MOSSEL BAY NEWS - The average purchase price of residential property in Mossel Bay has been rising steadily over the past ten years, and Covid-19's disruption of social and economic life did not stop the progress, as prices in estates, freehold and sectional title properties are all higher than 2019's figures.
This is according to the latest report by Lightstone Property.
According to the real estate company, the steady increase in prices reflects Mossel Bay's growing popularity, along with other towns in the Garden Route, as a residential destination of choice.
According to Lightstone, Covid-19 has accelerated the "quality of life" trend, where some in the cities are looking for safer, smaller alternatives which offer better life-balance possibilities.
The report says Mossel Bay has a strong reputation for sound municipal management and economic diversification, with tourism, real estate, business services, petrochemicals, light industry, fishing and agriculture featuring strongly.
Mossel Bay is also a popular retirement town and has a highly regarded medical sector.
In fact, the municipality wants to grow the Da Nova medical precinct to accommodate more hospital groups and rehabilitation centres to create employment and promote health tourism, according to Lightstone.
It seems Mossel Bay's homeowners are on the mature side, with 84% of residents being older than 45 and 34% older than 65, which illustrates the importance of the retirement industry to the town.
While homeowners who are under the age of 35 make up just 4% of the total, they account for 23% of first-time buyers, while 35 to 45 year olds account for 28% of first-time purchases, making up just 12% of homeowners.
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