More and more Capetonians are finding their own piece of paradise in Tesselaarsdal, a tiny village in the picturesque Hemel en Aarde valley of the Overberg – and they are greatly rewarded for doing so.
According to Riaan Smuts of the RealNet Office, most of the properties in Tesselaarsdal are still showing promising growth of between 50 and 100 percent after the recent boom.
He explained that these increases in value come off a low base, which probably explain the fact that some pieces of land have increased tenfold in the past three of four years.
This peaceful hamlet, located 20km from the beautiful town of Caledon, was established when a farmer gave his freed slaves parcels of land. The descendants of the original owners sold their properties when prices started climbing as a result of the recent boom in the real estate market.
Here you can still pick up a cottage in need of repair, and situated on about 1000m² for around R200 000. Smallholdings in the area go for less than R500 000 while undeveloped 20-hectare units cost around R1-million.
Although the climate is suitable for growing lavender and olives, most of the buyers see their investment as a holiday or weekend getaway.
But how long will this local boom last? Smuts said that the prices would probably reach a ceiling in the next three to five years after which properties will be in step with the national property cycle.
The information in this article is courtesy of Riaan Smuts (“Overberg Hamlet Booms”, iafrica.com, 16 September 2008).
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