Private Sale of Prime Sea View Land for Development next to Cape Town, South Africa

An Excellent Investment

Investing in property in the Cape is an excellent investment.

In 2007 South Africa counted among the world's top 10 performing housing markets according to a report released by the UK-based property group Knight Frank.

According to Knight Frank's global house price index, South Africa was rated last year on 7th position worldwide for the best performing housing market worldwide with prices racing ahead at more than 30%/year.

Property24.com reported on 2008/06/04 as follows:

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" West Coast B&Bs popular due to 2010

Factors such as city dwellers seeking a slower pace of life and investment potential ahead of the Soccer World Cup 2010 have created a fresh demand for bed and breakfast (B&B) establishments in this scenic area of the Western Cape.

With the World Cup now fast approaching, the country's hospitality sector is in full swing gearing up for this major event, which is set to provide a significant boost to South Africa's global exposure as a tourism destination.

"We are definitely seeing an increased appetite for well-located guesthouses, with local buyers, expatriates and even some international buyers seeing this as an ideal investment opportunity with potential for sound capital growth as well as day-to-day income," says Pam Golding Properties' (PGP) area manager for the West Coast, Stephanie Wynne Cole.

PGP's managing director for the Western Cape metro region, Laurie Wener, adds that relocating city dwellers are finding the small towns of the West Coast to be the perfect solution to their needs, offering all the lifestyle benefits of rural life, yet providing easy access to the big city with its airport, major shopping and medical facilities. "As these buyers relocate, they in turn draw in friends and families who come to visit them, with weddings and local festivals providing additional pull factors. The result is a sustained demand for accommodation which will continue well beyond the Soccer World Cup."

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Another article on property in Betty's Bay by Property 24.com on 2008/08/12 reads as follows:

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WC hamlet's demand shows resilience

Despite tough market conditions, the tranquil Western Cape Overberg hamlet of Betty's Bay is still showing an ongoing demand for homes.

A leading property group reports that its office in the town has closed 12 deals at a total sales value of over R13,3m already this year. The bulk of these transactions were cash sales.

The town of Betty's Bay lies along the coastal road towards Hermanus.

Pam Golding Properties' (PGP) managing director for the Boland and Overberg, Annien Borg, says the property market in Betty's Bay has remained surprisingly strong this year, weathering the storm of interest rate hikes and rising cost-of-living, despite the fact that it is largely a second-home market.

"With its position just 45 minutes from Somerset West and an hour and a quarter from Cape Town, Betty's Bay is an ideal weekend getaway spot," she says.

"It is also an attractive investment prospect due to the wide variety of plots and homes available, the diverse types of terrain, and the fact that there is no restriction on when one must commence building."

PGP's branch manager for the greater Hangklip-Kleinmond area, Mike Bisset, says local agents have sold six vacant plots this year, ranging in size from 600sq m to 3,000sq m, and priced from R350k to R3,5m. "

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Property24.com reported on 2 October 2008 about the property market in Pringle Bay which is the next town after Betty's Bay.

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WC town's prices climbing steadily

2008/10/02

Property prices in the Whale Coast town of Pringle Bay, situated on the Whale Coast, is climbing steadily.

John du Toit of Seeff Pringle Bay outlines some of the property-buying trends in this town. "In 2002 160 properties were sold here, with highest in value priced at R1,4m and the lowest R50k. In 2007 124 properties were sold, with a highest value of R6m and lowest of R375k.

"There is an increasing number of permanent local residents, and Pringle Bay is very popular with overseas buyers, especially Germans, Dutch, Swiss and UK. There is also increasing local interest and buyers (especially from Gauteng area) looking for the safe and simple life. It is still mainly a holiday and weekend destination (second homes), with many buyers buying properties for short-term rental with good sea views and/or within close proximity of the beach is snapped up."

He says that with property for commercial use being scarce, various new restaurants and small businesses are opening in Pringle Bay. "The business centre is being upgraded to cater for the increasing numbers of visitors and permanent residents."

He also says that there is high tourist demand for top-quality guest houses and B&Bs due to there being no suitable hotel in the area. "At present there are only three top-class guest houses/B&Bs in Pringle Bay – although we have the third best-rated fish restaurant in South Africa. There is certainly scope for growth in the guest house field here."

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Property24.com reported on 08 December 2008 as follows:

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"Coastal land values still firm
2008/12/08

Undeveloped land in popular coastal areas appears to be the one sector of the residential property market that is still experiencing double-digit price growth.

Latest figures from Absa show that prices of vacant stands along South Africa's coastline were still rising at 16,1% in third quarter 2008 year-on-year. That brought the price of the average coastal plot to R607,400. The 16,1% growth in coastal land values in the third quarter compares to average house price growth of only 2,1%, as measured by Absa over the same time.

Estate agents confirm that beach front and sea view plots continue to set new price records, as the scarcity value of well-located land continues to place upward pressure on prices.

For instance, a plot in Clifton was recently sold for a whopping R16,5m to a Gauteng businessman. That is believed to be the highest price ever achieved for an undeveloped stand in SA. The previous record for a vacant plot was set in early 2007 when a stand in Clifton's prestigious Nettleton Road was sold for R13,5m.

Ian Slot, MD of Seeff Atlantic Seaboard, says that despite an overall downturn there will always be demand for undeveloped land in prime areas along the Atlantic Seaboard. "There is only a limited amount of coastal properties available on this stretch of SA's coastline, which drives demand and therefore lifts prices.'

Pam Golding Properties (PGP) also reports a number of record land sales in recent months. A vacant stand of 790sq m on the south side of the Nahoon River in East London was sold last month for R2,65m. That is 30% more than the previous highest price fetched for vacant land in the East London area. "

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