Business Day HomeFront 25 September 2020

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HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA WWW.BUSINESSLIVE.CO.ZA 25 SEPTEMBER 2020

MUST-READ

Invest: savvy short-term lets PAGE 4

Don’t sell, repurpose!

PAGE 7

Amdec tackles housing crisis PAGE 8

Steyn City, north of Johannesburg, is SA’s largest residential estate offering urban conveniences and parkland living. Their stands at The Village are now ready for development

Opportunity knocks New semigration hot spot PAGE 8

Take advantage of positive market conditions and reap the rewards later, is the advice. Where are the best-performing developments and locations in 2020?

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HOMEFRONT

A high-rise duplex unit at Ellipse Waterfall in Waterfall City, Midrand

INVESTMENT FOCUS

Opportunity knocks

Rabie Property Group’s Hazelwood in Burgundy Estate, Cape Town

Take advantage of positive market conditions and reap the rewards later, is the advice. Where are the best-performing developments and locations in 2020?

“The best-performing developments

are ones that offer residents a convenient, holistic lifestyle” Miguel Rodrigues, director, Rabie Property Group

WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED

estate in the country, Steyn City certainly ticks boxes as a “best performer”.

“Although the property market has shown a downturn, Steyn City stands out for resisting this trend,” says Van Onselen. “We are in front when it comes to retaining and growing investment value at the high end. It’s a sound investment, regardless of economic conditions – and this is what buyers are looking for.

Purchasers who bought at the time of our launch are already seeing a return on their investment.”

Green homes The Reid by Balwin Properties in Linbro Park, Johannesburg

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ales of residential property may have endured a few hiccups during 2020, but the category seems to be weathering the storm. The general market sentiment is that the low interest rate is too good an opportunity to pass on. Investors and homeowners are buying into quality developments now to benefit when the market recovers.

“The recent resurgence in market activity is fuelled by an aggressively lower interest rate, lower prices in some affluent suburbs and lower transfer duties,” says FNB senior economist Siphamandla Mkhwanazi.

While there is still uncertainty about the lasting impact of the pandemic, a

historically low interest rate and lower transfer duties, particularly in the mid-priced sector, are a big incentive.

FNB predicts that current levels of buyer activity will prevail in the near term.

Pam Golding Property group chief executive Andrew Golding says there is a marked trend towards buying in gated communities.

Holistic lifestyle “The best-performing developments are ones that offer residents a convenient, holistic lifestyle,” says Rabie Property Group director Miguel Rodrigues. “Great security and nearby facilities have become important factors in buyers’ decisionmaking processes.

“You could buy in an urban neighbourhood with no

security assurance, where you might not even be able to walk outside safely. Or you could buy an apartment in, say, Century City, where the precinct is pristinely managed and has a central security system and team at work 24/7. Plus you’d have shops, restaurants and offices on your doorstep.”

Rabie’s Bridgewater One apartments, currently under construction in this precinct, appeal to buyers looking for this type of lifestyle offering in a fairly central Cape Town location. More than 85% of units have sold since November 2019.

Green lung Steyn City marketing and events group head Zoe van Onselen says the lockdown introduced a greater

emphasis on security and lifestyle for property owners and investors. “Although buyers still favour the convenience of city living, there’s a shift to less density – ideally with a green lung and space to breathe. They still want to be able to do it all but new work-from-home conditions mean they’re no longer bound to an address close to their work premises.”

Despite what the data says, she believes the move away from city living post-Covid-19 could be permanent. “This is an interesting trend because at present, 55% of the world’s population live in cities and forecasts suggest that figure will be closer to 70% by 2050, across both developed and developing nations.”

As the largest residential

For sectional title developer Balwin Properties, creating a pipeline of certified green homes is attracting apartment buyers looking for sustainable home features at an affordable price. Balwin and Absa recently co-created a green mortgage product that offers customers a competitive finance rate.

The first Absa Eco Home loans are now being sold.

Qualifying buyers will benefit from a reduced interest rate on their mortgages for homes with green Edge certification at Balwin Properties’ Gauteng residential estates The Reid, Polofields and The Blyde, and De Zicht in Cape Town.

In June 2019 Balwin registered 16,000 apartment units with the Green Building Council South Africa’s (GBCSA) Edge certification across seven of its built-to-

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sell developments as well as three green developments.

The homes are clustered around lifestyle centres that achieved the highest six-star GBCSA rating.

With planning, green buildings can be developed at scale without much additional expense. “Extra building costs are minute if you’re an astute developer,” says Balwin Properties CEO Steve Brookes. “We should strive to get a financial benefit for our customers.

And I’m passionate about green buildings.

“We’re also keeping the architects on their toes,” adds Brookes. “They need to put their energy into making a better living environment.”

Game-changer Kent Gush, MD of Kent Gush Properties, says highend luxury apartments are a challenging space this year but the drop in the interest rate has been a game-changer.

“It’s almost cheaper to buy than to rent at the moment. If you’d told me at the start of the lockdown that we’d be enjoying these sorts of good residential sales now, I never would have believed you,” he says. “At 7%, this is the lowest rate in decades. That is the fundamental driver of the market, in my opinion.”

Luxury apartments at Ellipse Waterfall start from R1.6m and penthouses sell in the R14m to R20m range.

“The end user is saying, ‘I’d rather buy than rent.’ The

savvy investor is saying, ‘For the first time I’m getting yields of 8.5 to 9%-plus’.

Suddenly the yields are looking very attractive.”

It’s also about location, says Gush. “If you look at the quality of the build and other factors, many investors believe this mixed-use Waterfall precinct is the new growth hub in Gauteng.

Developers are pinning their hopes on good capital growth, with Waterfall as the new Sandton.”

Rural offering With 34 sales valued at almost R50m at Olive Place since the March 2019 release, developer Multi Spectrum Properties (MSP) appears to be doing something right. Olive Place is part of Klipfontein Farm lifestyle estate in Malmesbury. It offers rural homes at an accessible price point, appealing especially to young professionals who have flexible work routines.

Here a new starter home with two bedrooms, one bathroom and a carport is priced from R1,049,900.

“The monthly repayments are lower than many rental options and will see you owning a home in a familyfriendly, perimeter walled and access-controlled estate,” says MSP project liaison manager Werner Scheffer.

“Olive Place brings a new option for family living to Malmesbury – literally a breath of fresh air. Some residents work in Cape

Town and many remark on what a pleasure it is to commute from here instead of sitting in traffic in the city,” says MSP estate agent Arno van der Merwe. “It is like living on a farm, without the risks. The tranquil atmosphere and the fact that you can go for walks in the countryside are a great plus.”

The future Successful residential developments of the future will be those offering flexibility and a mix of price points. Rodrigues says it’s not just about the inside of your home – your broader environment will count too. That is why Rabie’s residential developments all appeal to multigenerational and multi-income residents.

Burgundy Estate north of Cape Town, for instance, has three schools, a convenience shopping centre and a restaurant. It is not a gated precinct, but each complex within the estate is separately secured, with central estate patrols. Homes range from townhouses for families to apartments and erven with standalone homes.

“You can buy an apartment at R995,000 or a standalone home at R3.2m, aside from a variety of rental options,” says Rodrigues.

“Hazelwood, our most recent development, consists of low-rise apartments, a communal swimming pool and a clubhouse, with manned security.”

The units are sold out.

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HOMEFRONT PROPERTY TREND

Short-term lets that make long-term sense Savvy developers are incorporating attractive lifestyle amenities in student accommodation and apartments for short-term lets, presenting both investors and lessees with new opportunities WORDS: HELÉNE MEISSENHEIMER :: PHOTOS: SUPPLIED

A bachelor apartment in Brooklyn House, Pretoria

SHORT-TERM LET CHECKLIST Consider the following when choosing an investment: • High-speed uncapped Wi-Fi • Uninterrupted electricity supply (back-up power available) • Entrance security with facial recognition technology • Smaller housing units to minimise social interaction among large groups of residents STAG Africa’s new student residence at the University of Fort Hare in the Eastern Cape

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A had a substantial shortfall in affordable student accommodation even before the Covid-19 pandemic – in 2013 the Department of Higher Education & Training (DHET) found there was a shortage of at least 300,000 beds. Despite government’s allocation of billions of rands, it was estimated that it would take at least 10 years to overcome the shortfall.

During the lockdown students had to continue their learning remotely. A lack of access to the internet and reliable electricity supply or other essential amenities made this a challenge. That is why full-time online tertiary education isn’t a viable option in SA, says John Schooling, director of student housing developer Stag African. Also, in many cases lockdownrelated loss of income has had an impact on the accommodation the families of students can afford.

This has important implications for the design of student housing, he says.

“The provision of welldesigned, affordable student housing could hold the key to the future of higher learning in SA.”

PANDEMIC PRO-ACTION Covid-19 has resulted in a review of the design norms applicable to student housing, says Gopi Shastivarathan, director of Crowie Projects, the largest black-owned project management company in SA. It now has to allow for reduced student densities and communal

amenities that involve less contact, such as the changing of biometric access control to facial recognition technology.

Another example is the innovative pod design that Stag African engineered and patented in 2010. A pod accommodates eight students in double or single bedrooms sharing a cooking and living area, as well as two showers and two toilets.

Should an outbreak occur, eight students are affected rather than the entire residence. In addition, Stag residences now include a separate flat where a nurse could stay, as well as an isolation pod of four to eight rooms for use in a crisis.

TECH-READY LIVING Jurgen Schrek, Seeff licensee for Potchefstroom, says technology-ready accommodation will be a must-have in future.

Residences should enable students to study online.

Besides easy access to fibre and Wi-Fi, they also need charging stations for cellphones and laptops. Free (or inclusive) and uncapped internet has to form part of the offering.

Mile Investments’ Brooklyn House in Tshwane is an example.

Besides cutting-edge facial recognition technology and 24/7 CCTV-monitored security, it has high-speed uncapped and unshaped WiFi plus back-up power.

“Our research into the needs of parents and students provided the catalyst for transforming student accommodation into

something aspirational,” says Mile Investments spokesperson Clifford Joffe.

Sharing a rental apartment is another popular choice among students and other young people. Urban rental apartment communities in key suburbs throughout SA offer excellent investment and affordable, flexible rental opportunities, says Flyt Property Investments development manager Sebastian van Greunen.

Investing in a welldesigned unit near a tertiary institution can deliver return on investment both as quality student accommodation and as a co-living short-term rental option.

Investment in these types of developments could also qualify for a substantial tax break via the Sars Section 12J initiative, provided they meet the qualifying criteria. The minimum investment is R1m, which has to be held for at least five years. Investors can invest their own cash or opt for a financed product such as Flyt Property Investment’s housing developments, which include Wink at Eaton Square in Diep River, Cape Town, or The Rose Bank in Rosebank, Cape Town. Investing in one of these affords you a 100% tax reduction plus a rental yield guarantee for the first two years of 6.5% after costs (including rates and levies).

tenants can’t afford rental increases at the moment.

Despite their own losses in this regard, CampusKey MD Leon Howell sees student accommodation as a growing asset class. CampusKey applications for 2021 are open and it has had very positive feedback so far.

“Student numbers at tertiary institutions across SA are still growing, but good quality accommodation to house them is not developing at the same rate.

“The demand for an allinclusive offering means investors in this market have a guaranteed supply of tenants and the opportunity to determine rental rates annually,” says Howell.

In Stellenbosch many landlords have had requests to drop rental prices or freeze increases because the income of tenants was affected as a result of job losses and salary cuts, says Seeff rental agent Livene Mwansa. Yet regardless of all the challenges around the pandemic, she believes student accommodation remains an excellent investment with good yields, provided you invest in units that are suitable and at the right rental rates.

The current low interest rate, at 7% the lowest in decades, is a further enabler for investors over both the short and medium term.

LONG-TERM BENEFITS

EXPECTED ROI

During the hard lockdown many providers of student accommodation suffered financial losses. It will take time to recover, as most

Deciding on the price range is key to what you can expect in return. Predicted project yields vary from 5% to 11%, depending on the income of

the target group of tenants and the location.

Schooling says there is limited demand for rentals at the upper end (between R72,000 and R144,000 per annum), where he estimates returns are as low as 5%. At the other end, he says, are students who can afford between R35,000 and R45,000 per annum.

Taking into account the average cost of providing a bed (R300,000 per bed, according to the current model used by the DHET), that amounts to R42,500 per annum, which means the investment is at breakeven for the first 12 years.

However, most developers are confident of an ROI in student accommodation of

10% or more. “We believe over the medium to long term student accommodation will achieve better returns than conventional commercial asset classes because of the severe backlog the country faces,” says Shastivarathan.

“Project yields can vary from 11% upwards depending on locality, institution and demand.”

Howell sets CampusKey’s target development yield on 10.5% to develop its all-inclusive model, including nonsharing bedrooms, study areas, gyms, communal spaces for socialising, braai areas, lounges and laundries.

“Although it is becoming more difficult in the current economic climate to achieve

these yields, it is still possible. Returns will differ depending on the model being developed,” he says.

In Potchefstroom, Schrek says, there has already been a large uptick in investors purchasing student accommodation postCovid-19, mostly thanks to the expected higher returns from their property investments over the next couple of years. “Average ROIs of 10%-plus are the norm, which is better than many other investment instruments, and you retain the inherent capital value of your property investment,” he says.

Another key consideration is expected capital growth.

New developments in

Stellenbosch typically see an ROI of about 5% and anything over 6% is considered good, according to Katya Varga, assistant branch and projects manager for Pam Golding Properties Stellenbosch and Somerset West. However, where investors truly appreciate their investments, she says, is in capital growth.

For example, a twobedroom unit in Andringa Walk that sold for R2.65m (including VAT) in 2016 would now sell for about R4.2m. If the rent for this apartment was R13,750 a month in 2016, it would now be R20,500 a month – an increase of 67% in rental income growth and 63% in capital growth over the past five years.

SECTION 12J FUNDS 101 What is Section 12J? Section 12J of the Income Tax Act is a Sars initiative introduced by the government to incentivise and stimulate investment in businesses that create jobs and grow the economy. It expires in June 2021.

How does it benefit the investor?

By investing in a registered Section 12J entity, investors can reduce their taxable income by the full value (100%) of their investment, reducing their tax liability. This means Sars will finance up to 45% of the investment, depending on the investor’s marginal tax rate.

Anyone is eligible: individuals, trusts and companies.

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HOMEFRONT INDUSTRY UPDATE

Repurposing a new future for property I Developers, property owners and service providers are initiating new functions for buildings in a time when flexibility is key to securing a positive outlook for property investment

WORDS: DEBBIE LOOTS :: PHOTOS: SUPPLIED

n the face of economic hardship and political insecurity, deciding to hold on to your property when everyone else is jumping ship is a difficult decision. Yet it is wise to wait and consider new initiatives, says Paragon Lending Solutions CEO Gary Palmer.

“As the effects of a stagnant economy drag on, many are trying to minimise their exposure. This may be good in theory as more people are trying to reduce their debt by selling homes and investment properties, sometimes at bargain prices,” says Palmer. “It is not ideal for the client in the long run.”

QUICK SELL Industry findings paint a bleak picture as well. A recent Sanlam Employee Benefits survey found 16% of retirement fund members requested access to their savings because of reduced or lost income.

Views from an apartment in The Glengariff, Sea Point

BlackBrick, a new residential offering in a converted office building in Sandton

The Experian Consumer Default Index, which measures rolling default behaviour, shows composite levels are at their highest in five years. The spike in first-time defaults on secured lending products was one of the major reasons: the home loans index increased from 1.68% to 2.32% from April 2019 to April 2020, and credit cards and personal loans from 6.56% to 7.47% and 8.61% to 10.19% respectively.

“We are seeing some very high net-worth individuals snapping up properties,” says Palmer. “Property brokers and bankers are now laser focused on these individuals and big deals are coming through. However, it’s often at the expense of distressed buyers who are victims of this pandemic economy.”

Palmer advises against selling fast. Rather adopt a new strategy, capitalise on the very low interest rate

Mason Developments, a Cape Town-based developer of high-end luxury apartment blocks, contracted Totalstay to repurpose available units in The Glengariff in Sea Point for serviced letting and reimagine investment properties, such as turning a commercial building into a shared space offering, creating storage or student accommodation, or converting B-grade office space into affordable residential apartments.

“If clients have a solid business plan, we’d rather see the property improved and our clients sweat their assets,” says Palmer. “Worstcase scenario, if a client wants to consolidate their debt, they should talk to a financial partner to help them see the opportunity

and the risk. It would be foolish to lose your asset now, only to struggle to get back into the market when rates go up.”

MEMBER BENEFITS On November 1, the developer BlackBrick is launching a new residential concept in Sandton in the converted former offices of SAB and AB InBev. Comprising 208 apartments and a hotel component, it offers tenants a community and a hotel-type lifestyle, as well as a world-first residential club membership.

Buyers and tenants of BlackBrick apartments automatically become club members, gaining access to facilities such as a café, work spaces and boardrooms, a boxing gym, a rooftop boma, a dining lounge, a cinema room, a library and a meditation garden.

The vision of BlackBrick founder Moritz Wellensiek is to offer members flexible accommodation, work and lifestyle options. This includes future access to “a network of residential clubs that allow for fluid, facilitated movement between properties in various cities on a shortor long-term basis”.

Wellensiek says BlackBrick is a strong investment opportunity because it is a low entry point into Sandton, offering investors good rental value and returns.

Other member benefits

include on-site staff to cater for residents’ needs, a mobile app and access to BlackBrick’s Accelerator in Residence (Air) programme, where experts provide guidance in fields such as the arts; business and entrepreneurship; science and innovation; design and architecture; and technology.

Air will also connect members with local and global funding opportunities.

A global study by market data analytics company STR and AirDNA, a provider of vacation rental data and analytics, shows an uptick in short-term accommodation rentals, which nearly match pre-lockdown levels.

In the short-term accommodation category, consisting of apartments with two or more bedrooms, including serviced units in the aparthotels sector, revenue per available room (RevPAR) was down only 4.5% from the same time last year. In the hotel category, which includes studios and one-bedroom apartments, RevPAR has decreased much more, by 64.8% from 2019.

“We’ve never received as many enquiries as we’re getting now from developers and private investors wanting to know how they can re-equip their unsold residential properties for aparthotel running,” says Rael Phillips, co-owner and director of aparthotel operator Totalstay.

Annual global hotel occupancy before the

pandemic exceeded 66% for a record 58 consecutive months, whereas the US short-term rental peakseason occupancy rate grew at 2.3% annually, reaching a record high of 58.6% in 2019 from 52.6% in 2015.

However, as indicated by the study, the pandemic and its subsequent travel ban seriously affected the hotel industry, mainly because of the drastic cuts in business and group travel.

These findings confirm that the short-term rentals industry has had success, having just wrapped up a half-decade of nearly 300% total revenue growth before the pandemic, as travellers sought more affordable and special experiences.

Although performance plummeted during the global lockdown, the fall wasn’t as severe as that of hotels.

“Aparthotels have shown decade-long growth because they offer far better value for money than conventional hotel accommodation,” says Phillips.

He ascribes this category’s steady growth to benefits such as greater living space, more amenities, better locations and a now enhanced social distancing and sanitisation offering.

These may also indicate why property developers and investors see the aparthotel market as presenting them with a sustainable return on their spend.

ASSET MANAGEMENT Phillips says an experienced centralised aparthotel management infrastructure is an important aspect to ensure yield for investors.

“When choosing an operator, investors shouldn’t overlook crucial aspects like a solid, well-run infrastructure that provides access to the best knowledge and resources; the ability to hire, train and retain excellent staff; the backing of an established, reputable aparthotel operator brand; and a flexible pricing model.”

As the STR and AirDNA study suggests, shortterm rentals offer full-service amenities that allow for longerterm stays that became more popular as families looked for spaces to which to retreat. The average length of stay increased by 58% during the crisis.

HOMEFRONT PROPERTY NEWS

Amdec announces affordable housing project in Ottery

The Beachy Head development in Plettenberg Bay, where one of the homes is priced at R23.06m

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s part of its commitment to help alleviate the shortage of affordable housing in the Western Cape, the Amdec Group has announced the development of a R500m affordable housing estate in Ottery, Cape Town.

Golden Grove Estate will be built on an 11ha site formerly known as Golden Grove Poultry Farm, offering 1,000 affordable residential apartments for rent.

Consisting of one-, twoand three-bedroom units, the development is targeted at households with an employment history and a joint household income of up to R22,000 per month.

The rental cost will not exceed 30% of the tenant’s household income.

Golden Grove Estate will

Garden Route becomes SA’s new property hot spot

include a convenience retail centre; a laundry; communal gardens and a children’s playground; a creche, daycare and aftercare or supervised homework facilities; a furniture workshop where residents can build or assemble their own flat-pack furniture; fivea-side soccer pitches and basketball courts; and a communal recreational clubhouse for all residents.

“We are acutely aware of the need for affordable housing, so we are delighted that our planning application in respect of Golden Grove Estate was approved,” said Amdec Group CEO James Wilson last week at a sod-turning ceremony attended by the executive mayor of Cape

Town, Alderman Dan Plato.

“We intend launching to market within the next month or two and being in the ground before the end of the year,” said Wilson.

“As the demand for housing in SA continues to grow and our capacity to deliver housing is simply not able to meet that demand, I am pleased to see the private sector playing its part and developing affordable housing sites that also include a wide variety of attractive recreational spaces,” said Plato. “I look forward to seeing the first of the families move into their new homes in the near future.”

The Amdec Group is not new to the affordable housing sector. In 2007 it acquired and redeveloped

13 vacant office buildings in Doornfontein, Johannesburg, to create an innovative and ground-breaking mixeduse precinct providing affordable homes for 1,500 young families (about 6,000 people).

“We have established a fully fledged affordable housing division responsible for building, owning, operating and managing our affordable housing stock to ensure that housing is made available to those who need it most,” said Wilson.

“We are also engaging with industry experts in the fields of affordable, social and subsistence housing to provide the thought leadership necessary to develop innovative solutions to the national housing crisis.”

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ccording to estate agencies on the Garden Route, this area is seeing aboveaverage market action.

Since the start of June, after the hard lockdown, renewed activity in Plettenberg Bay meant that a number of offices recorded their best ever sales for the month of July. In neighbouring George and Knysna, recovery was a little slower.

Sheena Mare, broker principal in Knysna and Sedgefield for Lew Geffen Sotheby’s International Realty, says sales were down by 80% for April and May, but August was a bumper month with sales exceeding average levels.

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between 36 and 49, and 12% were 35 or younger.

Lightstone research also shows the median sale prices for freestanding homes, sectional title properties and vacant land in Knysna all rose this year from R1.4m to R1.6m, R835,000 to R895,000 and R500,000 to R585,000 respectively.

Steven Neufeld, manager principal at the Plettenberg Bay office of Lew Geffen Sotheby’s International Realty, believes pentup demand and the low interest rate are behind this renewed activity.

“Prices have remained relatively stable this year despite the lockdown

lull, but when one considers the difference in the monthly bond repayments with the current interest rate and that most people had to postpone moving plans for several months, it’s not surprising some properties are now achieving full asking price,” he says.

“We also had an annual record sale price this year with the sale of a R44m home in a beachfront gated estate that was brokered by our broker principal, Hein Pretorius.”

Neufeld predicts the revival of the semigration trend will further bolster the Garden Route market after the lockdown.

Most popular estates for the 60+ market revealed

ightstone Property recently disclosed that five of SA’s 10 most sought-after retirement estates are located in the Western Cape.

“This makes the Mother City the most attractive retirement destination, with 754 transactions since 2018,” says Lightstone head of real estate Esteani Marx.

Analysis of the favoured estates shows Marina Residential Estate in BelaBela to have the highest growth volume since 2018 with 320 transactions, followed by Euphoria Golf Estate near Modimolle with 314 transactions and, in third place, Urban Ridge

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“Properties under the R2m mark are most in demand and those that are well-priced and require little renovation are selling quickly,” she says.

“Most of our buyers are families with schoolgoing children and retirees relocating to the Garden Route for lifestyle reasons.

Sellers are predominantly retirees and empty-nesters who are downsizing or moving to retirement accommodation and locals who are up- or downsizing.”

This is corroborated by Lightstone Property data that suggests 47% of all recent sellers were aged 65 and older whereas 37% of buyers were aged

Top 10 most popular estates for the 60+ market (volume): South Retirement 2018-2020 Estate in Midrand LIMPOPO with 232 transactions.

Moreover, V&A Waterfront 195 Cape Town Waterfront Marina Lightstone has GP MP Residential Estate 320 Bela-Bela NORTH Burgundy Estate 178 Parow WEST found that in the Stonewood Kraaifontein 147 Modimolle Euphoria Golf Estate 247 Mookgophong NU Estate FREE Western Cape estate Blue Mountain George Village & Gardens 118 STATE KZN living is the most Bellville Tyger Falls 116 NORTHERN CAPE Urban Ridge popular property 232 Midrand South type, compared Midrand Village 227 Clayville EASTERN with Gauteng and CAPE Midstream KwaZulu-Natal, Midstream 202 Meadows where sectional title is the most sought after and a much smaller age group. This property percentage of transactions individuals in this bracket type has had fractional occur within estates. are still economically volume growth compared Marx says freehold active. Property sales to this with the other two options. properties, usually the demographic will continue “The general retirement option of choice across age to thrive and the demand age has always been and income groups, are far for a variety of properties 60 and over, yet many less attractive to the 60+ will persist,” she says.

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