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Coega fuelling Bluewater Bay market

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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.

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