Coastal Towns Have Become Popular Retirement Spots Again
The Eastern Cape coastal region, our own Sunshine Coast, has the highest number of sunny days in South Africa. Possibly as a result, over the past 18 months, we have seen a continued influx of home buyers acquiring property in our area. So check it out – here is some property news you can use.
Value For Money, And Peace
The area’s attraction is value for money, coupled with peaceful, scenic locations, away from the stresses of city living, particularly amid lockdowns. It is undoubtedly helping drive the over 50s and those in their 60s to appealing destinations such as St Francis Bay, Cape St Francis and Jeffreys Bay.
With house price inflation in the Eastern Cape region averaging around 6% last year and outperforming the three major areas, growth in prices continued to strengthen. This means that the region is leading the market recovery.
New buyers also often buy as a leisure getaway at first, with later plans to permanently relocate when they get closer to retirement. Covering all bases, so to speak.
The Semi-gration Phenomenon
The semi-gration market is also a growing phenomenon. This lifestyle is for those who are still economically active and simply move to our beautiful coastal towns for lifestyle and better living conditions and safety for the family. These “semi-grators” form a large part of our buyer pool, specifically due to Covid, looking to buy here with a view to either work from home and/or fast-track early retirement. Working from home has become more accessible, simplified via technology, and recognised the world over now. For example, some people living in St Francis Bay work full-time for New Zealand and Swiss companies.
People in their mid-50s are also planning and buying with retirement in mind. They are well aware that if they buy now, they can earn a good return on investment via either long or short-term rentals in healthy demand and retire here later.
An Idyllic But Active Lifestyle
St Francis Bay, with its winding canals, numerous waterfront homes and golf estate – St Francis Links – is also a magnet for home buyers, including retirees. Investors are attracted to the security offered by St Francis Links and generally the idyllic but active lifestyle with golf, boating, fishing, surfing, paddling, MTB and other activities on their doorsteps such as walks, birding, bowls and bridge. Some may acquire a home with a separate cottage that can be rented out.
Jeffreys Bay, our renowned surfing spot, is progressively morphing from a once sleepy holiday village to a thriving lifestyle town. Cape St Francis and St Francis Bay waves form part of a package that offers similar lifestyle options.
The medium and long-term prospects for the housing market are certainly very positive. Moreover, because of the demographics, we are expecting the demand to continue during 2022.
by Marsha Haupt <firstname.lastname@example.org>