Aerial view of the Flame Lily Terraces site on the Port Alfred beachfront.
|There is great potential for further growth in the value of property in Port Alfred, given the relatively high prices still being paid for beachfront and resort developments around Cape Town, along the Garden Route and on KZN's North Coast.|
So says Mike Neave, principal of local agency Homenet Port Alfred in a group media release, who notes that developers and investors are already moving into the area between Port Elizabeth and East London due to its great eco-tourism and game viewing potential, rich historical heritage and fine angling.
|In addition, even in South Africa with its long coastline, there is a limited supply of beachfront properties, and these will command an increasing premium as that supply in sought-after locations is taken up.|
Indeed, he says, this is what awaits buyers in a new development in Port Alfred - Flame Lily Terraces, which is comprised of 32 apartments on a site 100m from the town's beach and designed to allow every unit to have a sea view.
Several units have already been sold with the first block readying for transfer in December. Prices range from R1,75m for two bedroom units of 144sqm and from R2,9m for three bedroom units of 240sqm.
There are also four bedroom units available from R3,7m.
Meanwhile, stands are available in another development, the Riverview Waterfront Estate, at prices ranging from around R700 000 to R1m. This development - on the river about 7 or 8km inland, will be a combination of an equestrian estate with residential units and smallholdings.
There have also been strong rumours lately of a plan for a public/private partnership upgrade of the local hospital, and another for the development of a large new supermarket complex.