Plettenberg Bay has successfully retained its reputation of being one of South Africa’s most resilient housing markets, and the demand for property continues to increase. For two years in a row Plettenberg Bay property has reached record-breaking sales, in spite of the affects of the unstable economy on the market in 2017. The picturesque coastal town has accomplished its highest ever sales in terms of Rand value, with total transactions coming to R1.043-billion, an increase from R1.041-billion in 2016.
Hein Pretorius, Broker Principal of Sotheby’s International Reality, says Plettenberg Bay’s market has remained steadfastly robust despite the sales volumes dipping by 14% last year. This area achieved the R1-billion mark for the second time achieving the highest average sale prices to date.
“So far 2018 is also set to be a bumper year if it maintains its equilibrium,” says Pretorius. “Our office recorded a 60% jump in turnover for the first quarter compared to the same time last year. We have also seen entry level prices rise substantially with apartments and plots now starting at around R800 000 and R275 000 respectively and houses below R1.8-million are now very a rare find indeed,” Pretorius told Private Property.
In 2017, the highest house price was achieved by 2 Robberg beachfront properties which sold for R36-million each, with the highest apartment price reaching R6.8-million with the sale of a sought-after De Meermin complex apartment in the same year.
The AfrAsia South Africa Wealth Report stats revealed that the Garden Route town is still home to the third most trophy homes in the country, overtaken only by Johannesburg and Cape Town. And, with land prices of around R43 000m², Beachy Head Drive is the most expensive road in the country outside of Cape Town.
Plettenberg has seen a spike in demand for permanent houses in recent years which contrasts it’s previously existing reputation as a holiday town. In turn, there has been a spike in residential development.
Recently, two exciting projects have started to feed this demand. The Quartet Hotel & Retirement Estate offers retirees a choice of lifestyle options specially tailored for the different retirement phases, lifestyles and daily needs.
Plett Quarter, the first development of its kind in the town, is situated on the sea side of Main Street, Plett Quarter and comprises of upmarket shops, restaurants and a reception area at ground level. Several floors of modern apartments ranging between R2.2m and R8.9m with a rooftop communal pool exclusively for residents use, are also on offer.
If you’re looking for a place to settle down in or escape to, Plettenberg Bay is where it’s at.
Pictures: Private Property