More than 40% of South Africa’s wealthiest individuals live in over 8 600 estate developments scattered across the country, according to a report released by New World Wealth (NWW) late last year. The report, which ranks local estates according to a variety of metrics – including location, design, security and amenities, named Val de Vie the number one residential estate in the country last year.
The popularity of estates is certainly reflected by the steady growth in estate house prices over the past decade, even as the national and – more recently – regional housing markets have adjusted to prevailing economic realities.
According to Lightstone, the median price of freehold homes in Val de Vie has more than doubled during the past five years – ensuring a sound investment for homeowners, despite economic and political headwinds.
While house prices in Pearl Valley remained steady between 2012 and 2017, before subsequently accelerating – prices in Val de Vie have enjoyed a steady increase throughout the past decade. The median price of freehold homes in both estates has accelerated sharply in recent years however – with Pearl Valley already recording a sale of R11 million in 2020.
Over the past five years (2014 – 2019), the median price of freehold homes sold in Val de Vie more than doubled – recording an increase of 116.7% according to Lightstone. In Pearl Valley, the median price of freehold homes has risen by 74.1% over the same period.
The ongoing hard work and dedication of Pam Golding Properties’ real estate professionals in Pearl Valley (42% market share) and Val de Vie, continue to ensure our strong presence in these areas.
Garry Meston | 20 March 2020 By Propery Investors Forum
Author: Celine Haarhoff