Improved market sentiment and increased lifestyle demand are driving a surge in sales at the Arabella Country Estate, located on the banks of the Bot River lagoon, a few minutes inland from Hermanus. Pam Golding Properties (PGP) reports that 2014 sales figures on the estate are already double the 2013 results in both unit numbers and total value sold – and this, just four months into the year.
Pam Golding Properties’ area manager Mike Bisset says in 2013, five homes were sold on the estate – four of them by PGP, whose sales totalled R15.7 million. “This figure has surged in 2014,” he says, “and by the end of April this year, we had concluded 10 sales valued at over R38 million. Our purchasers have been mainly South Africans, as well as one buyer each from Scotland, South Korea and Nigeria. It is the first time in several years that we have seen this increased interest from international buyers, thanks largely to the favourable exchange rate – but the bulk of our buyers remain locals acquiring homes for holiday and weekend use.”
Bisset says the highest demand at present is for homes with four bedrooms, preferably all en-suite, with a double garage and swimming pool. “Buyers are looking chiefly in the R3 million to R3.5 million price band,” he says, “although we have also seen some renewed interest in higher-end properties priced around the R6 million mark. After a long period of muted activity at this top end of the market, we have already concluded two sales in this price range in 2014. However due to the increase in sales, stock is low in all price brackets at present.”
Arabella’s secure lifestyle, top-rated golf course and scenic lagoon-side setting are key driving factors for sales on the estate, coupled with well-maintained facilities such as floodlit tennis courts, children’s playgrounds, jogging paths, and the hotel spa. “This makes the estate an ideal getaway for not just golfers but their entire family as well,” Bisset comments.
Another sign of confidence in the estate’s sound management and long-term investment value is the fact that a number of owners have committed to major renovations and expansions over the past year – Bisset says since January 2013, six homes have undergone extensive work, with an estimated total value of around R7 million.
The estate is now almost fully mature, with 218 completed homes, eight under construction and just 11 erven still vacant.