Eastern Cape provincial police said the body of Panayiotou, 28, a teacher at Riebeeck High School in Uitenhage was found at around 10am.
“The helicopter crew that was participating in the search for her, noticed an object in an isolated area near KwaNobuhle Township in Uitenhage,” police said in a statement.
SAPS said further investigations by members on the ground led to the recovery of the body.
The post mortem would indicate the cause of death and police would continue hunting for her abductors and killers.
Panayiotou was abducted on Tuesday morning in Kabega Park in her home city of Port Elizabeth.
South Africa unites on Facebook and Twitter over this senseless murder:
Port Elizabeth — RIP #JaydePanayiotou RT @HowcroftMatt Marching down Cape Road pic.twitter.com/rd79t5JyJA
— Rob Byrne (@TrafficSA) April 22, 2015
Calling all of PE… March at 7pm from Kabega Police Station. SA is standing up against unnecessary violence. #JaydePanayiotou #TogetherAsOne
— Brent Lindeque (@BrentLindeque) April 22, 2015