Property sales in Plett is down since 2023

Plett’s property market is heading, like the rest of South Africa, for the usual election year headache, when jitters in the market show a slow-down in demand generally.

“The decline in an over-heated market is a reaction to the upcoming election, as well as a shortage of stock of vacant stands. A large volume of vacant stands sold in 2021 and 2022 and supply dried up significantly in 2023” says Helen Ward, principal of Helen Melon Properties. Her remarks follow the release of the annual sales figures from the Deeds Office for Plett at the end of 2023 (at the beginning of the 2024 election year). Comparing the number of sales in the election year of 2019 (470 registered sales) and now 579 registered sales for 2023 highlight the downward trend. Refer to sales graph below.

Note that in 2020 there was only 8 months of trading due to COVID lockdown.

Annual sales figures for 2023 paint a picture of the market in Plett putting on the brakes with a decline for the year an average 38% in overall price categories. The figures indicated that only the high-end of the Plett market performed well, with 23 sales. The year-end value of property sales is up mainly due to high-end value property sales, more than R25m.

One such property was sold for R52,5m in Upper Central (The Square- which is commercial) another for R50m (Edenview Lifestyle Estate- development ) in Bitou rural , another Bitou rural site sold for R34.5m and a house in Lower Central for R29.6m. The total value of the 23 properties sold in the price range above R15 m was R552,820m.

Sales in excess of R15m were buoyant in exclusive beach front access properties in Beachy Head, Duin en See and Whale Rock Beach-end, with the highest price recorded of R23m.

Originally posted on ShowMe South Africa