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Global home buyers flock to Cape Town

October 1, 2014

International celebrities, captains of industry and other well-heeled globetrotters are increasingly keen to own a piece of Cape Town real estate.

 

A survey by New World Wealth revealed that the Mother City counted as one of the world’s top 20 second home buying destinations among global multi-millionaires.

Cape Town, in 17th place in the survey, even pipped traditionally sought-after property hot spots like France’s St Tropez and Cannes to the post.

 

London tops the list while the Hamptons and Palm Beach (US), Dubai and Monaco also feature prominently as sought-after holiday home investment choices among the world’s wealthy set.

 

The survey, which looked at the leisure property buying patterns of individuals with net assets of at least R100m, is the first of its kind done by the Johannesburg-based wealth consultancy.

 

New World Wealth analyst Andrew Amoils said yesterday that about 2,100 foreign multi-millionaires out of a total 495,000 across the globe own a second home in Cape Town.

Most of the money from offshore buyers, primarily from the UK and Europe, flowed to the Atlantic Seaboard suburbs of Camps Bay, Clifton, Fresnaye, Bantry Bay and Llandudno.

 

Mr Amoils ascribed Cape Town’s rising popularity among global leisure property investors to, among other things, the city’s value proposition versus other southern hemisphere hot spots such as Australia’s Sydney He cited the moderate climate and the growing number of luxury golf and lifestyle estates in the area as among factors favouring Cape Town.

 

Other factors included the variety of property buying opportunities (from the wine lands to golf estates to beachfront villas), its cosmopolitan nature and access to world-class shopping, restaurant, wildlife, beaches and healthcare facilities.

 

The study also compiled a list of the holiday towns and estates where local cash-flush individuals are most inclined to buy a luxury leisure pad. Knysna topped the list with 320 multi-millionaires currently owning a second home in the Garden Route holiday town.

Umhlanga, Plettenberg Bay and Stellenbosch also feature high on the super rich’s buying lists.

 

Among luxury gated enclaves, golf estate Fancourt near George, also on the Garden Route, is home to the largest concentration (80 individuals) of local wealth when it comes to second home ownership. It is followed by another three swanky golf estates: Zimbali near Ballito on the KwaZulu-Natal north coast, Pezula in Knysna and Pearl Valley in the Western Cape winelands.

 

Zimbali also ranks as the estate with the largest number of high net worth primary homeowners in SA. Johannesburg’s gated estates do not feature among SA’s top second-home hot spots but Blair Athol, golfer Gary Player’s former homestead-turned-golf estate near Lanseria, Dainfern in Fourways and Waterfall Equestrian Estate near Midrand rank among SA’s top 12 wealthiest estates for primary homeowners.

 

Industry players confirmed that there has been an uptick in foreign buying over the past 6-12 months. Seeff chairman Samuel Seeff said sales to offshore buyers on the Atlantic Seaboard alone were up an annualised 50% for the year to date.

 

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