30 Apr 2012
According to the Top 11 Property Categories of 2011 report by Lightstone released in January, Kenton-on-Sea property values were said to have increased by 50 percent from 2010’s R1 million to R1.5 million in 2011.
Lightstone says Kenton-on-Sea’s population swelled by 200 percent during the December holiday season.
Hayley Ivins of Lightstone says following this trend and with April being a popular month for coastal getaways they selected nine prime seaside resorts in South Africa in order to find out whether the influx of holidaymakers impacted the property market in holiday hotspots.
She explains that their research on property sales in seaside resort areas revealed that in 2010 and 2011, the largest proportion of sales occurred within the first three months of the year and then generally tapered off towards the December holiday season.
“In 2011 we noticed another slight spike in property sales in the winter months of May and June which may be attributed to banks relaxing their lending criteria,” says Ivins.
Ivins points out that when reviewed on a quarterly basis for 2011, the majority of property sales in these coastal resorts occurred in the first quarter post the major holiday period, being January through March 2011.
The report indicates that in Q1 2011, 31 percent of coastal retreat property sales were recorded, 28 percent for Q2 2011, 24 percent for Q3 and 17 percent for the fourth quarter of 2011.
Lightstone sees a positive lift in coastal retreat sales post peak holiday period.
However, they believe that while sales may not be immediate, holidaymakers may very well be eyeing out new property investments while enjoying family time at the beach before concluding the deal at a later date. –Denise Mhlanga
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