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Picking up in Paarl
Category Property News
As is the case in many Cape Town suburbs, the property arket in Paarl is starting to pick up after slowing down in the first few months of the year. Over the past 12 months, the Boland town's property market, which initially fared well in spite of the economic slump, experienced some sluggishness but Chris Cilliers, chief executive and principal for Lew Geffen Sotheby's International Realty in the Winelands, says the demand since August has "definitely started to pick up again". "The slowdown was apparent over all market segments. However, agricultural properties seemed to weather the storm and interest in this sector of the market is picking up again now. We are looking forward to a busy summer season." In addition to Paarl's "excellent schools" attracting families at this time of the year, Cilliers says there is also still plenty of demand from Gauteng and KwaZuluNatal residents, as well as those in Cape Town. In addition, she says there is a strong demand for homes in estates, as well as good family homes close to schools. Lew Geffen, chairman of Lew Geffen Sotheby's International Realty, says in the traditional suburbs there aren't many homes priced under R2 million. "There are several entrylevel developments, where homes are priced from about R750 000, but in the larger, more established estates prices range from about R4m to R5m through to R30m. "But, as there is still huge demand for estate properties, as long as homes are priced correctly for their condition and location, they are not difficult to move." There are also many upcountry buyers and foreigners, although this often only picks up after September. Cilliers says there is a shortage of entrylevel stock on estates such as Val de Vie and Boschenmeer, with the upper end of the market being driven by demand at Val de Vie, which was recently named South Africa's best estate for the third year in a row by New World Wealth. She adds: "As far as rentals go, there is always strong demand for all rental properties in Paarl and family homes close to the schools are particularly popular."
Author: Lew Geffen Sotheby's International Realty