DEMAND FOR LUXURY HOMES ON THE UP

ONE OF the noticeable trends in the freehold residential property market this year has been a discernible uptick in demand for luxury homes in the R10 million-plus band, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

“Much of this demand has been driven by local buyers who have identified specific areas of interest and understand that the current market, characterised generally by motivated sellers and well-priced stock, presents opportunities which offer exceptional value for money.”

Citing Lightstone data, he adds: “Freehold homes have clearly benefited from lockdowns and the shift to remote working.

“They have seen a 6% price appreciation since the start of the year (January to April) compared to 3% for sectional title homes.”

In the apartment sector, Golding says penthouses are highly sought after and in limited supply. This means they offer very good returns on investment, sometimes enjoying a premium of 20% to 25% over other apartments in the same building.

Penthouse apartments are highly sought after and offer good investment returns. PICTURE: ALICE KANG/UNSPLASH