{"id":94519,"date":"2015-07-30T11:14:36","date_gmt":"2015-07-30T09:14:36","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=94519"},"modified":"2015-07-30T11:14:36","modified_gmt":"2015-07-30T09:14:36","slug":"where-south-africas-super-rich-buy-their-second-homes","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/94519\/where-south-africas-super-rich-buy-their-second-homes\/","title":{"rendered":"Where South Africa’s super-rich buy their second homes"},"content":{"rendered":"

Data from research firm New World Wealth has revealed which towns in South Africa are the most sought after by the super-rich for their second homes.<\/p>\n

\u201cSuper-rich\u201d refers to multi-millionaires – individuals with net assets of US$10 million (R120 million) or more.<\/p>\n

As of 2014, South Africa had 2,060 multi-millionaires, according to NWW, who boast a combined wealth of US$111 billion.<\/p>\n

Approximately 990 of all SA’s multi-millionaires\u00a0have a primary residence\u00a0in Johannesburg, with 380 in Cape Town, 115 in Durban, and 105 in Pretoria.<\/p>\n

The super-rich choose to live in areas such as Sandhurst, Hyde Park, and Houghton – but many also have a second home in coastal regions.<\/p>\n

\"Sandhurst<\/a>

Sandhurst home<\/p><\/div>\n

According to New World Wealth,\u00a0Plettenberg Bay is the top town in South Africa for super-rich individuals who have a second home, with around 260 multi-millionaires owning an additional property there.<\/p>\n

Most of the homeowners in Plettenberg Bay are from Johannesburg and Cape Town,<\/p>\n

“Plett also boasts over 120 homes valued at R20 million or more, the highest of any town in SA with the exception of Johannesburg and Cape Town,” said NWW.<\/p>\n

Other popular spots are Umhlanga and La Lucia in KwaZulu-Natal, Knysna, along the Garden Route, and Stellenbosch in the Western Cape.<\/p>\n

\"Plettenberg<\/a>

Plettenberg Bay<\/p><\/div>\n

\n
\n\n\n\n\n\n\n\n\n\n
#<\/th>\nTown<\/th>\nArea<\/th>\nNo. of super-rich with second homes<\/th>\n<\/tr>\n
1<\/td>\nPlettenberg Bay<\/td>\nGarden Route<\/td>\n260<\/td>\n<\/tr>\n
2<\/td>\nUmhlanga & La Lucia<\/td>\nKwaZulu-Natal<\/td>\n250<\/td>\n<\/tr>\n
3<\/td>\nKnysna<\/td>\nGarden Route<\/td>\n230<\/td>\n<\/tr>\n
4<\/td>\nStellenbosch<\/td>\nWestern Cape<\/td>\n170<\/td>\n<\/tr>\n
5<\/td>\nFranschoek<\/td>\nWestern Cape<\/td>\n70<\/td>\n<\/tr>\n
6<\/td>\nWilderness<\/td>\nGarden Route<\/td>\n60<\/td>\n<\/tr>\n
7<\/td>\nHermanus<\/td>\nGarden Route<\/td>\n30<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Multi-millionaires also have a fancy for secure\u00a0living, and many choose to purchase a second home within one of South Africa’s many estates.<\/p>\n

Fancourt, in the Garden Route, is the most popular estate for super rich home buyers – with 80 multi-millionaires having a second home there.<\/p>\n

This is followed by Zimbali in KZN\u00a0(70 multi-millionaires), Pezula Golf Estate (60\u00a0multi-millionaires), and Pearl Valley in the Western Cape (30\u00a0multi-millionaires).<\/p>\n

\"Fancourt\"<\/a>

Fancourt Estate<\/p><\/div>\n

According to Lisa Bathurst, Director of Cape Town-based property company Hurst & Wills, second homes are becoming increasingly popular, both among local and foreign buyers.<\/p>\n

“Many South Africans have always had \u2018family homes\u2019 in holiday resorts and estates that are used by multiple family members or for Christmas getaways,” she said.<\/p>\n

“However, the trend now is to have multiple homes covering an array of lifestyle preferences.”<\/p>\n

According to Bathurst, for many second home owners, investment potential is a major draw, with holiday home rentals becoming more popular, and second homes providing additional income when not being used by their owners.<\/p>\n

More on wealth<\/h3>\n

How SA\u2019s multi-millionaires make their money<\/a><\/strong><\/p>\n

Where South Africa\u2019s multi-millionaires live<\/a><\/strong><\/p>\n

Top countries for multi-millionaires<\/a><\/strong><\/p>\n

Fastest growing cities in SA for millionaires<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Data from research firm New World Wealth has revealed which towns in South Africa are the most sought after by the super-rich for their second homes.<\/p>\n","protected":false},"author":10,"featured_media":94521,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26,6440,10221,10219],"class_list":["post-94519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline","tag-new-world-wealth","tag-second-home","tag-super-rich"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/94519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=94519"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/94519\/revisions"}],"predecessor-version":[{"id":94533,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/94519\/revisions\/94533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/94521"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=94519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=94519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=94519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}