Rich South Africans are moving into this type of property

 ·20 Aug 2023

Wealthy South Africa are turning to penthouses due to the luxurious lifestyle they offer.

Alex Horne, managing director of Dogon Group Properties, said that the benefits of penthouse living include unobstructed views, an abundance of light, taller ceilings, private lifts, higher levels of security, and private outdoor spaces, such as rooftop terraces, swimming pools or jacuzzis.

“Added to this is privacy as penthouses are quieter than other apartments because they are further from the street noise below and never come with upstairs neighbours,” Horne said.

“In most new developments, the penthouses have been carefully designed with meticulous attention to detail and fitted with only the best state-of-the-art appliances and conveniences – as befits a home that is the ‘cherry on top’.  For their money, buyers are guaranteed a designer space that is palatial and polished – a trophy home that is the residential pinnacle of perfection.”

Penthouse real estate also goes beyond the grandeur of a lavish lifestyle, with penthouses selling for higher prices compared to apartments in the same building or surrounding area.

“The ‘penthouse premium’, driven by the small volumes of these properties available, is worth the cost because buyers get an apartment that stands out from the crowd and which is rare in its uniqueness – this automatically adds greatly to its value and impacts resale value.”

She added that penthouses are desired by affluent downsizers looking for an easy lock-up-and-leave house.

“We are seeing robust demand at the moment for penthouse living, and most buyers are paying the asking price, not quibbling over the cost. International buyers are also drawn to penthouse apartments in Cape Town – with all the features that come with a luxury dwelling in an exclusive building – usually in a prime location of the city.”

“Those with the means to invest in a penthouse property cannot go wrong.  Whether purchasing as one’s primary home or to include in an investment portfolio, buyers will not only enjoy the lavish lifestyle that comes with living in a penthouse but will also reap the benefits of higher market values and lower volatility.”

Below are some penthouse apartments available across South Africa:

  • 3 bedroom apartment for sale in the Waterfront, Cape Town
  • Price: R40,000,000

  • 3 bedroom penthouse for sale in Melrose Arch, Johannesburg
  • Price: R7,950,000

  • 3 bedroom penthouse apartment for sale in Glenwood, Durban
  • Price: R3,275,000

Read:Good news for South Africa’s rental property market – but red flags for landlords

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