Paarl – the jewel of the Boland
Property prices have doubled in the historic Boland town of Paarl in line with prices countrywide, but this has had little impact on the demand for residential as well as agricultural property in the area.
“In fact,” says Chas Everitt’s Henriette Basson, “demand outstrips supply with turnover being low because people who settle here do not sell again quickly. And moratoriums on the rezoning and development of agricultural land into residential properties are putting a further squeeze on availability.
“Limited small-scale development is, however, taking place on the outskirts of the town and units ranging from about 110sqm to 250sqm are being sold for between R750 000 to R1,5-million. Prices for existing homes average R1,3-million while upmarket properties can be had for between R1,5-million and R2,5-million.”
Paarl has, she notes, become a magnet for lifestyle buyers because of the rural atmosphere and truly stunning mountain panoramas. South Africa’s second-oldest town is ringed by the Paarl and Franschhoek mountains and agricultural land, planted with vineyards, still falls within the town boundaries, giving it a unique provincial flavour.”
Farmland is in high demand, especially among lifestyle buyers or the so-called “gentleman farmers” who want to open their own boutique cellars. Large wine estates are also offering shareholdings where buyers can own a home as well as a parcel of prime agricultural land, which is managed on their behalf, leaving them free to enjoy the lifestyle without the hassle of making the land profitable.
Basson says it is difficult to quote average prices for farmland. “Boutique buyers are attracted by the same criteria as normal residential buyers, such as view and position, rather than the agricultural value. These factors hugely influence prices and it is quite possible to pay more than R1-million per hectare for smallholdings of 1ha to 10ha
“Prices for large farms with productive vineyards sell at anything between R400 000 to R1-million per hectare while less productive land will sell from about R150 000/ha. Cheaper land, from about R90 000/ha, is available closer to neighbouring Wellington.”
Paarl is expected to benefit from the opening of the Paarl Mall in October. Basson says the new shopping facilities are likely to draw residents of surrounding golf and other lifestyle estates.
The town, within half-an-hour’s drive from Cape Town, also boasts some of the best schools in the province, among them Paarl Boys’ High and Paarl Gimnasium.
Issued by Chas Everitt International
For further information call Brenda Smith at
Chas Everitt International Bryanston on 011 463 2033
or visit www.chaseveritt.com