29 Sep 2006
Bluewater Bay, a small and picturesque enclave in Port Elizabeth, is set to become one of the fastest growing residential nodes in the city.
Dave Lawson, area specialist for Chas Everitt International, says some residents are concerned that the resort character of the area, midway between Port Elizabeth and Coega, may be spoilt by fast development.
"But on the plus side, property owners here stand to benefit from healthy growth in values thanks to escalating demand."
There are currently about a thousand residential properties in Bluewater Bay, famed for its resort lifestyle thanks to miles of white beaches, fantastic views across Algoa Bay, and plenty of watersport opportunities.
However, because of its proximity to Coega and the availability of land, new development has taken off with several housing projects now in various stages of completion and more in the pipeline, says Lawson.
"One of the bigger projects planned is Embizweni, a R700-million development that will include a boutique hotel, shops and sporting facilities. The development will be on the beach and work is expected to commence early next year."
Development is though taking place across the whole residential spectrum. Studio apartments are being brought to the market at around R345 000 for units of about 50sqm. Several sectional title townhouse developments are going up with unit prices varying between R600 000 and R1m. New full title homes on the beach are selling for between R3m and R6m, he says.
"And the hunger for development land in the area was clearly illustrated recently when 300 serviced stands of about 500sqm each were sold at average prices of R325 000 within 24 hours of release."
The tourist industry in the area is also booming. Lawson says many bed-and-breakfast undertakings have popped up recently and it is expected the completion of the boutique hotel will further enhance Bluewater Bay's image as a desirable destination.
"Bluewater Bay is situated next to the Swartkops River and close to the salt pans that are home to hundreds of water birds. The area is thus a birdwatcher's paradise while regular dolphin and whale sightings in the bay are another draw card. Several walking trails, including along the beaches, are also popular among residents and visitors alike."
For more information contact 082 378 4727 click here to visit the website.
Have a comment or question about this article? Tell us about it..
Get up-to-date property news
Would you like to receive free weekly news and information about property in South Africa? Click here to sign up for Property24's Week in Review.
Click here for more property news articles.
Apartment / Flat for sale in Woodstock R 1 000 000
Vacant Land / Plot for sale in Savannah Country Estate R 350 000
House for sale in Seaside Longships R 1 520 000
House for sale in Woodland Hills R 2 800 000
Vacant Land / Plot for sale in Sandy Point R 650 000
House for sale in Wolmer R 755 000
House for sale in Mcgregor R 1 200 000
Apartment / Flat for sale in Dorandia R 540 000
Townhouse for sale in Suideroord R 590 000
House for sale in Kuils River R 1 295 000
If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled.
For the best browsing experience, update to the latest Version of Internet Explorer or try out Google Chrome or Mozilla Firefox.
Please contact our Property24 Support Team for further assistance. Tel. +27 (0)861 111 724