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11 JULY 2021

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PROPERTY

Super-wealthy splurge on R20m+

properties Camps Bay: on the market for R40,25m

The super-luxury sector of the market offers one of the best buying opportunities in over a decade and many sellers are keen to negotiate WORDS & PHOTOS: SUPPLIED

A

ccording to Samuel Seeff, chairman, Seeff Property Group, there’s a notable uptick in activity in the super‑luxury areas since late last year and Seeff has concluded a number of high value sales above R20m. These include R40m and R36m in Fresnaye; four sales in Camps Bay (R32,38m, R25,55m, R22,5m and R21,5m); R20,2m in Bantry Bay; R45m at the Waterfront; R23,5m in Bishopscourt; R20m in Constantia Upper; R55m in Plettenberg Bay – one of the highest prices achieved, and R24,5m  in Zimbali, the highest price in the last year. After an initial quiet period following the onset of the Covid-19 pandemic, it seems that wealthy buyers globally are looking for better surroundings to spend their lockdown periods in, he says.   The Los Angeles Times, for example, reports that ultra-rich

Americans are still buying $50m homes (±R720m) while The Guardian reports that London’s super-prime luxury property market grew, and was the world leader in 2020. Further south, the Financial Times reports that super-luxury sales in Sydney rose by 42% compared to 2019.  

Expats investing in SA

While the top-end revival of the market is spearheaded by foreign buyers, it’s also South African expats who are showing confidence, says Seeff. Although they’re buying predominantly in coastal areas such as Cape Town, Plettenberg Bay and the KwaZulu-Natal coast, sales are also seen in the suburbs. It seems that foreign buyers are showing more confidence. Seeff says this is because they’re not paying much attention to the current “political noise” and are focusing on taking advantage of the great value and opportunity in the top end of the market.

For local high net-worth buyers, this is a missed opportunity, considering that you’re currently buying at the same prices as three years ago. Seeff says luxury property continues to offer an excellent store for wealth.

SA offers exceptional value

The value growth of the Atlantic Seaboard is well reported. Consider for example that, ten years ago, nothing sold above R20m in Camps Bay. These days, it’s home to the highest volume of R20m+ sales.   South Africa boasts the most exclusive super-luxury market in Africa with spectacular properties in various areas and five of the most exclusive suburbs on the continent. Seeff was a recent guest presenter on South Africa’s luxury homes to the National Association of Realtors in America (NAR) with 14 million members, where he

showcased some of the most spectacular listings in the $1,5m to $14m (±R21,5m to R202m) bracket. The moderator of the webinar remarked on the outstanding value considering that a modest apartment in a trendy area in the USA would easily set you back $1m (R14,4m). Seeff says that, when you look at what this buys you in South Africa, it’s understandable why foreign buyers are so attracted to the country.

Property market alive and well

Despite the predicted Covid-19 gloom and doom, there has been no collapse of the property market. In fact, Seeff says that overall, activity in the market remains above preCovid levels with some areas doing better compared to 2019. Many areas are achieving record sales and prices and the latest deeds office and sales data shows the top ten suburbs in the country now all command an average selling price above R10m (see infographic below).

Average prices in 2021 vs 2011 #1

Clifton – R23m vs R13m

(up by 77% since 2011)

#2

Llandudno – R22m vs R6m

(up 267%)

#3

Bantry Bay – R15m vs R7m

(up 114%)

#4

Sandhurst – R15m vs R12m

(up 25%)

#5

Camps Bay – R14m vs R6m

(up 133%)

#6

Constantia Upper – R14m vs R7m

(up 100%)

#7

Bishopscourt – R14m vs R13m

(up 8%)

#8

Fresnaye – R13m vs R7m

(up 86%)

#9

Hyde Park – R13m vs R6m

(up 117%)

#10

Waterfront – R12m (sectional title only) vs R7m

(up 71%)

PAGES PAGES

Neighbourhood

MARKETPLACE

4-18

AREA GUIDE A Atholl 8, 14, 15 B Bryanston 13, 14, 15, 17 Bryanston East 17 C Craighall Park 8 D Dainfern Golf Estate 14 Duxberry 15 Dunkeld 5, 16 F

PUBLISHED BY TIMES MEDIA PROPERTY PUBLISHING

AGENCY GUIDE Forest Town G Gauteng Greenside East H Houghton Houghton Estate Hurlingham Hyde Park I Inanda M

5, 17 18 16 11 8 14 4, 14 8

Melrose Arch Morningside Morningside Manor N Norwood O Oaklands Orchards P Parkhurst Parkmore Parktown North

9 9, 14, 15 15, 17 10, 11 10, 11 11 7 12 6

Parkview Parkwood R River Club Rivonia S Sandhurst Sandown Saxonwold W Waterfall Waterfall Country Estate

6, 16 6

Balwin Properties

18

13 12

Hamilton's Property Portfolio

14 - 15

4 9 16

Pam Golding Properties

4 - 13

Sotheby's International Realty

16 - 17

18 15

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Neighbourhood JHB - 11 July 2021  

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