A study conducted by wealth consultancy, New World Wealth , has found that Knysna on the Cape Garden Route, tops the list nationally for the highest number of multi-millionaire owned second homes.
According to the report, some 320 such homes are in the town, notably more than in Camps Bay (220), Plettenberg Bay (180), Clifton (160), Bantry Bay (150) and Fresnaye (130).
Gail Giannone, Seeff MD for the area, says that the results should not come as a surprise to anyone who has been to Knysna. “It is one of the most scenic destinations in the country. The beautiful Knysna Lagoon flanked by the two giant heads and yacht lined waterfront make it a picture pretty town with a real international quality to it.”
The town is one of the few coastal areas where sales activity over the last year has remained fairly on par with the previous year, Seeff said.
Lightstone data shows that transactions for the last year topped R1.2 billion in value at an average transaction price of R1.8 million, the highest of the Garden Route towns including Plettenberg Bay.
Knysna currently boasts an average property price of around R3.7 million for luxury homes. It is renowned for its two top end luxury golf estate developments, Simola and Pezula where investment homes can range into the upper millions.
There are also two island suburbs, Leisure Isle and Thesen Islands with its private jetties, both of which attract luxury buyers.
Giannone said that more than 60% of buyers are older, generally over the age of forty because it is such a fabulous retirement destination. It is devoid of industry, offers a healthy environment and excellent temperate climate. It is also a good commuter base for anyone who works in the George or Plettenberg Bay area.
“With George International Airport about an hour’s drive away, it is very accessible. Aside from excellent facilities and schools in the area, you also have everything you could want for in nearby George, including a large regional shopping mall with all of the big brands that you would get in a big city,” she said.
Knysna also has two quaint hamlets, Sedgefield and Belvidere, the latter located on the western shores of the lagoon.
Most of the areas on NWW’s list are located in and around Cape Town, and include the usual suspects along the Atlantic Seaboard.
Top 10 areas for multi-millionaire second homes in South Africa:
|3||Camps Bay||Western Cape||220|
|4||Plettenberg Bay||Garden Route||180|
|7||Bantry Bay||Western Cape||150|