Around one in 10 South Africans choose luxury gated communities when making residential property purchases‚ according to data gathered by Lightstone Property. South Africa has 8 042 estates‚ with 429 660 properties contained in them. Gauteng tops the list when it comes to luxury estate living‚ with more than 4 000 estates and 217 431 properties.
The Western Cape is next on the list‚ with 1 866 estates‚ followed by 447 in the Eastern Cape. KwaZulu-Natal is catching up‚ according to Lightstone data‚ with 341 estates. Dr Andrew Golding‚ head of Pam Golding Properties‚ said that estate properties are more valuable that non-estate properties.
“While Lightstone tends to track the performance of the luxury market‚ the prices of homes on estates tend to be less volatile and hence a better investment option during challenging times.”
Golding said while secure estates with golf courses remained popular‚ there was a shift towards those offering amenities like cycling and jogging tracks‚ play areas‚ equestrian facilities‚ outdoor gyms‚ crèches and schools. Andrew Amoils‚ head researcher at New World Wealth‚ a Sandton-based market research company‚ said South Africa was a global pioneer in residential estate living.
“In fact‚ the only country with more residential estates than South Africa is US. Interestingly‚ residential estates are now becoming increasingly popular across the globe‚ especially in the likes of the UAE‚ Portugal‚ Spain‚ Mexico‚ New Zealand‚ Mauritius and the UK‚” he said.
“Safety on these estates is a major driver of the growth. Also scenery‚ parklands and lifestyle on estates are very appealing‚ especially to people with young children.”
According to a recent review of South Africa’s top 10 residential estates by AfrAsia Bank and New World Wealth‚ “many developers are now creating small neighbourhoods within the estates‚ as opposed to the old model where houses were spaced evenly around the entire property.”
The new model allows for more parkland and open spaces between the neighbourhoods. There has also been a rise in demand for retirement and wildlife estates and a shift away from traditional golf estates. Lightstone provides valuations and market intelligence on property in South Africa. — Timeslive.