SA’s wealthy swap their sprawling homes for smaller micro-mansions
Awell-heeled Cape Town man bought an old house on a steep mountain slope, demolished it and built his dream “micromansion”.
He loves that his posh smaller home, with all its amenities, is low-maintenance and a lock-up-and-go during the city’s chilly winters.
Wealthy home buyers are abandoning traditional largerthan-life mansions as they hanker after hassle-free living in smaller micro-mansions.
Property experts are seeing an increase in demand among the wealthy for smaller, more manageable spaces. But they say there is no compromise on luxury.
As the demand grows, micro-mansions are starting to pop up in the upmarket parts of Cape Town, Durban and Johannesburg.
“As spaces shrink, when it comes to high-end homes, there is no need to forego the latest cutting-edge architecture, leading world-class luxury and stylish, contemporary design.
“On the contrary, you can still create a showpiece with all the latest luxury features, unique appeal and privacy to boot,” said Andrew Golding, CEO of the Pam Golding Property group.
Basil Moraitis, Pam Golding area manager on the Atlantic
Seaboard, believes the trend is a natural progression as people, including the wealthy, prefer a more manageable home for convenience, lifestyle preference as well as energy and cost-efficiency.
“Also, in some areas, such as the highly sought-after Cape Atlantic Seaboard, space for such new-builds is hard to come by and often requires demolition of the existing structure in order to create a brandnew, world-class, luxurious micro-mansion.
“It doesn’t mean they are cheaper, as those of high net worth still want the highest standards of luxury and quality, as well as cutting-edge design and, of course, a great location.”
Pam Golding sold an old house to a Cape Town buyer who demolished the house and built a micro-mansion on the slopes of Lion’s Head overlooking Bantry Bay.
“He loves the convenience of the home with its low-maintenance features and the ability to lock it up over the winter months,” said Moraitis.
While these micro-mansions lack nothing in detail, luxury and features, they are about 30%50% smaller than what one considers a “grand mansion” of generous proportions.
David Jacobs, Gauteng regional manager for the Rawson Property Group, attributed the rise of micro-mansions to economic conditions.
“This has compromised living standards for all South Africans, who appear to be more cautious when making big financial decisions.
“Performance-based income earners whose salaries are proportionate to the economic climate are watching their pockets and making sound investment decisions.
“Buying a super-luxurious mansion may not be on their priority list for now and they would rather opt for affordability, but not compromising on their luxurious lifestyle living,” Jacobs said.
Richard Smith, Pam Golding Properties area manager in swanky Hyde Park, Johannesburg, said some people wanted to create spectacular houses on smaller properties, where there is less garden to maintain.
“There is an emphasis on glamorous architecture, upmarket fittings, 21st-century features, space, security and, above all, comfort.
“We certainly have a segment of worldly residents in Johannesburg for whom the benefits of a micro-mansion in this context will have high appeal.”
Ross Levin, MD for Seeff Atlantic Seaboard, Waterfront and City Bowl, said buyers were not necessarily downscaling on price but were “looking for more convenience and the best coastal location — they want less maintenance, but more lifestyle and luxury”.
“Micro-mansions would probably be a concept most applicable to the Atlantic Seaboard [and City Bowl in some areas] where land space is extremely limited.
“Rather, here you are likely to find multi-floor mansions, which, while they appear small from the outside, offer superluxury on the inside,” Levin said.