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.
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).
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
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.
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.
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 . "
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
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.
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.
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.
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
all the coastal areas, the North Coast clocked the highest average price of R1
626 584 .
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 .
said if he didn't have to take schools into account in his choice of neighborhood
, he would probably have lived in
* For more business news in Afrikaans, visit Sake24.
Add your voice to our Property Issue:
* Write a guest post
* Share a personal story
* Ask the experts