In the area 2 - Young retirees head for Plett

Traditionally a playground for the rich and famous, Plettenberg Bay is now attracting a new generation of retirees, both young and old.

Tim Hutchinson, principal of leading local agency Homenet Pick of Plett, says the Garden Route town is fast becoming a hub for those who have made their fortunes while still comparatively young. Unsurprisingly, a large proportion of them are cash buyers.

And while it is known for its upmarket status, the Plett property market has slowed in recent months - creating ideal conditions for these wealthy young retirees to pick up “bargains” in the R2m to R3m range.

“Meanwhile older retirees looking for serviced retirement facilities are also catered for,” says Hutchinson. “A number of retirement developments such as Formosa Gardens Village and Glen Eden Village have been built in recent years to meet the increased demand. Residents can either purchase or rent here.”

However, retirees aren’t the only ones finding Plett attractive. The area continues to appeal to a wealthy local and foreign buyer mix drawn to the beautiful natural surrounds, mild climate and über-chic restaurant and retail facilities such as those to be found at the Upper Deck Lifestyle Piazza and LM restaurants in the recently refurbished Plett CBD.

Improvements to the CBD are just about complete, says Hutchinson. The main road and various other public facilities have been upgraded, bringing Plett in line with other coastal hotspots. “Unfortunately, some commercial properties and the main beach did suffer storm damage recently, but clean up operations are already under way and things should be spick and span by the start of the holiday season in December.”

He says a fair amount of activity is occurring at the moment at the very top end of the Plett property market where a number of beachfront properties have become available at prices of R20m and more.

“At the local entry level, values are currently holding fairly steady at an average of just over R1,8m for freehold homes and around R1,2m for sectional title units, and long term rentals are holding their own at between R5000 and R7000 a month.”

Article by: