By Andrew Amoils
Global market research group New World Wealth recently reviewed the top 10 apartment complexes in SA.
See article: Top 10 luxury apartment complexes in South Africa for 2018.
While compiling this review, we noticed that the prices of certain apartment complexes are significantly outperforming the general SA residential market.
Notably, according to New World Wealth indices, SA residential prices are down by around 5% over the past 10 years in US$ terms (2008 to 2018). It should be noted that the rand depreciated significantly during this period from around R9.30/US$ at the end of 2008 to R14,40/US$ at the end of 2018, so this obviously contributed to the decline.
However, notwithstanding this drop it is very interesting to note that there are some notable apartment complexes in SA that have actually risen significantly in price over this period, some by up to 30% in US$ terms.
Notables are listed below.
De Meermin
De Meermin overlooks Lookout Beach and the Lagoon in the Western Cape’s Plettenberg Bay (“Plett”). It has significantly outperformed the rest of the Plett market over the past 10 years.
The Pearls
The Pearls is located in Umhlanga, KwaZulu-Natal, overlooking the main beach. It offers several types of units, ranging from beachfront garden apartments to sky-rise penthouses. Residents are able to walk to the nearby shops and restaurants easily without crossing any dangerous roads (i.e. no need to drive).
Notably, square metre prices in the Pearls are now reaching similar levels to the likes of Bantry Bay and Clifton in Cape Town.
The Bermudas
The Bermudas is a well-established development in Umhlanga. It offers garden apartments and high-rise units normally with two to three bedrooms each. It is well maintained with internal gardens and an impressive pool on the upper levels, and offers easy access to the beach.
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