Coastal property is still booming, according to estate agents

Aside from Cape Town, many other coastal property markets have held up well despite last year’s rapid interest rate hikes.According to the Seeff Property Group, demand for coastal property remains strong, and in some cases, last year was still significantly better than the pre-pandemic period.Two areas that experienced yet another record year in 2022 are Hout Bay and Llandudno.

While it was expected that the Plettenberg Bay property market would ease towards the second half of 2022, it still ended the year with around 800 transactions and an overall value that is still somewhat staggering at around R2.3 billion. While freehold properties make up about 70% of all property stock in the Plettenberg Bay area and estates only comprise around 20%, Lightstone data points to a strong swing in estate property sales, she says. It shows that for the 2022 year, 36% of transactions related to properties in estates and 39% to other freehold properties .The “darling” of coastal buyers over the last few years once again enjoyed a solid year.

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