Prop­erty

Weekend Argus (Saturday Edition) - - PROPERTY -

hot spots

the Sand­ton area.

Seeff says these sub­urbs have emerged in the post-2007/8 pe­riod as blue chip prop­erty hot spots.

“De­spite the lack­lus­tre eco­nomic back­drop, wealthy lo­cals and for­eign­ers from across the globe in­clud­ing G7 na­tions such as Bri­tain and Ger­many along with emerg­ing eco­nomic hot spots such as Nige­ria, have demon­strated their con­fi­dence in these ar­eas by in­vest­ing here.

“This has been par­tic­u­larly ev­i­dent on the At­lantic seaboard. These sub­urbs are now so pop­u­lar that where sales of prop­er­ties at over R15m- plus even in sought- af­ter ar­eas such as Sand­hurst are rare, these are now al­most com­mon­place in sub­urbs such as Clifton, Bantry Bay, Fres­naye, Camps Bay and the V&A Wa­ter­front. A lux­ury home in Clifton can now at­tract a pre­mium of 40 per­cent more than a lux­ury es­tate in Sand­hurst, the most ex­pen­sive sub­urb in Jo­han­nes­burg,” says Seeff.

“That there are now 10 sub­urbs with an av­er­age sell­ing price above R10m must stand as tes­ti­mony to the strength of the prop­erty mar­ket, although it is of course by no means im­mune to eco­nomic head­winds.”

He says this is again demon­strated by this year’s ac­tiv­ity, with spe­cial ref­er­ence to the At­lantic seaboard. Although this been a chal­leng­ing year for the econ­omy with the JSE and rand on shaky ground, lux­ury home­buy­ers have con­tin­ued

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