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Where are SAs super-rich buying second homes?

August 5, 2015

Data from research firm New World Wealth has revealed which towns in South Africa are the most sought after by the super-rich for their second homes.

“Super-rich” refers to multi-millionaires – individuals with net assets of US$10 million (R120 million) or more.

As of 2014, South Africa had 2,060 multi-millionaires, according to NWW, who boast a combined wealth of US$111 billion.

Approximately 990 of all SA’s multi-millionaires have a primary residence in Johannesburg, with 380 in Cape Town, 115 in Durban, and 105 in Pretoria.

The super-rich choose to live in areas such as Sandhurst, Hyde Park, and Houghton – but many also have a second home in coastal regions.

According to New World Wealth, Plettenberg Bay is the top town in South Africa for super-rich individuals who have a second home, with around 260 multi-millionaires owning an additional property there.

Most of the homeowners in Plettenberg Bay are from Johannesburg and Cape Town,

“Plett also boasts over 120 homes valued at R20 million or more, the highest of any town in SA with the exception of Johannesburg and Cape Town,” said NWW.

Other popular spots are Umhlanga and La Lucia in KwaZulu-Natal, Knysna, along the Garden Route, and Stellenbosch in the Western Cape.
 

 



Multi-millionaires also have a fancy for secure living, and many choose to purchase a second home within one of South Africa’s many estates.

Fancourt, in the Garden Route, is the most popular estate for super rich home buyers – with 80 multi-millionaires having a second home there.

This is followed by Zimbali in KZN (70 multi-millionaires), Pezula Golf Estate (60 multi-millionaires), and Pearl Valley in the Western Cape (30 multi-millionaires).
Fancourt.

According to Lisa Bathurst, Director of Cape Town-based property company Hurst & Wills, second homes are becoming increasingly popular, both among local and foreign buyers.

“Many South Africans have always had ‘family homes’ in holiday resorts and estates that are used by multiple family members or for Christmas getaways,” she said.

“However, the trend now is to have multiple homes covering an array of lifestyle preferences.”

According to Bathurst, for many second home owners, investment potential is a major draw, with holiday home rentals becoming more popular, and second homes providing additional income when not being used by their owners.

 

 

 

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