Top-end properties are still in high demand across South Africa, with more people set to become millionaires and prop up demand in the sector, data shows.
A recent report by Henley & Partners and New World Wealth showed that there would be substantial growth in the number of high net worth individuals in South Africa over the next few years.
The report that tracked private wealth and investment migration trends predicts that the number of South Africans with a wealth of over $1 million is likely to grow by 40% over the next decade.
On top of a growing millionaire bracket, Dr Andrew Golding, chief executive of the Pam Golding Property group, said that the luxury home market has been very active.
He said, for example, that the retail company has seen more unit sales of over R20 million along the Atlantic Seaboard coastline in recent months compared to the whole of last year (2021).
Golding noted another interesting trend, alongside wealthier South Africans domestically, with international buyers also taking part in the luxury home market.
“There are definitely more transactions being concluded and more buyers in the market, especially those from international destinations which are again interested in South African real estate, particularly German buyers who are now more prevalent than at any time during the previous seven years, while many local buyers are purchasing to upgrade.”
BusinessTech looked at what R20 million could get you in some of the country’s most popular metros: