Rich don't hesitate to pay for a view

Elma Kloppers, Sake24
2013-11-17 18:39
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Typical view from a house in Fresnaye. (PGP) Typical view from a house in Fresnaye. (PGP) ~ Supplied

Johannesburg - Nothing comes close to a super luxury beachfront property with panoramic views  - if you have the money.

The value of such show properties rises usually stronger than ordinary properties and the prices achieved often surprise, says Andrew Golding, CEO of Pam Golding Properties (PGP).

Sales of houses of R10m and more have already increased by 60% this year, "a sign that high net worth individuals have largely escaped the economic recession ".

This year, PGP sold a home in Fresnaye on the Atlantic seaboard to a foreigner for R110m. PGP also achieved the highest price in the past five years for a sectional title unit in Bantry Bay - a luxury penthouse which went for R34.5m.

Golding said that although residential property sales to international buyers only account for less than 1% of the total sales nationwide, it seems that they are firmly back in the South African housing market.

"Sales to foreigners account for 3.54% of the group's total sales."

South Africa is widely popular among buyers abroad and PGP has  international clients in 45 countries.

Golding said that although it is difficult to compare, South Africa offers world-class residential options to the super rich. "A home in Clifton for R30m can be compared with a €20m house in St. Tropez in France . "

Ling Dobson, PGP 's area manager for Knysna and Plettenberg Bay, said Garden Route sales at the top end of the market was buoyant in the first six months of this year. A top price of R23m was achieved for a property in the private estate Pezula in Knysna and a home in Poortjie in Plettenberg Bay was sold for R10m.

Record prices were not only reserved for the Western- and Southern Cape and the Garden Route. A South African buyer recently paid R29m in cash for a house at the luxury Zimbali Coastal Resort on the North Coast of KwaZulu-Natal.

Elwyn Schenk, PGP's area manager in Umhlanga, said several factors play a role in property prices in the area, including the migration of large corporations to Umhlanga and King Shaka Airport. A house in the Ilala Ridge Estate in Umhlanga was sold for R12m earlier this year.

According to Absa's quarterly residential report, the North Coast of KwaZulu-Natal achieved the strongest house price growth - 22.1 % on an annualised basis - in the third quarter. Of all the coastal areas, the North Coast clocked the highest average price of R1 626 584 .

Golding wish list

Topping Andrew Golding's personal wish list for a primary residence, is the Atlantic seaboard and for a holiday home Kommetjie, Hermanus, Kenton-on-Sea , Port Alfred and Plettenberg Bay .

He said if he didn't have to take schools into account in his choice of neighborhood , he would probably have lived in Clifton.

- Sake24

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