Gated-communities offer security and shared costs that are manageable, without any unexpected surprises for those looking to get into the property market.
Property expert Toni Enderli who heads up Realtor of Excellence says current buoyancy in the lower end of the property has seen demand pick up, especially with banks offering 100% finance.
Enderli says growth in this sector helped drive the launch of Ihlathi, the ninth entry-level gated community by International Housing Solutions (IHS), a global private equity fund focused on affordable housing and offering one-bedroom apartments from R689 999 to penthouse units at R1.2-million - including transfer costs.
Ihlathi (forest or greenbelt), is located in Parklands, which Enderli says is one of the country’s most popular, integrated, well positioned and affordable suburbs. Situated around a park and bordering a nature reserve, Ihlathi offers environmentally-friendly technologies which use 20% less electricity and water, excellent security and up to 10 percent annual capital growth.
The affordable housing market will continue to soar in popularity, particularly in this area he says, which is less than 20km from the CBD, offers easy access to schools, shops, work opportunities and some of the country’s most beautiful beaches. Ihlathi has launched the first phase - 102 of a total 384 units, available for occupation early 2021.
'Options to suite different lifestyles'
Sandy Walsh, Managing Director of PropertyCoZa says, “In the past, gated communities were generally in the high and luxury value market providing security and privacy for high value property owners. Over the past ten years, security has become an important factor for homeowners across all sectors and developers are meeting the need for affordable housing in gated communities.
"Some of these gated communities include freehold houses and flats in the same complex providing several options for buyers to consider and to suit different lifestyles."
Walsh says gates communities and estates can be found across Cape Town as well as in Somerset West, Paarl and Stellenbosch with an entry level from R1.2m extending to the luxury estates that may have an entry level of in excess of R10m.
The booming market is in Parklands, Tableview and Blouberg extending to the Northern Suburbs, with small and large gated communities being developed to meet the need for more affordable housing. While Plot and plan options are also attractive to many buyers and buyers are prepared to pay more for their stand in a gated community.
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'Well-maintained or newly renovated drawcards'
“Based upon last year’s sales, there has been a continued move towards smaller properties in secure/safe environments. Larger homes seem to be taking considerably longer to sell than in the past. I believe the luxury market will continue to feel the pinch within this tight economy and the majority of transactions will continue to fall within the affordable price ranges,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
Susan Watts, Broker/Owner of RE/MAX Living that operates in Cape Town CBD and Atlantic Seaboard, explains that pet-friendly properties are a big plus for many buyers these days. “Other big draw cards include a garage or secure parking, as well as a well-maintained or newly renovated kitchen and bathroom. For sectional title units in our area, extra amenities such as laundry facilities, gym, pool or braai area certainly do find favour with buyers. For freehold properties, a state-of-the-art security system and low-maintenance features seem to win buyers over.”
Similarly, Caron Leslie, Broker/Owner of RE/MAX Property Associates that operates in the Northern suburbs of Cape Town, explains that security features and smaller gardens are popular options in these suburbs.
“Many are drawn to the lock-up-and-go sort of homes within security estates. Homes with modern finishes, upgraded bathrooms and kitchens, as well as wooden or tiled flooring seem to be favourable among buyers in our area. The safest and most affordable renovation option for sellers in our area is to update their home with modern finishes,” Leslie suggests.
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