Property prices in one South African coastal hotspot have doubled in just five years. The average home now sells for close to R5 million – a figure that far outpaces the national trend.
As reported by BusinessTech, this is fuelled by semigration, particularly during and after the Covid-19 pandemic, when demand for second homes and retirement properties drove prices ever higher.
This surge has created one of the most expensive markets in the country, second only to Cape Town’s Atlantic Seaboard.
Property prices surge in Garden Route town
The seaside town in question is Plettenberg Bay, where prices have soared across all segments, including family homes, prime luxury property and sectional titles.
Property experts revealed to BusinessTech that the surge has been remarkable.
“The growth has significantly outpaced the national average,” noted a Seeff’s licensee.
Average house prices in Plettenberg Bay are priced from R3.5 million to R8.5 million, while high-end homes range from R5 million to R15 million, with the top price achieved being R78 million.
Sectional titles range from between R1.8 million to R3.8 million, with new units upwards of R6 million.
The area’s drawcards are clear: a warm climate, oceanfront lifestyle, easy accessibility from major hubs, and a stress-free environment. For many, it’s the perfect spot for a holiday escape or a permanent move.
But there’s a flipside. As Hayley Ivins-Downes from Lightstone Property warns, the rapid rise has pushed affordability out of reach for many South Africans in Plettenberg Bay, leaving this once laid-back town increasingly the preserve of the wealthy.
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