Rising demand underpins Parys prices

Parys on the banks of the Vaal River is rapidly transforming itself from a weekend getaway destination into a permanent refuge for those escaping from the stress of city life, and its real estate market is thriving as a result.

So says Pierre Boucher, principal of the local Aida franchise, who notes that home prices in the picturesque town have held steady over the past few years despite the recession. “Demand has remained strong and we have not experienced an oversupply situation since many people want to move here permanently for the country lifestyle. We also have a growing community of artists and craftspeople.

“Many of our older houses priced at between R500 000 and R700 000 are being purchased and restored as family homes, and among younger people there is also big demand for townhouses, especially in the R400 000 to R700 000 price bracket.”

In addition the town is currently a hive of new home building activity. There are two golf estates under development, one of which includes a retirement village marketed by Aida that is attracting serious interest.

“Parys is also an increasingly popular retirement spot,” says Boucher, “because it offers a peaceful small town atmosphere but at the same time has good medical and shopping facilities as well as a variety of golf courses close by, and lots of artistic and nature-related activities.”

Meanwhile in the centre of town, he notes, old houses are being remodelled or demolished to make way for modern shops and offices that are urgently needed by the new businesses opening up – many of them related to a burgeoning tourism industry.

“Parys is of course known internationally as the gateway to the Vredefort Dome World Heritage Site – the huge crater where a meteor crashed into earth millions of years ago - but these days it also attracts large numbers of extreme sports participants, adventure tourists and watersports enthusiasts.

“And because it is just 120km from Johannesburg, it is still a very popular weekend getaway, wedding spot and conference destination. There are dozens of guesthouses, B&Bs, wedding venues and conference facilities in this area, and the activities on offer include everything from hiking and fly-fishing to white-water rafting, mountain biking and 4x4 challenges.”

“We even have an adventure festival here every November, which makes an interesting contrast to the annual Arts and Antiques Fair that draws thousands of treasure-hunters to Parys.”

Article from: www.aida.co.za