Plettenberg Bay is top location for wealthy Gauteng buyers; homes on offer for up to R75m

The Plettenberg Bay lifestyle has seen property buyers from Gauteng flood the market particularly after hard lockdown restrictions were lifted.

Sotheby’s International Realty Plettenberg Bay is selling this triple storey home for R27m.

Capetonians account for the second highest percentage of buyers, with a small percentage coming from overseas and other SA provinces.

This is according to Carrie Maclean, Sotheby’s International Realty Plettenberg Bay property consultant with 20 years selling in the area.

Covid-19 has made many South Africans re-evaluate their priorities and lifestyle choices when it comes to buying property. As a result, we’ve seen an increase in families, professionals and retirees setting their sights on Plettenberg Bay,” she says.

About the area  

Plettenberg Bay, also known as ‘Plett’, is a seaside town on the Garden Route in the Western Cape.

According to Wikipedia, it was originally named Bahia Formosa (‘beautiful bay’) by early Portuguese explorers.

It is popular with local and international tourists, many who have bought second homes for use during the holidays. Many use Plett as a stopover along the Garden Route to explore the area. Attractions include the Robberg Peninsula Nature Reserve, the world’s largest free-flight aviary Birds of Eden, sea kayaking and whale watching.

“Plett has so much to offer with its pristine beaches, mountains, forests and unrivalled laid-back lifestyle.”

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The area boasts some of the most expensive and popular properties located in Old Plett below Main Street. It is characterised by old beach-style cottages or bungalows scattered between modern architectural masterpieces.

Properties generally offer two to six bedroom homes with excellent beach, mountain and sea views.

Sotheby’s International Realty has listed a five-bedroom triple storey home with an asking price of R27 million.

For buyers looking for secure estate living, Brackenridge offers luxurious homes and vacant land at bargain prices. It is possible to buy a well-positioned home overlooking a large green belt for R6,95m within this estate.

According to the SA Wealth Report 2020, the Garden Route is ranked number six wealthiest city with combined wealth of $44bn. The area is home to 2,500 high net worth individuals and 100 multi-millionaires.

Buying property in Plett

Maclean says  Plettenberg Bay started to experience an increase in both property sales and enquiries along with the hard lockdown.

“The trend has continued with interest from entry-level apartments to beachfront properties. Vacant land has also seen an increase in sales which will mean the building industry will benefit going into 2021.”

Since then, Sotheby’s International Realty Plettenberg Bay has seen bumper activity with notable sales achieved. In July, sales of 10 properties achieved just under R66m and October’s 21 sales reached about R68m.

Carrie Maclean

Plett Sotheby’s International Realty Principal Hein Pretorius sold a beachfront property for R44m in July. During the same month, a private sale of a beachfront property achieved R40m.

“These achieved prices are testament to the strong demand for beachfront properties. In October, we recorded the highest commission and number of sales achieved to date,” says Maclean.

Property prices for vacant land start from R280,000 and up to R75m for top-end homes. The average price of sectional title properties reached R1,5m and R2,66m for freestanding homes in 2019.

Maclean says many properties bought in 2020 still have to register. However, she says one would expect an increase as supply decreases due to the higher volume of sales.

She says the main driver of buying activity in Plettenberg Bay is change in lifestyle choices. Covid-19 forced many South Africans to work from home, with many planning on doing so post the pandemic.

“This trend has led to many people fast-tracking their move to the Garden Route. Here, they can work remotely while enjoying the lifestyle and spending quality time with their families.”

She adds that lower interest rates and falling house prices has made buying property now more affordable in decades.

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