Market Report on Nelson Mandela Bay
Category News
Three spectacular beaches located in Port Elizabeth have just been awarded the coveted Blue Flag status – making beachfront property in this Eastern Cape city even more desirable.
That’s the word from Charlotte Vermaak, director of the Chas Everitt International franchise in Nelson Mandela Bay, who says: “We are very proud of the fact that the beautiful Kings, Humewood and Hobie beaches now have the right to wave the Blue Flag, which means that visitors can be sure they meet exacting international standards of cleanliness, safety and environmental management.
“We think it is only fitting that the main beaches in what is known as the Watersports Capital of SA have this status and have no doubt that it will boost interest in Port Elizabeth’s exceptional beachfront properties.”
Such homes are in short supply, and prices are rising, but they are still selling at extremely competitive rates compared to similarly-located properties in the country’s other coastal cities, and increasing numbers of wealthy South Africans are relocating from other provinces because Port Elizabeth offers a better quality of life, she says.
According to property data company Lightstone and deeds office data, the current average sale prices across all areas of Port Elizabeth are R1,066m for freehold properties and R600 000 for sectional title units.
However at the upper end of the market, Vermaak says, house prices are currently averaging about R2,5m, and in beachfront suburbs such as Summerstrand buyers can expect to pay up to around R4m for a luxury home. The average price for a sectional title apartment in these areas is around R810 000 – although there are luxury apartments and penthouses available with spectacular sea views for up to R2m.
Author: Barry Davies