Paarl property market active
The Val de Vie estate near Paarl offers residents spectacular views and a tranquil living environment
The best way to describe the current situation in the Paarl property market is: What downturn?
So says Henriette Basson, principal of the local Chas Everitt International franchise, who notes that demand in the Boland town has been sustained and that prices have remained steady, despite the negative market conditions that have affected many other parts of the country.
Tucked away in an idyllic valley, Paarl is the third oldest town in South Africa and has always been an aspirational destination. The town has an abundance of trendy shops, cafés and restaurants as well as all other necessary amenities. Additionally, Paarl is within close proximity to Cape Town as well as a variety of excellent schools and offers country lifestyle living on outstanding residential estates.
It also, says Basson, offers beautiful views, a temperate climate, a low crime rate and world-class properties.
As a result, professionals and families are continuing to buy freehold properties at an average price of R2,2m. And sectional title apartment prices in Paarl are holding their own in the R600 000 bracket.
The rental market is also faring well with monthly rentals averaging R3000 for a typical two-bedroom sectional title unit. Houses are also in demand and go for between R7000 and R15 000 a month each.
Meanwhile developers and investors have picked up on the valleys inherent appeal with new lifestyle estates springing up fairly frequently. The latest to be launched was Val de Vie, which according to Basson, boasts superior facilities and infrastructure. Property prices here average around R1,2m per stand.
More established estates in the valley such as Boschenmeer and the world class Pearl Valley Golf Estate meanwhile command entry level prices of R3m and R5m respectively.
Article by: www.chaseveritt.com