WealthInsight, a global research company into high net worth individuals (HNWI), reveals that South Africa has the highest number of millionaires in Africa.
This six bedroom house in Country Lane Estate, Pretoria, has a cigar lounge, sun room and heated rock pool. It is selling for R9.9 million - click here to view.In 2011, there were just over 44 700 millionaires in the country, with a combined wealth of US$188 billion, accounting for roughly 25 percent of South Africa's total individual wealth (US$740 billion). Included in this total are 543 multi-millionaires, each with wealth of over US$30 million.
By 2013 there were 46 883 core millionaires in South Africa, with a combined wealth of US$127 billion. The number of core HNWIs increased by 21.7 percent, from 38 522 in 2009 to 46 883 in 2013 and the number of core HNWIs in South Africa is expected to grow by 16 percent reaching 56 447 by 2018. The country also saw a significant increase in foreign direct investment increasing by 163 percent between 2009 and 2013.
Gauteng is home to the largest portion of HNWIs with 261 multi-millionaires. There are also sizable South African multi-millionaire populations in Cape Town (103 multi-millionaires) and Durban (31 multi-millionaires).
“It goes without saying that a residential property represents a significant investment, particularly at the top end of the market. Property buyers and sellers in the luxury league of R5 million and above appreciate a bespoke service,” says Retha Schutte, regional executive of the Pretoria and Centurion region of Pam Golding Properties (PGP).
This five bedroom house in Waterkloof, Pretoria, offers four living areas. It is on the market for R17 million - click here to view.“No matter what the size and value of the home we always endeavour to achieve the best possible price, usually within the shortest possible time period. For some sellers it is also important to find a buyer who they consider a good ‘fit’ for their home, someone who shares their values, and will enjoy the property and the lifestyle it confers,” says Schutte.
It is not surprising then that those who are looking to take their homes to this market are, with few exceptions, exceedingly serious about concluding a sale, and make it their business to understand all aspects of their local residential property market, she says.
It is also why PGP Pretoria has launched a new initiative called the Pretoria Luxury Collection, which will see the marketing and sale of homes being personally managed by Schutte herself.
This five bedroom house in Woodhill, Pretoria, has five living areas and a wine cellar. It is priced at R7.8 million - click here to view.She says property owners in the Pretoria and Centurion areas who wish to take their home to market for R5 million or more are invited to contact her directly. These would-be sellers will be assured of her personal attention. Inherent in the essence of the PGP brand and underpinned by the company’s philosophy is the promise to create a “sense of comfort” for clients. This Luxury Collection initiative will provide the assurance that the decisions made by would-be sellers are as well informed as possible.
Schutte says there are many areas in the Pretoria and Centurion property markets that are performing strongly, even in the current subdued economic climate. Security and excellent amenities are of prime importance to residents, which helps explain why security and golf estates are in particularly high demand throughout the region. The rental market has continued to do well and has benefited from an ongoing demand from corporate, embassy and foreign mission staff.
“Some sellers are not convinced of the benefits of granting property agents sole mandates on their properties. In my view a sole mandate without a doubt ensures a better marketing plan, a more concerted effort, wider media exposure and a much greater level of commitment and accountability from the agent. Competition is healthy, but it needs to be between interested buyers rather than among estate agents,” says Schutte.
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