Collecting art, watches and cars remains a popular pastime and having the right space to display these collections is a priority, so high-end properties are still in demand, with many buyers preferring cash sales.
She says buyers place emphasis on being able to relax and unwind in their new homes and luxury properties in faraway places are sought-after. The top end of the [property] market usually bears the brunt of a tougher economic climate and this was certainly the case just before and during the pandemic. There has, however, been a discernible uptick in demand for luxury homes this year. The activity is healthy“Many wealthy local buyers are choosing to remain in South Africa for reasons such as a good quality of life and how far their rand can stretch.
Lightstone data shows 984 homes valued at more than R10m were sold in South Africa last year, the highest number in recent years. A lack of supply in the most desirable neighbourhoods has driven up prices. In Constantia, the average price rose more than 10% over the past year, say agents Claude McKirby and Arnold Maritz from Lew Geffen Sotheby’s International Realty.
Because they can make money under any conditions... That made them rich in the first place.
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