Inside a R200 million home in South Africa

·8 Oct 2015

If you happen to have R200 million to spare, there is a four bedroom home for sale in Fresnaye, Cape Town.

According to Pam Golding Properties (PGP) the house also has five bathrooms (four en suite), six reception rooms, four garages and a rim flow pool.

The property is described as “exceptionally private and secluded”. The property also has an olive grove allowing outdoor entertainment “on a grand scale”.

“This property offers all the luxurious comfort one could want in one of the Cape’s premier addresses. The upper entertainment level boasts a media room, private formal lounge and butler’s kitchen,” said PGP.

A home theatre, restaurant, bar and steam room are a few of the features on the lower entertainment level.

On interest of 9.5% per annum over 20 years, monthly repayments on a R200 million house would be R1.865 million, while transfer fees amount to R22 million.

Rates and taxes come in at a modest R9,999 per month for the property.

In August, Fin24 reported about a home in Camps Bay, Cape Town, which is for sale for R450 million.

Activity in the South African residential property market indicates that it could be moving from “sideways to slowing”, according to the FNB South African Estate Agent Survey for the third quarter of 2015.

Agents indicated a decline in residential market activity rating and in viewers of show houses, suggesting slowing demand.

At the same time, South Africa’s luxury residential market offers a massive opportunity for the world’s über rich to extend their search for prize properties, PGG CEO Dr Andrew Golding said earlier this year.

“One potentially exciting aspect of the ultra high net worth individual (UHNWI) phenomenon, especially for the South African property industry, is that when it comes to big ticket real estate the world is top heavy,” said Golding.

The vast majority of such transactions are in the Northern Hemisphere. Europe is tops for UHNWI residential holdings, followed by Asia and North America. Africa is bottom of the pile.

Fin24