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Johannesburg - South African coastal property sales turned up dramatically last month led by sales volumes on the north and south coast of KwaZulu-Natal and in the Western and Eastern Cape which surpassed expectations.
Coastal markets have been under pressure since 2008 as leisure-property deals dried up amid the economic downturn.
Adrian Goslett, regional director of RE/MAX Southern Africa, says the group's shining star in December was the north coast of KwaZulu-Natal, where sales volumes for the month were 247% higher than in the previous December.
However, this growth comes off a low base, says First National Bank property analyst John Loos. It is also important to distinguish between primary residences and holiday homes in coastal areas, he says.
The performance by the KwaZulu-Natal north coast is being largely driven by a strong demand for primary residences in the area and a contributing factor is the new King Shaka airport at La Mercy, says Loos.
The province's south coast saw a similar revival with RE/MAX's volumes increasing 192% over the year.
Dina Porteous, regional manager for Pam Golding Estates in Margate, says the group saw a 59% year-on-year increase in value of sales in December. She says the most popular price class was between R1.4m and R2m and buyers have been from Gauteng. The new trend has been for 90% of the transactions to be cash purchases, she says.
In the Western Cape, the Atlantic seaboard achieved good sales. According to Chantelle Paans, Seeff Properties' sales director for the Cape Town city centre and the Atlantic coast, sales volumes on the Atlantic coast increased by 66% year on year in December.
Ian Olivier, the principal of Ian Olivier Properties in Port Elizabeth, says sales in that city and its environs were 70% to 80% better in December 2009 than in the previous December. The city, he reckons, has been discovered as a property investment destination still offering value for money.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.