East London is seeing an influx of South African semigrants, with it offering far lower prices than fellow coastal metros.
Pam Golding said that the Eastern Cape city, which falls in the Buffalo City metro, is uniquely positioned as the gateway to the Sunshine Coast in the north and the Wild Coast in the south.
The metro benefits from its long, white-sandy beaches, pleasant subtropical climate, and a wide range of recreational activities.
East London is the only city in South Africa with a commercial river port, which is also set to embark on $8 million redevelopment project to revitalise the structures.
Pam Golding said that the upgrade to the port, as well as Latimer’s Landing facilities, will benefit tourism and local business, while creating job opportunities.
Other improvements include a new Makro opening in Gonubie, an upgrade to Beacon Bay Retail Park, and talks of the Industrial Development Zone attracting new investors in renewable energy.
With a selection of beaches lapped by the warm waters of the Indian Ocean, East London appeals to young families, first-time buyers, and longer-term investors.
The city also offers larger homes with scenic coastal views at prices far more accessible than in other major coastal metros, according to Pam Golding’s Mandy De Beyer and Rachel Petersen.
“Overall, residential property prices in East London offer excellent value for money compared with the major metros,” said De Beyer.
One- or two-bedroom apartments in Beacon Bay sell for between R1 million and R1.1 million, while a typical well-located starter property in the bracket includes two bedrooms, one bathroom and a single garage.
Homes in Gonubie sell for even less, with a two-bedroom, one-bathroom townhouse with a carport available for around R850,000, often with low levies.
Semigration hotspot
South African semigrants are also relocating to East London for its lifestyle appeal and close-knit community, which offers a relaxed coastal atmosphere and the benefits of a big city.
Petersen said that residents enjoy proximity to leading schools like Selborne College, Clarendon, Hudson Park, Merrifield, Stirling and OosKus, along with quality hospitals and a full range of amenities.
“Most of our purchasers are either local buyers moving within East London, or semi-urban migrants from Durban, Johannesburg, King William’s Town, Butterworth and Mthatha,” said Petersen.
Those moving to the East London area are also primarily seeking freehold properties. Those aged between 36 and 49 are primarily shopping for large freehold homes.
Their ideal homes often have four bedrooms, a double garage, a swimming pool and a large number of bathrooms in the price range between R2.5 million and R3.5 million.
Younger buyers and retirees search for modern, single-storey townhouses with double garages, small gardens and pet-friendly features, generally priced under R2 million.
Moreover, homes in secure, gated estates are incredibly sought after in East London and have shown strong capital appreciation.
In Bishops Country Estate in Beacon Bay, the average selling price has increased by close to 9% over the last year, reinforcing its status as a sound investment.
Other well-regarded estates include Princess Alice Ridge in Nahoon and The Quarry on the border of Baysville and Selborne.
Prices in established estates range from R3 million to R8.5 million, depending on the estate.
East London Properties
