With a host of features, good capital growth and high demand, lifestyle estates are becoming ever more popular, a trend that seems set to continue
A lifestyle estate in South Africa is classified as one that has unique features to enhance the quality of life for residents. Whether golf, equestrian and polo, coastal, country or wildlife, each type caters to a specific lifestyle that appeals to buyers. These estates also include state-of-the-art-security, an attractive factor for many South African buyers.
Demand has certainly grown over the past few years, with more lifestyle estates being built and many of those selling out in a short space of time. Simon Bray, CEO of Private Property, foresees that high demand will result in good capital growth. Says Bray: “At the moment about 5% of the total property in South Africa is found in estates, but that property accounts for about 15% of the total market value. The average price of an estate home is R2m, almost three times the national average of R700,000 for a home. Continued demand for estate property will result in good capital growth, even in a challenging housing market.”
Buyers in estates come from across the board, with an emphasis on families due to the amenities on offer and the fact that children can play outside homes in relative safety. Must-haves include access to good recreational facilities, amenities and green spaces, as well as top-class security and a convenient location close to roads, business hubs and schools.
Words Bridget McNulty