have the best of both worlds here – a thriving business and a great seaside lifestyle.
Pretorius says. “Surrounded by beaches, mountains, forests, nature reserve and rivers, Plett overlooks a magnificent bay where one can often see dolphins and whales at play. It also enjoys good weather almost year-round and offers some of the best value luxury real estate on the SA coast.”

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