Top Trend: Search for safe havens is current top trend in real estate
Category News
The real estate market has been affected by many changes over the past two years that were quite unexpected prior to the onset of the Covid-19 pandemic. These include:
* The massive shift worldwide to working remotely (and usually from home);
* The large-scale movement of affluent individuals away from city centres and towards the suburbs or country towns in search of better lifestyles;
*The huge increase in home buying worldwide, thanks mostly to lower interest rates; and
* Rising concerns everywhere about personal health and safety, not only because of the pandemic but because of the unemployment, homelessness and rising crime it has brought about globally.
And, says Berry Everitt, CEO of the Chas Everitt International property group, 2022 is likely to see the pursuit of more personal safety and security, especially at home, converge further with the work from home (WFH) trend and the better lifestyle trend to become a prime if not paramount factor in real estate purchasing decisions around the world.
"In South Africa, we can already see its influence in rising demand among buyers right across the price spectrum for homes in secure community housing developments - from sectional title complexes offering apartments and townhouses that are affordable for first-time buyers, right through to the luxury lifestyle estates where the homes cost many millions of Rands.
"The percentage of purchases in sectional title complexes has doubled in recent times from around 15% of total home sales to more than 30% currently (with a corresponding decline in the sales of freehold homes), while our sales teams in the luxury lifestyle estates around the country have also experienced a massive increase in demand and sales over the past 18 months. And at Val de Vie, for example, the Chas Everitt team sold more than R1bn worth of homes in 2021."
In fact, he says, the popularity of estate living is such that it is even prompting buyers to pay millions for older homes in long-established estates like Dainfern only to demolish them and make way for new luxury residences.
"It is also interesting to note that when city dwellers move to the country or the coast, the first thing they look for is a secure sectional title, cluster or estate development - with the result that many projects in these areas which had been somewhat moribund have gained a new lease of life recently.
"In addition, many of the larger lifestyle estates have already begun to allow lower-priced sectional title developments within their boundaries, making them more accessible to younger buyers and retirees who wish to downscale."
Writing in the Property Signposts newsletter, Everitt notes that many estates are now also able to offer residents access to schools, shops and even offices without leaving their confines, in addition to on-site sporting, social and wellness facilities.
"However, security is not only about protection from criminals - or the preservation of value through good complex management and regular maintenance. It is also about the reliability of water and power supplies as well as internet connections in case of natural disasters, vandalism, sabotage or the failure of utility companies to deliver.
"And this is already giving rise to a further preference among buyers, which is for secure complexes and estates - and individual homes - that not only have excellent security provisions but also have good back-up systems and could effectively be self-sufficient if necessary."
Issued by Chas Everitt International
For more information
Call Berry Everitt on
082-441-3601
Or visit www.chaseveritt.co.za
Author: Chas Everitt