In the area 1 – Oyster Bay

The quiet holiday village of Oyster Bay on the Eastern Cape coast holds significant potential for property investors.

So says John Cooper, principal of the local Chas Everitt International franchise, who notes that the Eastern Cape is one of the fastest developing provinces in South Africa in terms of tourism and property, but that instead of heading for the usual coastal hot-spots, tourists are now increasingly seeking alternatives among the more remote and less commercialised coastal getaways.

“So that is where property investors should be looking too. One such destination is Oyster Bay. It has less than 300 developed stands and a tiny permanent population of just 45 families, and is already much sought after by those looking for a tranquil coastal retreat. The village itself is diminutive and safeguarded against over-expansion by lack of open land for development.”

Cooper says only 220 more stands are still available for development, a factor which places a premium on existing properties and which will undoubtedly drive up values in the future.

Currently, empty stands measuring 600sqm cost between R350 000 and R2,2m depending on location and proximity to the beach, while freehold homes are priced at between R900 000 and R3m.

“Opportunities to build holiday flats or a retirement village at the bay are not really feasible given the lack of space and facilities such as hospitals. However the buy-to-let market holds significant investor potential. Demand for holiday homes and rentals will no doubt rise further once the market turns upwards once more.”

Besides the beach, draw cards to Oyster Bay include the fact that it is well-located as a base for those exploring the attractions of the Eastern Cape. It is close to the Tsitsikamma forest and the Addo Elephant Park and also within easy reach of Humansdorp, the surfing mecca of Jeffreys Bay and the restaurants and shops of St Francis.

The village itself has a small convenience store, a popular caravan park and a four-star lodge. Good fishing spots are also plentiful.

Article by: www.chaseveritt.com