Property Area Focus: Sectional Title in Plett 2019
Property Area Focus: Sectional Title in Plett
Sectional title property offers many advantages to anyone looking for property investment in Plettenberg Bay.
Since July 2018 until August 2019, Plett has seen 98 sectional title properties transfer. The highest price achieved in this period was R9,000,000 for a de Meermin unit and the lowest price achieved, R450,000 for a Santini unit. These are the extreme ends of the spectrum. Smaller, and entry-level properties ranged from this lowest price to approximately R1,500,000. The mid-sector (larger units or units closer to the beach) achieved prices from approximately R1,500,000 to the early R4,000,000’s. The upper-level apartments achieved in the R5,7 to R9 million Rand price ranges.
Be it for a permanent residence, a lock-up-and-go holiday apartment or as a buy-to-let investment, the sectional title sector of the property market remains popular and in demand.
The appeal of sectional title covers a broad range of buyers: the younger generation, either entering the market or looking for smaller living spaces, families or retirees looking to downsize, upsize or re-consider their living arrangements for security and maintenance issues and investors considering buy-to-let options or anyone looking for an ideal holiday residence. Even avid golfers who don’t want to own a house on a golf estate, can buy into sectional title developments that offer this benefit!
If you enjoy a pool, garden and maintained living spaces yet don’t have the time or inclination to ensure that they are always in tip-top condition, then you might have found the property sector appropriate for you! Being a member of the Body Corporate allows these responsibilities to be taken care of on behalf of owners, who pay levy contributions for the shared responsibility in regard to common property.
Plett’s sectional title complexes can be found in various suburbs interspersed throughout the town. Prices in this property category vary greatly depending on location and unit size. Typically, apartments offering views and situated close to the beach command greater prices than units with no views and situated further from the beaches.
Being a unique sector of the property market, sectional title real estate is not suited to everyone and can impose limits on some aspects of lifestyle choices, particularly in regard to pet ownership. The character of the buildings and common property usually have to remain uniform so for anyone with a passion for creative exterior painting and decorating, this might not be the best choice of property. There is also the matter of being in close proximity to neighbours and basically sharing facilities and respecting common property. Not everyone is suited to living in a complex, but for those who enjoy this lifestyle, the benefits can be amazing.
There are currently a wide variety of sectional title units on the market across various price ranges. Some apartments are also available fully furnished which is a benefit if you intend to use the asset as an income-generating investment immediately.
If you would like to consider selling your unit, buying a unit or even if you would like us to give you a free no-strings-attached valuation – please don’t hesitate to give me a call.
By Janelle Pinto, estate agent at Lew Geffen Sotheby’s International Realty Plettenberg Bay and sectional title specialist: firstname.lastname@example.org or 078 959 6177.
Click below for more details on an example of a Keurbooms property:
2 bedroom, 2 bathroom flat in golfing estate with and good security.
An ideal lock-up-and-go holiday apartment or buy-to-let option. Single carport.
Gary Player designed golf course, swimming pool, squash courts, kiddies' play area and restaurant in complex.
Asking price: R1,690,000