Knysna tops list of country’s highest number of multi-millionaire second homes

THE GARDEN Route town of Knysna has been in the news following tragic and devastating fires, but a recent study has found it is also home to the country’s most multi-millionaire second homes.

The study by New World Wealth, a Joburg-based wealth consultancy, found Knysna tops the list nationally for the highest number of multi-millionaire owned second homes, significantly more than even the Atlantic seaboard.

According to the report, a total of 320 such homes are in the town, notably more than in Camps Bay, Plettenberg Bay, Clifton, Bantry Bay and Fresnaye.

Overall, nine of the top 10 places with the most multi-millionaire second homes are in the Western Cape.

After the fires, the town is beginning to rebuild. Gail Giannone, Seeff managing director for the area, says it should not come as a surprise to anyone who has been to Knysna.

“It is one of the most scenic destinations in the country. The beautiful Knysna Lagoon flanked by the two giant heads and yacht- lined waterfront make it a picture-pretty town with a real international quality.”

The town is also one of the few coastal areas where sales activity over the last year has remained fairly on par with the previous year.

Lightstone data shows transactions for the last year topped a significant R1.2 billion in value at an average transaction price of R1.8 million, the highest of the Garden Route towns, including Plettenberg Bay.

Giannone says Knysna currently holds an average property price of around R3.7m for luxury homes and is renowned for its luxury golf estate developments, Simola and Pezula, where investment homes can reach into the upper millions.

“There are also two island suburbs, Leisure Isle and Thesen Island with private jetties, both of which attract luxury buyers.

“Knysna attracts buyers from across the world and has become a popular second home destination.

“More than 60% of buyers are older, generally over the age of 40, because it is such a fabulous retirement destination.

“It is devoid of industry, offers a healthy environment and excellent temperate climate. It is also a good commuter base for anyone who works in the George or Plettenberg Bay area.”

With George International Airport about an hour’s drive away, it is also accessible.

“Aside from excellent facilities and schools in the area, you also have everything you could want in nearby George, including a large regional shopping mall with all the big brands you would get in a big city,” she says.

Although Knysna is a sought- after millionaire location, Seeff agents Peter Rademeyer and Yvette Botha say one can still buy a lot more for one’s money in Knysna than on Cape Town’s Atlantic seaboard.

As an example, Rademeyer says a magnificent investment home is on the market for R18m and offers 1 466m in floor space and a total of 4 579m in land. This includes an 1 832m tract of land under lawn which runs down to the lagoon.