Commercial News

Plettenberg Bay property now ranks with Atlantic Seaboard and Sandton according to latest wealth survey

Plettenberg Bay now ranks in the top three premier property locations in the country next to Cape Town’s Atlantic Seaboard and Sandton in Johannesburg.

That is according to the latest New World Wealth Survey of wealthy suburbs undertaken in conjunction with MasterCard.

Kevin Engelsman, Seeff’s licensee says that according to the survey some 260 millionaires now own second homes in Plett, 120 of which are worth more than R20 million. This is the highest number of homes valued at this price outside of Cape Town and Johannesburg.

 

PLETT - R10M LUXURY VILLA SOLD BY SEEFF (2)

 

Plett is attracting a lot of attention and this has boosted the property market, he says. Save for a shift in demand to the more affordable, sub-R5 million to R10 million price sector, there appears to be little cooling in the demand for property here.

Seeff has for example sold R132 million worth of property over the November to February summer period. This is twice as much as during the corresponding period of the previous year and has now put Seeff firmly ahead in terms of agency market share.

While the bulk of the sales activity is still under the R2 million price band, about 20% of all activity was above the R5 million to R10 million-plus price range. That is notable if you consider that very few properties sold above the R5 million price mark just five years ago, says Engelsman.

Awareness of Plettenberg Bay as a premier coastal destination is growing and buyers and visitors are now coming from across the globe.

The Plett Tourism Bureau is doing a great job promoting the town and we now also have a recognised wine route with twelve wine estates, many offering wine tastings and food. There are also plenty of leisure activities, from nature reserves to the river, ocean and of course Blue-Flag beaches.

The almost year-round sunshine and mild winters also make Plett a popular choice for retirement buyers, some as young as fifty, says Engelsman.

It is now also easier to get to Plett by air. Weekly flights from Joburg and Cape Town means it is just a short hop, ideal for weekenders and commuters over and above the traditional holiday makers.

The Cape has seen strong migration patterns of buyers from other provinces, especially Gauteng, but as far as KwaZulu-Natal investing not just in second homes, but relocating to the province. We have seen some of this in Plett too, another boost for property sales.

Joburgers and Capetonians are particularly keen on the town, many of whom now own holiday homes here.

The summer was buzzing and we expect a busy year ahead, notes Engelsman. Seeff’s annual ‘Lifestyle Property Portfolio’ brochure, which showcases our sole mandates, was for example extremely popular with our clients and we sold 29 of the listed properties over the summer. We have even seen same day sales here.

Despite now ranking up there with the Atlantic Seaboard and Sandton, Engelsman says that Plett is still offering excellent value and smart buyers are taking note. Prices have risen very conservatively at only about 2% above the CPI rate over the last few years and property prices here are still significantly below par.

According to the latest Private Property data, the average price for a two-bedroomed apartment is R1 million and for a three-bedroomed apartment around R1.5 million. A three-bedroomed house sells for around R2.43 million and for a four-bedroomed house, for around R4.17 million.

In reality though, says Engelsman, you can still find a stunning two-bedroomed apartment for around the R600,000 price mark and a house for well under R2 million. There is also still plenty of land up for grabs under R400,000 and you can even get ocean or river views for under R600,000.

While most buyers are looking for good value, there has been no shortage of top end sales over the last five years with several R20 million-plus transactions ranging to as much as R43 million for a beach house in Robberg Beach, sold jointly by Seeff.

Luxury holiday home buyers who find Cape Town’s Atlantic Seaboard a bit busy are now heading to Plett and why not. It enjoys a prime seaside location and boasts excellent infrastructure including top class communication and web connection and of course excellent public and private schools.

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