SA Express May 2013 magazine - Southafrica.to

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@ W O R K Estate of the Nation THE INCREASING POPULARITY OF HOUSING ESTATES TEXT: JP FARINHA, GENERAL MANAGER, PROPERTY24 IMAGE © ISTOCKPHOTO.COM Growing safety concerns and the increasing demand for low-maintenance lifestyles are making housing estates the preferred choice for many property buyers. In the past decade or so, residential housing estates have begun to spring up at a rapid rate across the country in order to meet the increasing demand for secure, convenient living. Despite the relatively high price of estate property and a sluggish post-recession economy, demand for this prime real estate continues to be high, and is attracting both local and international 66 Indwe
@ W O R K buyers in growing numbers. Areas like Ballito on KwaZulu-Natal’s North Coast have boomed as a result of the ongoing luxury estate development in the area, which continues to entice residents in droves. Yet what is it that makes these developments so enduringly popular with buyers? Many of the country’s top estates are located far from major cities, and property prices on these estates can be up to double the national housing price average. While there are both advantages and disadvantages to estate living, buyers remain undeterred, and continue to be lured by its significant benefits. Security South Africa’s escalating crime rate has played a pivotal role in driving buyers towards the security afforded by communal estates. Many developments offer security features such as electric fencing and fingerprint identification which give residents increased peace of mind. Within the bounds of an estate, inhabitants can enjoy the outdoors, and go about everyday activities like walking or jogging without feeling threatened. Reduced security concerns also help to foster a greater sense of community, with residents more easily able to interact with their neighbours without concern for their safety. Insurance premiums for estate residents are also significantly lower than for those occupying freestanding properties. This can result in significant monthly savings. Convenience The boom in popularity of residential estates has also come about as a result of a move towards more low-maintenance lifestyles. These estates offer residents the flexibility of a lock-up-and-go existence, which make them the perfect option for international buyers, many of whom spend only a portion of the year in South Africa. Most estates are managed by a body corporate or home owners association, which means that the day-to-day maintenance of facilities like swimming pools is taken care of and need not be an issue for individual residents. Many estates also offer residents convenient access to a wide range of facilities such as spas, gyms and restaurants. This mitigates the potential inconvenience of being located slightly further from a major centre. While property prices can be very high, particularly in some of the more established estates throughout the country, buyers tend to feel that they are getting better value for money as a result of the abundance of value-added services at their disposal. Unique Lifestyle Specialist estate developments – golf estates in particular – have also grown substantially in popularity over the past few years. These developments cater to those with niche interests and tastes, and offer residents the privilege of being able to enjoy their favourite pastimes without having to travel beyond the estate’s perimeter. Specialist estates are appealing, as they offer an escape from the daily grind, and allow residents to essentially design their own reality, irrespective of their location. Modern estate offerings are becoming increasingly specific, with wildlife, wine and equestrian developments now affording potential buyers the opportunity to choose a lifestyle best suited to their distinctive preferences. Coping With Communality Although the benefits of estate living are undeniable, this lifestyle does come with its own limitations. Most estates enforce strict building protocols and standards, which can limit any decorating or expansion plans a buyer might have. Potential buyers also need to bear in mind that, while access to well maintained facilities is desirable, it also comes at a cost. Over and above already substantially priced homes, estate residents are often compelled to pay high levies for the upkeep of facilities, whether they make use of them or not. Investment Potential Despite the fact that estate living bears a hefty price tag, ownership of such a property is an investment that is likely to pay off in the long run. With the property market still recovering from a recession-induced slump, and building prices and interest rates at their lowest in recent memory, now is the perfect time to make a savvy investment decision. Investing early on in a new development, although risky, can ultimately pay off down the line, as the limited number of plots available on residential estates tends to drive prices upwards as the estate becomes more desirable. The estate development boom shows no imminent signs of slowing, and, while property prices will always be governed by fluctuations in the market as well as factors such as location, the enduring appeal of this lifestyle means that an investment is more than likely to appreciate, particularly in developments that are well maintained and secure. Copy supplied courtesy of Property24.com Indwe 67
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40 SA EXPRESS 08 CEO Letter 81 SA E
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