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Building along the Canals in Cape St Francis and on the Links is really taking off, with a focus on luxury homes, smarter and bigger than ever before.
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However, there are very few houses being built in Santareme, despite many plots being sold at around R200,000 and less. Seems upper-middle income South Africans, who might have afforded a holiday house 20 years ago, are no longer able to, whereas the captains of industry are now building 500m2 houses instead of the 300m2 they did back then.
The middle market, particularly in the village has picked up: we at Pam Golding have made four sales between R3m and R4m to the west of St Francis Drive (ie between the shops and the Links) in the last year, after no sales over R3m in this area since 2007.
The top end of the St Francis property market continues to perform very well: there have been thirteen sales over R7.5m in St Francis Bay (including Cape St Francis) over the past three years, compared to only five ever before that. Stock of houses and particularly plots in the Canals and Cape St Francis is currently at an all-time low.
So far this financial year, since 1 March 2017, we have concluded sales to the value of R106m, and we are on track to beat our record last year of R156m by the end of February.