Construction World August 2015

PROPERTY

The innovative Steyn City lifestyle resort in Fourways is offering a completely new concept in estate living.

ESTATE LIVING in SA reaching new heights With approximately 6 000 closed communities and estates in South Africa, and 318 000 residential properties being estate homes, this form of living is enjoying unprecedented popularity in this country among a wide range of buyers – from working singles to young families, established professionals and retirees. data, approximately half of all estates in South Africa are located in Gauteng, with a further 25% in the Western Cape. The proliferation of estates in Gauteng has been driven by the combination of factors including property development in line with economic growth and a desire for greater security. In 2013, the great majority of properties in gated communities were located in security estates (85%) and golf estates (12%), while the remainder were located in other kinds of more niche developments.

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Dr Andrew Golding, chief executive of the Pam Golding Property group, says that estate living is a global phenomenon that first came to SA

who have a broad variety of needs and tastes. “Indicative of the quality of offering and sound medium to long term investment poten- tial, estate homes have in the past been on the upper end of the property pricing spectrum “Many buyers typically ‘buy-up’ from their previous home, often by as much as twice the value of the non-estate property they sold. “However, with the introduction of sectional title opportunities in many of the newer estates, these properties are no longer exclusively limited to those in the higher income brackets. In other words, while estate living is still associated with more wealthy individuals, it has become more accessible in recent years. Some 25% of estate property purchasers are first-time buyers.” Dr Golding points out that highly innovative, modern mixed-use developments such as the new Steyn City lifestyle resort in the burgeoning Fourways area of Johannesburg, are offering a range of quality accommodation, including a variety of different types of clusters, townhouses, apartments and retirement homes all set on a substantial 2 000 acres of attractive leafy estate. A breakdown According to Pam Golding Properties research

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“The concept of the South African residential estate was pioneered in the Fourways area in the 1980s, and is a model that caught on around the country,” notes Dr Golding. In his view, Fourways continues to pioneer this market and points to its future. “Apart from Steyn City, today there are a number of highly prestigious estates in the area including well-known names such as Dainfern, Dainfern Valley, Fourways Gardens, Cedar Lakes, Blair Atholl, Monaghan Farm and Helderfontein. These are only the better known estates in the region; there are also a number of other smaller ones including Waterford Estate and Stratford Gardens, to name just two. The residential prop- erty market in Fourways is to a large extent being driven by the burgeoning demand for estate homes in the area.” Dr Golding says the innovative Steyn City life- style resort in Fourways is offering a completely new concept in estate living. “In my view Steyn City is a breakthrough lifestyle concept which will resonate with home buyers, and no doubt many of the ideas being pioneered here will be imitated in other South African developments of the future.”

in the 1980s, but really started to catch on from the mid 1990s. Today these properties represent an estimated total value of some R643-billion. “South African home buyers are increasingly focused on living in a secure environment while having easy access to amenities and outdoor and sporting activities. There are now a variety of different types of estates around the country including golf, lifestyle, eco, wildlife, fishing, wine and equestrian properties, which have been developed to meet the demands of an increas- ingly diverse and sophisticated market.” What is the attraction? Just what accounts for the popularity of these homes? Dr Golding says that there are a number of different reasons why South Africans are attracted to estate properties. He suggests that one factor that has given this particular market a proverbial shot in the arm is that estate developers are catering for and succeeding in attracting buyers

CONSTRUCTION WORLD AUGUST 2015