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CONSTRUCTION WORLD
AUGUST
2015
PROPERTY
Dr Andrew Golding, chief executive
of the Pam Golding Property group,
says that estate living is a global
phenomenon that first came to SA
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
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
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.
“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.”
>
The innovative Steyn City lifestyle resort
in Fourways is offering a completely new
concept in estate living.