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Wind farm boosts demand for rental homes in Jeffrey’s Bay

A large wind farm project which is being established near Jeffrey’s Bay has impacted on the demand for rental homes in the area, reports Jaco Bothma, area manager of Pam Golding Properties.
 
“This project has already created about 250 jobs comprising local labourers, contractors and engineers, and the professional staff complement has impacted positively on the rental market in the area as most of them are settling in Jeffrey’s Bay for the duration of the construction phase of the project. While this is expected to be of a temporary nature until construction is completed, they have generally fuelled the demand for rentals in the price range from R5 000 to R8 000 per month, with some professionals renting properties for as much as R19 000,” he says.


The ocean at your feet: Spectacular ocean views from a four bedroom four bathroom beachfront home priced at R4.995 million through Pam Golding Properties. This includes three living areas, a modern kitchen and a one bedroom flat and wood patio deck (in photograph) overlooking the sea.
 
Bothma says most long term rental properties in Jeffreys Bay are in the region of R4 000 to R5 000 per month, offering three bedrooms with a double garage.
 
“With the busy December holiday period around the corner, our holiday rental market has picked up, with holiday rental properties being let from R700 per day for a two bedroom apartment to R1 500 a day for a three bedroom home and up to around R3 000 a day for beachfront homes with four to five bedrooms.”
 
From a general market perspective he says that sales activity in Jeffrey’s Bay has improved since the start of 2013. “While the main requirement is for primary residence, with some buyers preferring to live here and commute to work in Port Elizabeth and Uitenhage, we are also seeing a gradual increase in interest in holiday homes. 
 
“There are many upcountry buyers currently enquiring about beachfront homes and properties with sea views, as purchasers looking for value for money are finding the current market offers sound buying opportunities. With a good selection of coastal properties, they can shop around for the ideal holiday home,” says Bothma.
 
Over the past two years Pam Golding Properties Jeffrey’s Bay has sold five beachfront homes at prices ranging from R3.5 million to R5.6 million. Says Bothma: “Prior to 2008, during the property boom period there were hardly any beachfront properties for sale in Jeffrey’s Bay and those which were on the market were priced above R5 million. Some of the prices achieved for beachfront properties prior to 2008 included a property which fetched R7.5 million while another achieved R9 million.
 
“While beachfront holiday homes will remain in demand, buyers can look forward to acquiring their dream leisure home on the beach for less than R5 million. At present we are marketing a four bedroom four bathroom beachfront home at R4.995 million. This includes three living areas, a modern kitchen and a one bedroom flat with wood patio deck overlooking the sea.”
 
He says there are also good opportunities to purchase holiday homes with unobstructed sea views and within walking distance of the beach. Prior to 2008 a buyer could have expected to pay in excess of R3 million for a property with an unobstructed view and in walking distance of the beach, however such properties are currently selling at prices ranging from R1.7 million to R2.8 million.
 
Adds Bothma: “We recently sold a home with sea views and consisting of four bedrooms, three bathrooms two living areas, modern kitchen, double garage and two bedroom flat for R1.9 million and another home with sea views and in walking distance of the beach comprising four bedrooms, three bathrooms, study, two living areas with open plan kitchen and double garage for R2.4 million.”
 
At present PGP Jeffreys Bay is marketing a home with three bedrooms, three bathrooms three living areas, swimming pool, study, double garage and set on a spacious stand of 1 100 square metres with unobstructed views of the sea priced at R2.8 million.
 
“Jeffrey’s Bay offers a relaxed, easy coastal lifestyle with a pleasant year-round climate. We find that most of the buyers in the area are older than 50 years with more than 60 percent of property sales to buyers between the ages of 50 and 65 years of age. The market is predominantly for retirement and holidaymakers,” comments Bothma.
 
During the 12 months to the end of September 2013 a total of 223 properties were sold in Jeffrey’s Bay (across all agencies and excluding the areas of Aston Bay and Paradise Beach) for prices below R1.5 million, with 23 properties fetching prices above R1.5 million – of which two sold for prices over R3 million. While these sales included full title and sectional title properties, the majority of these sales were vacant land where buyers were taking the opportunity to acquire stands at competitive prices ranging from R100 000 to R200 000 in the new Fountains development, which is well positioned close to Fountains Mall.
 
The total number of properties sold in Jeffrey’s Bay over the past three years has remained consistent with 284 sales in 2011, 280 sales in 2012 and 191 sales for the nine months from January to September 2013.


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