Business Day HomeFront 23 October 2020

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HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA WWW.BUSINESSLIVE.CO.ZA 23 OCTOBER 2020

MUST-READ

Interiors: home office design PAGE 2

Buy a home at the seaside now PAGE 6

New development for Sea Point PAGE 7

Cap Marina, a development by Evaco Property in the north of Mauritius

Hot spots on foreign shores Flexible commercial leases PAGE 7

Governments offering investment migration programmes remain attractive options to South Africans. We weigh up some of the most popular countries

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HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA

DON’T MISS THE NEXT EDITION OF HOMEFRONT ON FRIDAY, NOVEMBER 6 • Luxury Velddrif beach villa • New developments on SA’s West and East Coasts • The latest property buying trends

HOMEFRONT INTERIORS

Work it

NEW HEIGHTS Elevated above the surrounding living areas, this home office by ARRCC Interior Design Studio has magnificent views of the ocean, bringing an element of calm to the work space.

The office has a table for small group gatherings as well as a desk large enough for one-on-one meetings. The placement of art behind the desk creates an inviting backdrop for visitors.

Soft lighting contributes to a comfortable atmosphere throughout the room, whereas the desk area benefits from enhanced lighting.

From bold and bright to calm and cool, these considered home office spaces score full marks

WORDS: SARAH MARJORIBANKS :: PHOTOS: IVAN MULLER PHOTOGRAPHY, ADAM LETCH, ANDREA VAN DER SPUY, ALEKS LIMA AND DAVID ROSS

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ome offices come in all shapes and sizes. Whether your work space is colourful and creative or quiet and contemplative, the right environment will make the world of difference to your productivity. We look at some of the design elements that make these spaces a success.

EASY FLOW Encompassing several work areas within one space – lounge seating for an informal meeting, a round table for group work and a desk with a printer and storage – this home office by Deborah Garth Interior Design is productive and enjoyable. “The entrance to the home office is as important as the office itself,” says Garth. “There must be a design link in the décor at the door and no break in the flooring. It is one continuous journey, with the double-glazed doors offering soundproofing when required without a visual cut-off.”

SERENITY NOW If you need quiet, calm surroundings while you work, the warm, darker hues of this home office might be just what the doctor ordered. The space is restful and serene, with a sound-absorbing carpet that adds to the sense of serenity. Voile curtains separate the office from the rest of the house and its activity. Designed

by Jenny Mills Architecture in collaboration with Studio Parkington, the home office incorporates wellplanned lighting (a must for video conferencing) that is adaptable for various types of work. “Uncluttered spaces promote focus and productivity. For documents, data and electronic equipment, storage that is practical and easy to use and pack away out of sight is another important consideration in design,” says Mills.

COMFORTABLE AND CLASSIC As people begin to create a division between their living spaces and work areas at home, Kevin Frankental of design studio Lemon believes many will invest in high-quality essentials. He suggests collecting furniture and accessories gradually and buying pieces that you love rather than filling the gaps quickly on the cheap. “Add to the space over time.

It should have a calming effect – this is created through good lighting, warm textures and quality furniture,” he says. If you can’t devote a whole room to your office, he suggests using a screen for privacy and demarcating the area further with wallpaper to create the feeling of a separate zone.

ONE OF A KIND From the bookshelves to the seating and the fly-fishing craft desk in the back corner, each furniture piece in this Johannesburg home office by Kim H Interior Design was custom created.

Items were sourced from as far as France but also include local gems such as the whisky cabinet (originally from a post office) and the antique desk, discovered in Riebeek Kasteel and Parys respectively.

Yet it is first and foremost a working space.

“This is an efficient home office because it allows the client to work as if he is at the office,” says Kim H Interiors MD Ehrardt Niewoudt. “There is good lighting, ample desk and storage space, and even a space for casual and formal meetings.”

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HOMEFRONT VISA-FREE TRAVEL: A SNAPSHOT The Henley Passport Index ranks the world’s passports according to the number of countries their holders can access without a prior visa, based on data from the International Air Transport Association. Here is a selection:

1 Japan 4 Italy 6 Portugal 7 UK 29 Seychelles 31 Mauritius 44 Montenegro 52 South Africa

Marisa Jacobs, director, Xpatweb.com

The city of Porto, Portugal

INVESTMENT UPDATE

Property hot spots on foreign shores

Amanda Smit, managing partner, Henley & Partners SA

Governments offering investment migration programmes remain attractive options to South Africans. We weigh up some of the most popular countries WORDS: DEBBIE HATHWAY :: PHOTOS: SUPPLIED

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ovid-19 has impacted prime residential markets worldwide and many people are reassessing where and how they live to accommodate changing lifestyle and work habits. Is the grass always greener?

In the Savills Prime Index: World Cities report, analysts say the effect of the pandemic on prime residential values in world cities has resulted in a “fall of 0.5% for capital values and 1.1% for rental values”.

The most stable markets in the first half of 2020 are “generally characterised by higher levels of domestic demand and tight supply”, the report says. This is prevalent in several European cities, with Lisbon among the strongest performers.

In London the market appears to offer good value in a historical context and a rebound is anticipated despite Brexit uncertainty. Pent-up demand from lockdown is fuelling its recovery and people are re-evaluating what they want from their homes, says Savills residential research associate Gaby Foord. “Outside space has become more important to people living in London, particularly younger buyers.”

The recent announcement of a stamp duty holiday until March 2021 as part of measures designed to boost the UK property market led to an increase in Savills’ daily website traffic. Enquiry levels are also up 60% from the average during the weeks before the March lockdown “The cost of buying, holding and selling a £2m property in London, compared with other global cities, is significantly lower than in other markets,” says Foord.

So where to next?

FutureMap founder and managing partner Dr Parag Khanna says restrictive migration policies have encouraged many people to look for a Plan B via a second passport or change of nationality. “Recent estimates suggest that interest in investment migration programmes has jumped five-fold from 2019 through mid-2020,” he says.

Dr Juerg Steffen, CEO of leading residence and citizenship advisory firm Henley & Partners, says the volatility of 2020 has boosted the appeal of investment migration. “We have seen unprecedented interest in residence- and citizenshipby-investment programmes from citizens of developed economies. For high net worth investors who want to be well prepared for the next major disruption, alternative residence or citizenship is

Aude Leclerc, head of sales, Evaco Property seen as an indispensable asset and a vital hedge against ongoing volatility.”

Portugal The lowest qualifier for Portugal’s five-year Golden Visa programme is investment in a property more than 30 years old in an area of urban regeneration or a low human density area.

“The total investment with costs ranges from €330,000 for a single investor to about €380,000 for a family of four,” says James Bowling, founder and international CEO of Monarch&Co. Bowling says Monarch’s most popular investment route at the €500,000 price point is through a hotel group where the investor owns an apartment or house with full title, which is used as a hotel room and let mostly to shortterm tenants.

Forbes magazine rates the Algarve in Portugal as the

best place to live or retire.

Lisbon is 2.5 hours’ drive or a 40-minute flight from Faro International Airport.

“Thanks to the Golden Visa programme, the Algarve has become a most compelling option for retiring South Africans,” says Pam Golding International MD Chris Immelman. “Beaches are beautiful, weather is fantastic, medical facilities are superb, people are friendly, English is widely spoken and golf facilities are the best in Europe.”

The Lapa Porto Hotel is a Golden Visa-approved project in Porto that will operate under Marriott’s Renaissance brand. The design of the conference centre hotel embraces the cosmopolitan lifestyle, integrated in an urban context. The architecture incorporates plenty of glass, wood and other natural materials, as well as open spaces. The

investment of €350,000 includes full EU residency.

Mauritius Mauritius has long been a popular holiday destination for South Africans, but recent concessions have made it easier for them to retire, live and work there. “In June 2020, the Mauritian government’s changes to investment thresholds, the extension of work, residence, retirement permits and attractive property acquisition options led to renewed interest,” says Xpatweb director Marisa Jacobs.

Beyond its natural beauty, the island is known for its excellent private schools, reputable banking systems, regulatory certainty and technology-driven government systems.

“The dispensation for owning property in Mauritius is far more flexible than in

most other African countries.

In Mauritius, a South African is allowed to purchase a property as a freehold or through a 99-year lease agreement with the option of renewal,” Jacobs says.

Foreign nationals are required to invest $375,000 in property to qualify for the permanent resident permit.

“The effective tax rate of 15% for individuals is well below those applicable in SA. A significant difference is that Mauritian residents are only taxed to the extent of the money that they bring into the country.

These financial incentives, combined with the close proximity to SA, will likely see more people moving to Mauritius in the future.”

Cap Marina is an upscale water village in the north, 50m from the beach in a secure environment of more than 22ha. A variety of facilities are available on its doorstep, including a supermarket, a bakery, a pharmacy and 24/7 medical assistance.

“Thanks to the commercial success of Cap Marina, the groundwork for the first phase of the project has already been laid. You can now invest in Cap Marina from $375 000 and obtain a permanent residence permit,” says Evaco Property head of sales Aude Leclerc.

The development offers apartments, townhouses and luxurious villas in a range of designs and sizes.

Cap Marina is ideal for senior citizens looking for a retirement home, young couples in search of their first home and investors on the hunt for great property investment opportunities.

Montenegro Villa du Parc, a development by Evaco Property in the north of Mauritius

Montenegro has not only emerged as an appealing

destination for postlockdown travel, it also presents an excellent investment destination.

Applications for the Montenegro Citizenshipby-Investment Programme were up by 142% in the first quarter of 2020 compared with the last quarter of 2019.

Amanda Smit, Henley & Partners managing partner and head of South, East and Central Africa, explains that by extending their wealth planning and legacy management strategies to include investment migration in a post-pandemic context, investors are catalysing the transition to new lives in countries of their choice. “It enables a better quality of life, where they feel more comfortable and secure and where they envisage a future that is better aligned with their aspirations now and for future generations,” she says.

In short, Covid-19 has meant that people want safety, space and security – and Montenegro delivers all three.

Approved applicants and their families who qualify for Montenegrin citizenship must contribute €100,000 to the government of Montenegro for the advancement of local underdeveloped, self-governed units and invest at least €450,000 in an approved property development project in the capital, Podgorica, or in the popular coastal region of Montenegro.

Alternatively they can invest a minimum of €250,000 in an approved property development in the northern or central regions of Montenegro (excluding Podgorica). Additional government processing fees and other application fees would apply.

Gaby Foord, residential research associate, Savills UK

James Bowling, founder and international CEO, Monarch&Co

Chris Immelman, head, Pam Golding International

HOMEFRONT HOT TOPIC

Heading for the coast Changing work demands and a greater focus on wellness, combined with a record-low interest rate, encourage home buyers to buy their dream home on the coast sooner rather than waiting for retirement WORDS: HELÉNE MEISSENHEIMER :: PHOTOS: KERAN BARKER AND SUPPLIED

This home in Westcliff, Hermanus, is marketed by Pam Golding Properties at R35m

A Seeff offering in Camps Bay, priced at R18.75m

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ovid-19 has changed the way we work and where we choose to live. Space and safety now outrank proximity to the office.

As soon as estate agents were able to operate fully, residential sales took off, with gated estates and coastal towns in high demand.

Developers and agents all along the coast have been busy. Many lifestyle estates are reporting record sales this year. According to Lightstone’s Residential Property Index for September 2020, coastal properties are generally performing better than those inland.

“The coastal premium has averaged 1.3% during the year

One of several home types available at Renishaw Hills Mature Lifestyle Village in KwaZulu-Natal to date, reflecting the ongoing demand for coastal homes,” Pam Golding Property group senior research analyst Sandra Gordon says.

The low interest rate means many first-time buyers are applying for bonds because it is now cheaper to buy than rent. According to Ooba CEO Rhys Dyer, this company’s preliminary statistics indicate substantial year-on-year growth in bond applications for the period June to September 2019 versus June to September 2020 in each of the coastal regions as follows: KwaZuluNatal 37%, Eastern Cape 51% and Western Cape 62.5%.

Many of these areas are traditionally viewed as retirement or holiday

destinations and promise a more relaxed lifestyle. “For those able to work from home, the appeal of a larger home with more outdoor space is prompting some to consider relocating to the peripheral areas of major metros or to smaller towns and villages, including those along SA’s extensive coastline,” says Dr Andrew Golding, chief executive of Pam Golding Property group.

KwaZulu-Natal Balmy weather, a warm ocean and green rolling hills epitomise this region. What’s more, a recent Lightstone report shows growth of 4% in first-time and repeat buyer purchases in Q1 of 2020 over 2019. Indications

Pam Golding Properties recently sold this Plettenberg Bay property for R9m

are that buyer activity since June was back to the same levels if not better, with many estates and estate agencies reporting record sales.

Although there is increased interest from local buyers, numerous international enquiries are also coming in from people considering setting up businesses in Ballito and Umhlanga or looking to invest in residential property, says Mark Johnson, licensee for Seeff North Coast. In June this branch recorded the highest sales in its history. Johnson says there is demand for properties in estates as well as freestanding homes with space and gardens.

KwaZulu-Natal has

estates to suit every taste, from eco-estates to lifestyle and retirement offerings.

Balwin Properties’ Ballito Hills is an affordable lifestyle estate option close to the beach and King Shaka International Airport with property priced between R1m and R2m. No wonder six phases sold out within a record 11 months.

This province’s property offerings are popular across all price ranges, though. Lightstone reports an increase in sales in Q1 of 2020 for all except the affordability range.

Developers on the South Coast, too, have seen a recovery in demand.

Renishaw Property Developments consultant Phil Barker says the number of potential clients visiting the Renishaw Mature Lifestyle Village near Scottburgh on the midSouth Coast increased to pre-lockdown levels since June, and the demand for units continues to be firm.

Consequently, the Amdec Group made the Friendly City the location for its multigenerational estate Westbrook. The Ridge, the first of nine villages, is almost sold out and, according to MD Clifford Oosthuizen, the turnover in June was higher compared with the past six to 12 months. “Living through a national lockdown, buyers are drawn to investment options such as residential estates that offer plenty of space,” Oosthuizen says.

As the lockdown boosted the growing remote working trend, smaller coastal towns such as Jeffreys Bay, St Francis Bay and Port Alfred are also attracting buyer interest.

“In J-Bay, for example, surf spots, beachfront properties, coffee shops and restaurants abound, all set around appealing open spaces. This creates a magnet for families and an ongoing demand for residential and/ or holiday accommodation,” says Golding.

Eastern Cape

Garden Route

Blue Flag beaches, bustling port cities and rural tranquillity are among the features that lure buyers to the Eastern Cape. Since June residential property sales have escalated in Port Elizabeth and East London, with brisk activity across all price ranges, reports Pam Golding Properties.

Alexander Forbes Investments executive chief economist Lesiba Mothata believes Port Elizabeth is one of the second-tier cities of SA that presents potential for future economic and industrial growth.

The Garden Route, known for its world-class golf courses, indigenous forests and long white beaches, was fast becoming SA’s relocation hot spot before the pandemic.

Here the market has also rebounded since June.

In Plettenberg Bay, the renewed activity was almost immediate, with several estate agencies recording their best-ever sales for July.

In neighbouring George and Knysna, recovery was a little slower but encouragingly strong. According to Sheena Mare, broker principal in Knysna and Sedgefield

Seeff is marketing this Green Point home at R19.995m for Lew Geffen Sotheby’s International Realty, properties below R2m are most in demand.

“Most of our buyers are families with schoolgoing children and retirees relocating for lifestyle reasons. The sellers are predominantly retirees and empty-nesters who are downsizing or moving to retirement accommodation,” says Mare.

This is corroborated by Lightstone data that shows 47% of all recent sellers were 65 and older whereas 37% of buyers were aged between 36 and 49, and 12% were 35 or younger.

The Lightstone research also reveals that, despite three very slow months, the median sale prices for freestanding homes, sectional title properties and vacant land in Knysna all rose this year.

Cape Metropole The Western Cape’s long list of attributes – well-run municipalities, scenic beauty, top schools and tertiary education institutions, world-class restaurants and so forth – continues to attract “lifestyle buyers”.

In September Lightstone reported that the province remains the coastal region of choice for both first-time and repeat purchasers across all property categories.

Cape Town has seen some long-overdue price correction to adjust to the current economic realities.

This is a good sign, says Ryan Joffe, owner of Ryan Joffe Properties, which is developing The Rockefeller, an aparthotel in the CBD.

Joffe says creating more affordable housing options in the city centre will be a trend in the coming months.

It is not only property sales that shows a rebound.

According to Ross Levin, MD of Seeff Atlantic Seaboard and City Bowl, the rental market is equally active as people look for homes where they can work remotely and at least enjoy the ocean air and views if they must spend more time at home. Particularly busy spots include Sea Point, the Waterfront and Camps Bay.

West Coast Less than an hour from Cape Town, the West Coast draws buyers eager to escape city life. Responding to this trend, developers are attracted to towns like Yzerfontein, Langebaan and Paternoster.

Although buyer activity has been slower to return in Yzerfontein, there have been sales of properties under R3m. Seeff agent Michelle Livingstone-Louw says most buyers are shifting their primary residence to Yzerfontein, working from home being the new normal.

A little further up the coast, Langebaan, one of the world’s best kitesurfing destinations, has also had an increase in enquiries and sales.

With the interest rate likely to remain low for the rest of the year, there is reason for optimism that the demand for coastal homes will stay high. Says Dyer: “This is a particularly appealing time to acquire property for the first time, to upgrade to a more expensive property or to buy a second property using cheaper finance.”

HOMEFRONT PROPERTY NEWS

Commercial sector gets flexible lease options A ccording to privately owned business park operator Inospace, there is a need for flexible leases within the commercial sector and the Covid-19 pandemic has accelerated this demand.

“While we have had requests for short-term leasing for a while now, the coronavirus pandemic prompted us to incorporate our flexible rental model of micro-industrial and office spaces into bigger and bigger commercial leases,” says Inospace marketing director Jodi Sher. “We therefore introduced a flexible lease option, called

Blok launches Sea Point development U rban density necessitates smaller homes and this shift in consumer behaviour is the inspiration behind Blok’s latest development, SIX ON N in Sea Point.

Described as an ideal solution for those seeking a more agile and affordable investment, the development of 87 apartments include several that are compact (starting from 25m 2) yet innovatively designed to make use of all available space.

The apartments are fitted with integrated

workstations for workfrom-home ease, whereas the company’s signature “Raw” finish adds to the affordability of the apartments. Prices start from R1.1m, including VAT. “As consumers and urban citizens, our needs are changing,” says Blok MD Jacques van Embden.

“While private spaces are becoming smaller to retain affordability and flexibility, shared amenities and better community areas are becoming a greater feature in people’s buying decisions and lifestyle

choices. As developers, we aim constantly to evolve our design strategies to welcome these changes.”

SIX ON N’s communal boardrooms can be reserved by residents and it has a shared rooftop pool offering panoramic views, as well as a fitness studio and an on-site deli.

While current market conditions are admittedly volatile, Van Embden highlights that property remains one of the more secure investment types.

“Even when a property is purchased in a recession,

the InoLease, across our portfolio of business parks.”

Sher says the flexible lease structure is a significant drawcard for companies, especially in challenging economic times.

“Since the introduction of the flexible option in March, we have seen a significant spike in the demand for very short lease terms,” she says. “Inospace signed more leases in June and July during lockdown than it did last year, which highlights businesses’ desire for flexible arrangements.”

Among the businesses showing interest in the pay-as-you-go option are

some of SA’s biggest retailers.

“They need immediate space for both slow- and fastmoving goods and are not interested in signing lengthy long-term leases,” says the company’s operations manager Jacques Weber.

As more businesses make use of on-demand warehouse and industrial spaces for stock, the popularity of monthto-month warehousing solutions is not likely to subside, he says. “Secure, serviced business parks where businesses can store and distribute stock will meet this need. When their supply lines eventually

stabilise and they have no long-term commitments, then they can make longer-term decisions.”

This model offers opportunities for tenants to collaborate and gain the support of an on-site management team as well as services including coffee shops, business hubs and 24-hour security.

International property consultancy JLL predicts 30% of all commercial space will be based on flexible leasing by 2030.

Its report says the impact of Covid-19 on the need for flexible options will prevail even after the pandemic.

its yield remains stable over a longer period.”

He says the current climate has opened up suburbs and opportunities to those who were previously priced out of owning property.

“With SIX ON N, we’re aiming to shrink this gap between buying and renting,” he says. “You now have the chance to own an apartment in a prime investment location – with all the lifestyle benefits it offers – for about the same as it would cost you if you were renting.”

Millennial buyers show preference for Gauteng G auteng remains the top choice among millennial buyers, with affordable properties in the R450,000 to R1.2m range seeing the bulk of activity.

According to Seeff Property Group chairman Samuel Seeff, millennials are buying property despite the popular belief that they would rather rent. He says it’s no surprise, because “we are in the ‘perfect storm’ for young homebuyers who are using the many benefits of buying now”.

These benefits include the transfer duty saving on properties below R1m, favourable mortgage lending conditions, with some banks still granting full

loans, and the low interest rate. All these factors can get millennial buyers into a property or suburb that they might not have been able to afford a year ago, Seeff says.

Most areas offer access to good transport networks and a host of amenities including shops, banks and schools.

According to Khosi Sibiya and Phindile Mphahlele, MDs for Seeff Soweto, up to 40% of buyers in the Protea Glen area are millennials. Property prices here start from R400,000.

Other popular suburbs include Weltevreden Park, Allen’s Nek and Olivedale in Randburg from R500,000; Glen Austin and Noordwyk in Midrand from R400,000;

Paulshof, Douglasdale and Lonehill in Sandton from R600,000 to R800,000; and Sunnyside, Equestria and Moreleta Park in Pretoria East from R500,000.

Tiaan Pretorius of Seeff Centurion says first-time buyers have increased and are active in the R700,000 to R1m range if they are buying on their own and up to R1.8m if buying jointly.

Seeff Pretoria East MD Gerhard van der Linde recommends young buyers to get preapproval. “This saves a lot of time,” he says, “especially in this market where you want to take advantage of the favourable conditions as quickly as possible.”

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