Plett Property Market Review 2026-03-30
The boom in Plettenberg Bay’s property market continued in 2025. Many 2025 sales will only register later in the year, but current indications are that 2025 will at least match the incredible results of 2024, which had highest ever total sales value achieved in the coastal town: R2,285billion (a 44% increase over 2023). 2025 is already at R2,2billion. Average prices had a run of successive dramatic increases, with 30% increase in 2023, and a 20% increase in 2024 R5,16million, but this appears to have tapered off, with the current average for 2025 at R5,2million. 2024 sales volumes also increased by 20% to 443 transfers, but this is a lot lower than the volumes in 2021 (705) and 2022 (588).
Stock levels have become very low and demand has remained high, which has resulted in dramatic price increases. Plett continues to grow to meet this demand, but development is currently hampered by the lack of adequate municipal service infrastructure, with water shortages and the current sewerage works already at capacity.
The average value for a property in Plett increased by 24% from 2020 to 2021 to R3million, a further 9% in 2022 to R3,3million, 30% to R4,29million in 2023, 20% to R5,16million in 2024, and then only a 1% increase in 2025 to R5,2m so far (this could increase or decrease as more sales register).
2021 saw a massive increase of 92% in total value of property sold to R2,13billion, while 2022 was just below R2billion, 2023 was at R1,6billion, 2024 at R2,29billion, and 2025 is at R2,2billion (so far). 2025 will likely have Plett’s highest total value to date.
The number of sales increased by 55% in 2021 to 705, declined by 17% to 588 in 2022, declined by 37% to 370 in 2023, and then by 20% to 443 in 2024, and is currently at 424 for 2025 (which will increase).
For full title property in 2021 there was a 31% increase in average value (R3,59million) in comparison to a 4,3% increase in sectional title averages (R1,82million). In 2022, sectional title averages increased by 27% to R2,32million and full title by 9% to R3,92million. In 2023, sectional title averages increased by 25% to R2,9million and full title by 27% to R5million. In 2024, sectional title averages increased by 12% to R3,25million and full title by 20% to R6million. So far in 2025, sectional title averages have increased by 2% to R3,3million and full title by 1% (R6million).
Of particular interest is the number of full title sales below R1million decreased from 100 in 2022 to 13 (so far) in 2025. This is due to increasing prices and the decline in the stock of vacant land. Many plots were sold over the past few years and building activity is very high. Building costs, which are much higher than national averages for a variety of reasons, have also increased dramatically.
Buyer demographics saw a considerable increase in international buyers. Most buyers normally come from Gauteng and Plett itself (±30% each), followed by Cape Town (±12%) and then international buyers (±8 to 10%). Foreign buyers increased In 2025, with some agencies reporting twice the normal amount (±20%).
Most established estate agencies had record sales in 2021, a decent 2022 and good sales years in 2023 to 2025.
The historical record price for residential property was achieved by Hein Pretorius of Sotheby’s International Realty Plettenberg Bay in 2024 of R156million for a very large estate on Robberg Beachfront. Previous records: R50million in 2006 for a coastal estate, R55million for beachfront home on Beachy Head Drive in 2021 (the same house sold for R50million earlier in the year), and R78million in 2024 also for a large Beachy Head Drive home on a double plot. Other notable recent sales are an Old Plett home (Look Out Beach) for R49,000,000, and a Robberg Beachfront home for R60million. In 2021 there were 32 sales above R10million, in 2022 it was 30, in 2023 it was 26, in 2024 it was 31, and in 2025 it is 41 so far.
Entry level asking prices in Plett have increased considerably over the past 5 years. It is currently difficult to find full title homes below R4,500,000, and sectional title unit prices start at about R2million. Vacant land starts at about R1million in gated estates and currently R3,500,000 in open areas! There is a new development in Kranshoek that is offering lower prices.
Top current publicised asking prices for residential properties on the market are as follows: R140million for a mansion on Beachy Head Drive, R78million for a large piece of land on Keurbooms Beach, and R20million for an upmarket penthouse apartment. Top prices obviously fluctuate considerably depending on what is on the market at the time.
Historical property price increases up to 2025 over the previous: 5 years: ±16.4%, 10 years: ±9.4%, 15 years: ±6.4%, 20 years: ±6.3%, and 25 years: ±9.6%. This demonstrates that timing of purchase has a significant impact on return on investment.
Hein Pretorius, owner broker of Sotheby’s International Realty Plettenberg Bay, says: “We have been in a sellers’ market since the end of the hard Lockdown of Covid. Stock levels have steadily decrease since then and now there is huge shortages of stock at most price points but specifically the higher end of the market. Good quality properties above R 15 million up to R 150 million are virtually none. The gated estates like whale rock Ridge and Brackenridge have no stock. Plettenberg bay has recently been declared a disaster area in terms of the severe drought during 2025. Plettenberg bay won’t see any large developments like Whale rock or Brackenridge for some years till the authorities deal with these constraints. The building industry in Plett has become the largest employer in recent years in Plett but with dwindling vacant land and not much in the pipeline in new developments employment will come under pressure in this industry. Prices are still increasing at double digit percentages due to the lack of stock and strong demand.”
In the towns surrounding Plett there are normally very few sales, so statistics need to be seen in context and treated with some circumspection. Note that for these three towns, sales are taken by registration date, not sales date.
In Wittedrift eight properties registered for an average of R673,000 in 2020; in 2021, ten properties registered for an average of R1,146,000; in 2022, seven properties registered at an average of R1,283,000, in 2023 five properties registered at an average of R1,656,000, in 2024 six properties for an average of R1,533,333, and in 2025 six properties for an average of R1,650,000.
In Keurbooms proper (main town) 12 properties registered for an average of R5,8million in 2021(with two higher value properties of R14million and R15million pushing up the average); in 2022, 11 properties registered for an average of R3,75million, in 2023 10 registered for an average of R6,5million, and in 2024 ten registered for an average of R10.6million (this includes 2 large beachfront homes which pushed the average up), and in 2025 six properties registered for an average of R8,83million.
Natures Valley saw averages of R4,6million in 2021 with six registered properties; in 2022, 8 properties registered for an average of R5,23million, in 2023 10 properties registered for an average of R4,9million, in 2024 six properties have registered for an average of R5,46million, and in 2025 five properties have registered for an average of R5,8million. The highest price was R12,5million for a house in Lagoon Drive in 2023.
The figures above were taken from deeds information on the 30th of March 2026. Sales for Plett are listed by date of sale, not transfer date, to provide a more accurate depiction of the market. Rural property, sales below R200 000, known non-market-related transactions and duplications (e.g., when a developer buys multiple properties for a single price and each is listed at the full price by the deeds office, only the single figure is taken), and outlying areas are not included in the figures. Many sales are still in the registration process, so the statistics and graphs for the later years, and last year in particular (2025), will change substantially in future. Other statistics are taken from Sotheby’s International Realty Plettenberg Bay’s figures.
This report was compiled by Steven Neufeld, Manager Principal of Lew Geffen Sotheby’s International Realty Plettenberg Bay and Professional Valuer and Court Appointed Appraiser for South African Property Valuations®: 072 417 7731 (or) steven@sapv.co.za
If you have questions send an email to: steven@sapv.co.za
