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    Property Boom to hit West Coast   Mail Print PDF Property Boom to hit West Coast

The property boom that has taken the coastal areas of Cape Town, the Overberg and surrounding areas by storm looks set to spread to the West Coast as investors begin to discover this relatively underexposed coastline.

"The coastal towns along the West Coast are set to take over from the towns on the South Coast such as Hermanus, as the holiday destination of choice," says Emil Weiss of Century 21 West Coast.

There has been extensive growth in developments in these areas, but the international market hasn't yet discovered property along the West Coast.

Commenting on property prices in the areas along the West Coast, Julian Day, franchise owner of Century 21 West Coast, says: "We operate in well-known towns, such as Langebaan and st Helena, which have a high percentage of secondary holiday homes, as well as in areas such as Saldanha, Velddrif and Vredenburg, which are primarily residential. The areas along the West Coast were largely either holiday or retirement homes, but we're seeing a shift in this trend, as people are now travelling from Langebaan to Cape Town every day.

"Prices vary enormously from town to town on the West Coast – the average house price in Langebaan is between R1,3m and R1,5m, whereas in Vredenburg you'll buy the same house for around R700k to R800k. In Paternoster, however, the average price for a similar home may be in excess of R2m."

According to Weiss the types of properties that are most in demand are holiday homes in the affordable price range. "Although everyone wants a sea view, these houses come at a premium and people have an unrealistic perception of the price of homes on the seafront. Ultimately, the purchase of a second home boils down to affordability, and holiday homes in the more affordable price bracket are in greatest demand."

Commenting on trends in the property market along the West Coast, Day says: "We're seeing a complete shift in the seasonality of the market. Whereas in previous years the winter seasons were traditionally slower, we're now finding that the property market is buoyant right through the year.

"This obviously differs from town to town. For example, Vredenburg remains at a constant level of activity all year round whereas in the Saldanha area, which has and is currently experiencing exceptionally high levels of development, the property market has boomed at a corresponding level, and we expect to see this continue, with the possible development of a container depot and many other developments in the pipeline, which increases interest in the area."

"We would advise anyone considering investing in the property market to venture into the hidden paradise along the West Coast. Four years ago, you could buy a stand with a sea view for R45k and today a plot next to a cemetery will set you back R350k. The property boom is coming to the West Coast and property buyers should get into the market while the going is good," concludes Day.


  estata, 08-02-2008 [ Back ]  
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