SA Express May 2013 magazine - Southafrica.to

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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
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