{"id":575262,"date":"2022-04-09T08:30:15","date_gmt":"2022-04-09T06:30:15","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=575262"},"modified":"2022-04-08T15:23:09","modified_gmt":"2022-04-08T13:23:09","slug":"this-is-what-r10-million-buys-you-in-south-africas-most-sought-after-beach-towns","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/575262\/this-is-what-r10-million-buys-you-in-south-africas-most-sought-after-beach-towns\/","title":{"rendered":"This is what R10 million buys you in South Africa’s most sought-after beach towns"},"content":{"rendered":"

A rapid uptick in ‘semigration’ has seen people of all ages moving to popular coastal towns in South Africa.<\/p>\n

Financial services Lightstone said that favourable interest rates coupled with remote office working and semigration are becoming a more prominent feature of the residential market.<\/p>\n

Wealthy individuals are choosing to spend their ‘golden years’ in their home country South Africa rather than emigrate, said Gus van der Spek, property developer and owner of retirement lifestyle estate Whytham Estate in Cape Town.<\/p>\n

Van der Spek said that most people relocated from Gauteng in 2021, followed by the Western Cape and Mpumalanga.<\/p>\n

Towns such as Plettenburg Bay have seen the highest number of freehold (173) and sectional title (55) units sold in a decade, according to Lightstone statistics.<\/p>\n

Realty group Pam Golding noted that residential property owners have seen the value of their properties increase considerably. For years leading up to 2019, the highest price achieved in Santareme St Francis, was 5.5 million – with the top price soaring to close to R11 million for a large freehold home now.<\/p>\n

Lightstone noted that these areas are the most popular for semigrants:<\/p>\n