The Western Cape has officially clinched the title of South Africa’s luxury property capital.
This is according to the 2023 Africa Wealth Report, which states that Cape Town in particular has become increasingly popular for migrating high-net-worth individuals from parts of Africa, Europe, Russia and the UK.
Also read: Cape Town poised to overtake JHB as wealthiest city in Africa
The City is also projected to be home to more than 13 500 (dollar) millionaires by 2033, surpassing Johannesburg’s current total of 12 300.
‘Census data shows that an estimated 150 000 people are moving to the Western Cape each year, many of them high net worth retirees attracted by the province’s temperate climate and higher levels of service delivery,’ says Gus van der Spek, owner of upmarket retirement lifestyle estate Wytham Estate in the Southern Suburbs.
‘Luxury retirement property developers in the province are struggling to keep up with the increased demand from semigrants and, more recently, a rising number of older foreign nationals.’
He adds that foreign nationals primarily choose the Western Cape as their retirement destination because of how far ‘their foreign currency can go’.
‘Cape Town’s multi-million-rand homes may be out of reach for the vast majority of locals, but our luxury property market is considered one of the most affordable in the world – allowing someone who may be considered upper middle class in their home country to retire in the style of the 0.1% here.’
As reported by Bizcommunity, Cape Town is the most popular retirement destination in the province, as it offers the largest number of retirement developments close to hospitals, shopping centres and parks.
‘The most desirable areas of Cape Town, particularly the Atlantic Seaboard and the Southern Suburbs, which contain Bishopscourt, Upper Kenilworth and Constantia, have very little stock available to accommodate newly moved retirees,’ says Van der Speck.
‘As a result, area-conscious buyers are opting for units in existing retirement developments, but these too often have a long waiting list.’
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As the owner of Wytham Estate, where one-bedroom units start at R3.75 million, Van der Spek acknowledges that his perspective does not represent the general retirement population in South Africa.
However, as Bizcommunity reports, his experience has taught him that many retirees look to lifestyle considerations more than price when deciding where to live.
‘Wealthy retirees who enjoy fine wine and golfing are increasingly opting for luxury retirement lifestyle estates in the Cape Winelands, such as Val de Vie Evergreen in Paarl or Zevenwacht Lifestyle Estate in Stellenbosch.’
‘Others who want coastal living with a small-town feel are flocking to Hermanus, which is fast becoming a retirement mecca.’
‘Unsurprisingly, high net worth retirees are incredibly discerning when choosing the home that will define their Golden Years,’ he adds.
‘What sets a luxury retirement development apart from simply being a ‘retirement development’ are the on-site amenities offered, as well as the design of its units.’
He outlines the following criteria to define a luxury retirement development:
- High-end finishes: Underfloor heating, fully equipped designer kitchens and bathrooms and modern appliances.
- Resort-like amenities: These may include a gym, yoga studio, spa, tennis and croquet court, swimming pool, physiotherapy and massage room, clubhouse, walking trail and lush gardens.
- Fine-dining options: Luxury developments offer multiple dining options, prepared by professional chefs and catered to individual residence preferences.
- Concierge services: These services resemble health and hygiene care resembling a five-star hotel, such as daily linen changes and cleaning and assistance with making reservations and appointments.
- Scenic location: Stunning views further enhance the appeal of the site thanks to careful location selection.
- Exceptional customer service: Staff are hand-selected for their skills and manner and they are trained to deliver attentive and personalised care.
‘Ultimately, what defines a luxurious retirement experience is freedom and customisation – freedom to choose what level of care and services you require, freedom of what to eat and when, and the ability to customise your lifestyle to your exact preferences – all in a luxurious setting,’ says Van der Speck.
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Also read:
BRICS Wealth Report: CT can expect 85% more millionaires in 10 years
Picture: Jacques Stander / Gallo Images