Property

Two areas where rich South Africans spend millions to buy a house

Bianke Neethling • 16 December 2024

South Africa is experiencing a boom in estate living, which is giving luxury estates in Pretoria East and Centurion a significant boost, with prices upwards of R5 million to around R18 million paid this year.

This is according to the MD of Seeff Pretoria East, Gerhard van der Linde, who said that, despite the subdued economic climate, his department has managed to sell over 60 properties in the past two months alone.

He said Seeff sold a record 61 properties worth over R156 million over the last two months in Pretoria East alone.

Lightstone data shows that, for the year to the end of October, some 20,626 transactions worth over R25.3 billion have been concluded across the Tshwane Metro at an average price of R1.23 million.

Some 4,056 of these sales, comprising about 16% of all transactions, relate to estates.

Van der Linde said that while the R3 million to R5 million price band is the most in demand for estates, a number of high-value estate homes sold for over R5 million.

The highest prices paid in Pretoria East were also mostly in estates.

Van der Linde said that, aside from security, estates offer a well-managed environment and sense of community, along with access to amenities such as sports facilities, open spaces, and good schools.

The highest volumes of high-value sales were in Woodhill Golf Estate, with a highest price of R10.5 million.

This is followed by Silver Lakes Golf Estate with several sales over R10 million to a highest price of R18 million, and Mooikloof Residential Estate to a highest price of R16 million.

“Pretoria is not just the capital city and seat of the national government, but also a top business centre, and a popular residential and investment market,” Van der Linde said.

He referred to a New World Wealth Report, which found that Pretoria is one of the wealthiest cities on the African continent and home to around 2,100 high-net-worth individuals.

The report further identified the top suburbs in Pretoria as Waterkloof and Waterkloof Ridge, as well as luxury lifestyle estates such as Silver Lakes, Mooikloof Equestrian Estate, and Woodhill Estate.

Rental manager for Seeff Pretoria East, PG van der Linde, said houses in estates are also in high demand for rentals, and prices of up to nearly R80,000 per month are not unheard of.

Centurion is also home to a number of popular security, lifestyle, and golf estates, says Seff Centurion manager Tiaan Pretorius, who added that the area is popular with buyers and tenants.

In Centurion, the highest prices achieved this year were mostly in estates, predominantly in the R5 million to R10 million range.

The highest volume of sales was in Southdowns Estate, Copper Leaf, Centurion Golf Estate, and Cornwall Hill, with sales also concluded in Blue Valley Golf Estate and Irene Farm Villages.