Luxury apartments and retirement estates on the rise in SA – Article Source – Property24 – Author : Andrew Amoils
As part of the ‘South Africa 2017 Wealth Report’, New World Wealth and Honeybee Communications have examined recent luxury property trends in the country.
According to Melissa Curtis from South African marketing group Honeybee Communications: “South Africa’s luxury industry is well placed to take advantage of the growing mass affluent community in the country. In particular, there is strong opportunity for growth in the local retirement estate sector. Also, luxury apartments, wildlife estates and hotel residences are on the rise.”
– Luxury apartments and hotel residences are on the rise in SA
– Luxury retirement estate living is on the rise in SA
– Wealthy people from the rest of Africa (from countries such as Nigeria, Angola and Ghana) are increasingly buying residential property in SA.
– Wealthy South Africans are increasingly buying private game farms, wildlife estates and private wine farms in SA.
Spotlight on luxury apartments and hotel residences
Luxury apartments and hotel residences (targeted at the wealthy) are on the rise in SA. Reasons for their rising appeal include:
– Appeal to those that travel a lot: facilities are maintained whether one is there or not.
– Access to shared facilities: pool, spa, entertainment, dining, gym, bar, etc.
– Good security.
– Big reception area for meetings.
– Location: normally located near to offices and shopping centres.
Prominent examples are listed below:
– 70 on Melville (new) in Illovo, Johannesburg
– Amalfi (new) in Mouille Point, Cape Town
– Aurum (new) in Bantry Bay, Cape Town
– Cape Royale in Green Point, Cape Town
– Eventide in Clifton, Cape Town
– Franklin Row in Illovo, Johannesburg
– Melrose Arch in Melrose, Johannesburg
– Michelangelo & Raphael Suites in Central Sandton, Johannesburg
– San Michele in Clifton, Cape Town
– Sandton Emperor in Central Sandton, Johannesburg
– Silo Apartments (new) in City Bowl, Cape Town
– Taj Residences in City Bowl, Cape Town
– The Bantry in Bantry Bay, Cape Town
– The Houghton in Houghton, Johannesburg
– The Pearls in Umhlanga, Durban
– The Water Club in Granger Bay, Cape Town
– The Yacht Club (new) in City Bowl, Cape Town
– V&A Marina in City Bowl, Cape Town
Spotlight on luxury retirement estates
Luxury retirement estate living is also a fast-growing segment in SA. Notable examples are listed below.
– Evergreen Noordhoek Lifestyle Village
– Evergreen Val de Vie (upcoming)
– Mount Edgecombe Retirement Estate
– Plettenberg Manor
– Waterfall Hills Retirement Estate
Definitions:
– “Mass affluent” refer to individuals with wealth/net assets of between US$100,000 and US$1 million.
– “HNWIs” also known as “millionaires” refer to individuals with wealth/net assets of US$1 million or more.
– “Wealth” refers to the net assets of a person. It includes all their assets (property, cash, equity, business interests) less any liabilities.
The top 10 luxury apartments in South Africa – Article Source – Business Tech
A new report by AfrAsia Bank and New World Wealth rates the top 10 luxury apartment complexes in South Africa.
Prime luxury apartments have become common place in South Africa – especially in Cape Town, Sandton and Umhlanga – and recent trends in the market show that there has been a growing demand for these types of residences in the country over the past decade.
According to the report, a large number of luxury apartments were put up in Sandton and Cape Town during the 10 year period from 2005 to 2015 due to strong demand.
Although demand has slowed since then (2015 to 2017), there remain a few areas where new luxury prime apartments are still going up including: Illovo, Umhlanga, Ballito, Cape Town’s Waterfront and Bantry Bay.
Another trend seen over the past year, is that a large number of residential lifestyle and golf estates have also started to add luxury apartments onto their offerings. Previously, most residential estates had focused only on houses, New World Wealth said.
Following global trends, there has been a marked move away from traditional luxury apartments towards hotel residences, which are apartments in existing hotels that can be purchased. These effectively allow owners to live in a hotel permanently, and enjoy the same services normal guests do.
These types of residences sell at a premium, New World Wealth said.
The hotel residence model is starting to take off in South Africa – local examples include: the Cape Royale in Cape Town, the Taj Residences in Cape Town and the upcoming Oceans Hotel Residential Apartments in Umhlanga.
To rank the top luxury apartments in the country, AfrAsia Bank and NWW assessed the country’s offerings on design, location, security, quality and appeal, among other factors.
Whitehall Court in Killarney, Johannesburg, emerged as the top residence in the country, with “impressive internal gardens, sculptured pillars and high ceilings”. Apartments at Whitehall Court range from R3 million to R12 million.