Semigration and high demand are driving a bumper year in the scenic seaside town of Plettenberg Bay, South Africa according to estate agency Lew Geffen Sotheby’s International Realty.
Data from the established international agent show that record sales have been recorded since the end of the hard lockdown in June 2020, with 2021 already proving Plettenberg Bay’s best year to date.
Steve Neufeld, Manager Principal for Sotheby’s, said: “For the property market as a whole, the average value increased by 9% from 2019 to 2020 and then a dramatic 38% in 2021 to R3,4 million.
“Although the sectional title sector isn’t performing quite as well as housing, it’s certainly not stagnating with an increase in average value of 17% from 2019 to 2020 and a further 8% this year.”
Neufeld attributes the growth and market activity largely to two factors, namely the increasing semigration due to the ability to work remotely and an increase in activity in the top end of the market.
Hein Pretorius, Owner-Broker of Lew Geffen Sotheby’s International Realty Plettenberg Bay, said: “Last year was an excellent year for us, but 2021 has been phenomenal. We surpassed 2020 sales in the first quarter!
“Across the board the market is doing exceptionally well. The top end of the market has been increasingly active again and there is little or no vacant land left in the more popular gated estates.”
Pretorius adds that with stock shortages are becoming a problem, now is an excellent time to sell.
Pretorius states: “If you are thinking of selling, there are keen buyers around and you can achieve a decent price for your property. And those thinking of buying, should do so sooner rather than later as interest rates are low, asking prices are rising, and in the long-term Plettenberg will retain its popularity. There are still a few good value properties available, but stock is declining.”