Spotlight on: Plettenberg Bay
Category News
Did you know that Plettenberg Bay (or simply Plett, as most South Africans call it) is one of the five most expensive places to buy luxury property in the whole of Africa?
According to the latest research by Henley & Partners and New World Wealth, Cape Town is the most expensive place for Africa's super-wealthy to acquire a prime 200sqm to 400sqm apartment (at an average of around R100 000/sqm), followed by Plett and Hermanus, tied at around R42 000/sqm for prime apartments, and then by Umhlanga and Marrakech in Morocco, tied at R38 000/sqm.
Most apartments in Plett that would fall into this category are located in luxury sectional title developments close to the centre of town, or close to either Lookout Beach or Robberg Beach, or in the Goose Valley Golf Estate.
But of course the town also boasts many high-end freehold properties, located on the famous Beachy Head Drive or in areas such as Keurboomstrand, Signal Hill, Robberg Ridge, Cutty Sark and Whale Rock as well as estates like Goose Valley, The Hill and The Crags.
Always a popular holiday destination for affluent South Africans, Plett has more recently also become a hotspot for top professionals and executives semigrating permanently from Gauteng and KwaZulu-Natal, as well as an increasing number of high-net worth foreigners who have discovered the allure of the spectacular Garden Route along SA's southern Cape coast.
And that is no surprise, says Dean Meijer, who recently took over the multiple award-winning Chas Everitt franchise in Plett from John Fuller, who has retired after 18 years at the helm.
Meijer, who is also the owner of the top-performing Chas Everitt Whale Coast and Winelands franchises, notes that while Plett currently gets less attention than Cape Town and his hometown of Hermanus when it comes to semigration, astute buyers are increasingly aware of the incredible lifestyle they can enjoy here for much less than in Cape Town.
"This area is known for its stunning natural beauty, with pristine golden beaches, lush forests and a mild climate that encourages outdoor activities such as birdwatching, cycling, hiking, whale-watching, watersports on the Keurbooms Lagoon and golf on several top-class courses, including the Gary Player Signature Course at Goose Valley. Several local wine farms are also gaining a reputation for their sparkling wines, and the renowned Kurland polo estate is the centre of much equestrian activity in the area.
"In addition, Plett offers prospective homebuyers excellent primary and high schools, several shopping centres that are home to most major national retailers, trendy restaurants, a first-class private hospital and its own airport. It is also a well-run town and is of course still in the Western Cape, which is the best-managed region in SA.
"And the increasing interest among these savvy buyers is evident in the fact that home sales here have been rising steeply ever since the Covid-19 pandemic. This rising demand has resulted in something of a stock shortage currently, and prices have also risen remarkably."
When Chas Everitt Plettenberg Bay opened in 2005, a five-bedroom, three-bathroom home with a fabulous Indian Ocean view on Beachy Head Drive was priced at R4,34m. Today a very similar home in that location is priced at more than R8m, he notes.
"But a huge amount of that growth has actually taken place just in the past few years, when the oversupply of property that has dogged the local market for many years - and kept a lid on prices - was finally taken up.
"Consequently, property in Plett is still relatively affordable, even for those who are not in the super wealthy bracket, with building stands in local lifestyle estates now starting at around R500 000, and one-bedroom apartments in good locations available at prices from around R1m to R1,2m. Prices for older three to four bedroom homes in Plett Central or the suburbs start at around R1,35m, while family size homes in gated estates start at around R3,6m.
"And for those who are in the luxury market, the top asking price for the high-end homes currently on sale in Plett is R29m, which is way less than the prices being asked for equivalent properties on the Atlantic Seaboard or in the Southern Suburbs of Cape Town, so we are expecting the demand here to remain high as the town is 'discovered' by more and more buyers seeking a great lifestyle at a more affordable price."
*For more information about Plett real estate or to view the finest properties available for sale, contact Chas Everitt Plettenberg Bay on +27 44 533 5250
Author: Chas Everitt