Latest news with #Lightstone
The Citizen
2 days ago
- Business
- The Citizen
Look north for affordable Cape Town property under R1m
While much is made of the high property prices in Cape Town, there are in fact still many areas where you can purchase below R1m. Properties below R1.21m are also exempt from transfer duty, thus providing a considerable saving, especially for first home buyers, according to the Seeff Property Group. The northern suburbs of Cape Town is a great area to look for affordability, says Susan McCarthy, manager for Seeff Brackenfell. These neighbourhoods offer good access to transport networks, schools, and general amenities. This combines with the affordability factor, making it easier for first time buyers to get onto the property ladder, securing their own home, and building wealth. If at a later stage they need to move on to a bigger property, it always leaves the option to retain the property as an investment, given the high demand for rentals, or they could sell it at a profit to use as a deposit for their next property purchase. She says neighbourhoods such as Kraaifontein and Kuils River are a good choice for good value as you can find sectional title property in the R700,000 to R1.2m price range. In Eerste River for example, the new Chardonnay Court offers two bedroomed units with modern finishes, a solar geyser, private outdoor braai area, and a parking bay for just R949,900. It is also a neighbourhood with good amenities and access to major routes with transport such as buses, taxis, and a train station on hand. There are schools, shopping centres, medical care, places of worship, a police station, sport grounds and more. The area is popular with first-time buyers. Lightstone data shows that 37% of recent buyers are under 35-years, and a further 44% between 36-49 years. Property values increased by around 70% over the last ten years, with a significant growth spurt during the high-demand Covid boom period, thus making these a good investment. She says they are also great for rental investments. Overall, first home buyers make up a considerable portion of total home sales across the country. According to mortgage originator, ooba, there has been a slight uptick in first-time buying in the first quarter, accounting for some 46.5% of home loan applications. The survey also shows that favourable mortgage lending conditions continue to support first-time buyers, and most banks still offer full bonds to qualifying buyers, depending on the property. Young buyers are not only purchasing for their own use, but there is a growing appetite to invest in property for the rental market. Ooba for example also reported a significant rise in investment property applications from younger buyers, rising from around 3% in 2019 to 9% last year. Issued by Gina Meintjes
IOL News
24-05-2025
- Business
- IOL News
Luxury real estate: adjacent 2,700sqm vacant erven in Clifton fetch R170 million
A multinational entity based in various countries, has indicated that it is intent on building one expansive trophy property to crown Nettleton Road. Image: Supplied Two adjacent vacant erven comprising a total of 2 700sqm have been sold for a total sum of R170 million, VAT inclusive. The plots of land situated in prime position in what is considered South Africa's most prestigious and coveted address-Nettleton Road in Clifton on the world-renowned Cape Atlantic Seaboard were sold by Annette Hepburn of Pam Golding Properties. According to Hepburn, a long-term resident agent and area specialist, while these erven have planning permission for nine apartments, the buyer, a multinational entity based in various countries, has indicated that it is intent on building one expansive trophy property to crown Nettleton Road. She said this is one of a few remaining vacant sites in this highly sought-after address, where properties rarely become available, and when they do, opulent, completed residences can be acquired for upwards of R150 million. 'Nettleton Road is the most exclusive of all roads in the country, with a limited number of residential properties, large luxurious, iconic homes which offer all the elements desired by high-net-worth individuals – an unparalleled lifestyle, exclusivity, privacy and rarity, and above all, the spectacular views which epitomise the essence of the globally acclaimed Atlantic Seaboard. "Panoramic views from Nettleton Road sweep from the Twelve Apostles Mountain Range to all four Clifton Beaches. This premium location is home to captains of industry and some of the most luxurious designer homes in South Africa.' Hepburn added that the prime, upmarket suburb, Clifton's residential property median sales price of R34 million for 2025 to date is +29.5% above year-earlier levels and 136% above levels a decade ago. 'Sales activity rebounded post-pandemic, remaining elevated ever since, with 18 sales already recorded this year to date (according to Lightstone data) – exceeding the whole of 2019 and close to the 2023 total of 27 sales. These figures include both sectional title and freehold homes.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ In February, an independent real estate group said the residential property market on the Cape's world-renowned Atlantic Seaboard has experienced a particularly buoyant start to the summer season, driven primarily by increased demand for luxury property and characterised by stock shortages. Basil Moraitis, regional head in the Western Cape for Pam Golding Properties, said at the time that the fact that their trading in December (2024) was busy throughout the entire month was a positive indicator and underlines the ongoing demand for Cape Town's sought-after Atlantic Seaboard-notably for prime luxury properties. Furthermore, they said January (2025) was much busier than December, with February also promising robust sales. Currently, we have a waiting list of qualified buyers, both local and international, all seeking to acquire their own place in the sun on this highly desirable coastline. Among notable sales in January by Pam Golding Properties are homes in Clifton-sold for R47 million to a local buyer and R46.5 million to an international buyer from Germany, and a home in Camps Bay purchased by a UK buyer for R55 million. Currently, Pam Golding Properties is marketing a five-bedroom (all en-suite) multi-storey, residence which was designed by award-winning architect, Stefan Antoni, and which is also situated in Nettleton Road, priced at R160 million including VAT with no transfer duty payable. With 180-degree views across Clifton and the ocean, this world-class architectural masterpiece is said to have unique, oversized, open-plan entertainment areas carefully integrated into the natural environment. With specifications of international standards, the villa is spread over five levels, each accessible by a private glass elevator. It includes a bespoke Italian Assirelli designer kitchen, level garden with outdoor lounge and dining areas, exceptional views from the spacious entertainment terrace complete with a 16-metre heated infinity pool, four reception rooms, home office, media room, gym, laundry, steam room, three additional guest cloakrooms, staff apartment with two bedrooms, kitchen and bathroom plus a security suite at the entrance-on ground level. There is 24-hour security, four garages and four off-street parking bays. Meanwhile, this week, Transnet SOC Ltd ('Transnet') said in a statement that in July last year, it obtained government approval to dispose of its residential properties through auction. The South African rail, port and pipeline company said the disposal of the residential property portfolio is a strategic imperative, positioning Transnet Property to focus on its main mandate of commercialising the portfolio and maximising returns through best practice asset management principles and standards. It said the decision to disinvest from the residential portfolio, except for employee accommodation in remote operational areas, is informed by recent loss-making performance and heightened risk exposure. To action this, Transnet Property has adopted a dual approach, which includes a self-funding component realised through the completion of several disposal transactions for non-core properties, particularly within the residential portfolio, including residential houses, hostels, lodges and line camps. Transnet Property has taken a strategic decision to urgently exit this portfolio, and the non-core properties will be disposed of through several transactions. The auctioneering process will be handled by independent auctioneers to ensure transparency and good governance. Independent Media Property
IOL News
22-05-2025
- Business
- IOL News
Why local government allocations are key to enhancing property values and urban services
Lightstone's 2025 house price forecast shows modest growth, with the House Price Index (HPI) expected to reach 2.5% under the most likely mid-road scenario. Image: File According to the Budget 3.0 delivered by Finance Minister Enoch Godongwana on Wednesday, local government will receive R176.8 billion in 2025/26, maintaining a 9.5% share of nationally raised revenue. Siphamandla Mkhwanazi, a senior economist at FNB, said this is crucial for service delivery and urban management, both of which directly impact property values and investor confidence. 'That said, ongoing issues with municipal finances and accountability continue to pose a risk. The budget notes a stronger focus on improving municipal performance through Operation Vulindlela 2.0, which we are also keeping a close eye on,' Mkhwanazi said. He added that the government has committed over R1 trillion to infrastructure investment over the medium term, with R280.4 billion earmarked for community development, including R58 billion for housing, water, and electrification. He added that this is encouraging for the property sector, as infrastructure is essential for new developments. However, Mkhwanazi said about R13 billion has been scaled back due to fiscal pressures, which could then delay project rollouts. The senior economist remarked that the good news for the sector was that the budget retained the 10% increase in the transfer duty threshold, a measure introduced earlier in the year to support housing affordability. 'This is a welcome relief for first-time buyers and middle-income households, helping to stimulate demand in the residential market.' Mkhwanazi said the re-tabling of Budget 3.0 reflected the fiscal and political complexity of South Africa's current environment. He said that while the budget maintains a commitment to fiscal consolidation and infrastructure investment, it also reveals the constraints faced by the government in stimulating growth and supporting key sectors like property. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ 'With Gross Domestic Product (GDP) growth revised down to 1.4% for 2025 (in line with our forecast of 1.3%) and debt-service costs consuming 22 cents of every rand collected, the macroeconomic environment remains challenging. "Higher borrowing costs and constrained consumer spending could dampen property market activity, particularly in the commercial and low-end residential segments,' he said. The bank's senior economist said this budget emphasised the need to crowd in private sector investment for infrastructure delivery. 'This presents opportunities for public-private partnerships in housing and urban development, but success will depend on the speed and credibility of implementation,' Mkhwanazi said. Professor Waldo Krugell, an economist from the School of Economic Sciences at the North-West University(NWU), said the government remains committed to its fiscal targets, including achieving a primary surplus, stabilising debt at a peak of 77.4% of GDP in 2025/26, and prioritising infrastructure spending. 'However, the reversal of the VAT increase and a downward revision of the growth forecast from 1.9% to 1.4% have reduced expected revenue. As a result, Treasury has had to cut R53bn in planned spending over the next three years. "This includes no provision for the Covid-19 relief grant beyond 2025, cuts to frontline services, and reduced infrastructure allocations. "To partially offset the revenue loss, the only new tax announced is a modest increase in the general fuel levy, expected to raise R3.5bn in 2025/26. Broader reforms to the budget process and state spending are under consideration,' Krugell said. Ricardo Smith, the Chief Investment Officer at Absa Investments, said in the latest South African budget, the finance minister has reaffirmed the commitment to fiscal consolidation. 'However, a downward revision in the country's economic growth outlook-driven by rising geopolitical tensions-and the reversal of the highly contested VAT increase have led to a forecast of a wider budget deficit over the next three years. "As a result, the debt-to-GDP ratio is now expected to peak at a higher level and remain elevated for longer than previously anticipated. To mitigate some of these pressures, the government has reduced spending on social benefits compared to the prior budget, while aiming to preserve funding for economic development initiatives. "Despite these challenges, the minister still expects debt levels to stabilise this year, even in the face of fiscal slippage," Smith said. Independent Media Property
The Citizen
20-05-2025
- Business
- The Citizen
Rising demand for holiday apartments in Garden Route towns
While freestanding housing stock dominates in the towns across the Garden Route, there is growing demand for apartments, with some new developments finally coming to market, says Gail Rimbault, licensee for Seeff Knysna. Sectional title complexes can provide more options for buyers and investors, and they are generally also more accessibly priced, she says. They are also sought-after for the convenience of lock-up-and-go with minimal maintenance as there is usually a Body Corporate which manages the apartment complex. For holiday homes and even those who are downscaling to the coast, this is the ideal solution. While buyers include retirees and holiday home buyers, there is also high demand for rentals, both long and short-term holiday needs in these towns. She says many buyers also combine their holiday purchase with the option of renting it out when not needed and benefiting from a lucrative rental return on their investment. A key benefit of investing in the Garden Route holiday towns is that they are hugely popular holiday hotspots, and experience high holiday traffic during the school closure periods, over weekends, and especially over the summer season. Lightstone data shows that sectional title as a category of all housing stock in most Garden Route towns is still quite low with Mossel Bay (15%) and Plettenberg Bay (15%) the highest, followed by Knysna (10%), and George (6%). It also shows that most apartments tend to sell for over R2m with some exceptions. Sectional Title Housing Stock on the Garden Route Town Sectional Title as % of Housing Stock Ave ST Price Ave Lux ST Price Mossel Bay 15% R2m R3.6m-R3.8m Plettenberg Bay 15% R2.9m R5m Knysna 10% R1.5m-R2m R4m George 6% R1.6m R3.9m Source: Seeff/Lightstone Notably, while only around 10% of Knysna's stock is sectional title, it represents about 20% of all sales activity over the last year, indicating the high demand for compact units in the town. Compact units such as apartments are increasingly popular both for own use as well as holiday rentals, including Airbnb. The high demand has created opportunities for developers to come into the market with new offerings such as the Seahorse development, says Gail. It offers 35 new units with one or two bedrooms, braai balconies, secure parking, as well as Wi-Fi and inverters. The complex also offers a heated swimming pool and sun deck. Prices range from R1.75m (one bed), and R2.325m (two bedrooms). There's also no transfer duty payable, says Gail, adding that these are a great addition to this popular holiday town. The development is also just a short walk from the Knysna Lagoon and Waterfront area. These apartments appeal to a wide range of buyers, from those looking to retire or downscale permanently to the Garden Route, or as holiday or Airbnb investments for lucrative short or long-term rental returns. To facilitate hassle-free Airbnb income, Perch Short Stays will offer a complete turnkey service for investors, ranging from furnishing and marketing to management and maintenance. Issued by Gina Meintjes
16-05-2025
- Business
BUSINESS INSIGHTS: What Millennials want
We've spoken at length about homebuying trends among South Africa's newest homebuyers, Gen Z, but less attention has been paid to one of the most influential forces in today's property market: millennials. Born between 1981 and 1996, this more established cohort accounts for roughly 30% to 42% of the market, according to Lightstone. Most millennial buyers are investing in urban areas, where access to employment opportunities and lifestyle amenities align with their preferences and priorities. However, despite their growing presence, in a tough economic climate, many millennials are still grappling with affordability issues and have often been labelled the 'renter generation'. But this narrative is beginning to shift. According to Ooba Home Loans, both first-time and repeat homebuyers are getting older, with the average first-time buyer now aged 35, and repeat buyers closer to 40, indicating that a significant portion of millennials may now be entering the property market in greater numbers. In addition, as interest rates continue to stabilise and more millennials enter their peak earning years, many are shifting from renting to buying in search of stability, wealth creation, personal freedom and family-friendly living. For those selling and looking to appeal to this generation, here's an easy checklist of general preferences: Affordability dictates everything: Location, size and features are chosen with budget top of mind. Many millennials are looking beyond high-demand areas where the value per square meter is better. Location, size and features are chosen with budget top of mind. Many millennials are looking beyond high-demand areas where the value per square meter is better. Smaller homes or fixer-uppers: Budget-conscious and resourceful, millennials are open to projects, as long as the price is right and the long-term value is clear. Budget-conscious and resourceful, millennials are open to projects, as long as the price is right and the long-term value is clear. Function over flash: This generation values clever, efficient layouts over large footprints. It's about making the most out of every square meter. With this in mind, they will be swayed by open-plan living, storage-savvy designs and multi-use rooms. This generation values clever, efficient layouts over large footprints. It's about making the most out of every square meter. With this in mind, they will be swayed by open-plan living, storage-savvy designs and multi-use rooms. Sustainability matters: Millennials are eco-conscious. Solar panels, water tanks, gas stoves, and energy-efficient designs are no longer nice-to-haves – they're expected. Millennials are eco-conscious. Solar panels, water tanks, gas stoves, and energy-efficient designs are no longer nice-to-haves – they're expected. Community-first living: Secure estates or gated communities with shared green spaces, parks, playgrounds and access to quality schools and shops are in high demand. Many millennials have young families, and for some, having access to all of these amenities is imperative. Secure estates or gated communities with shared green spaces, parks, playgrounds and access to quality schools and shops are in high demand. Many millennials have young families, and for some, having access to all of these amenities is imperative. Home office space: A quiet, functional home office or flexible workspace is now essential for many millennials. A quiet, functional home office or flexible workspace is now essential for many millennials. Pet-friendly homes: Millennials are the largest group of pet owners, and their furry companions factor into home choices. Gardens, pet-permitting complexes and access to parks are non-negotiables for many. Millennials are the largest group of pet owners, and their furry companions factor into home choices. Gardens, pet-permitting complexes and access to parks are non-negotiables for many. Room to grow, and personalise: A neutral, well-maintained home offers the blank slate they need. Millennials want the flexibility to add their personal style gradually, without needing to renovate from day one. As they enter their prime earning years and seek greater financial stability, millennials' presence in the property market is growing and with it, their influence. For sellers and developers, understanding what drives this generation's decisions is key. Affordability, functionality, sustainability and lifestyle-oriented features are not just preferences – they're major priorities. What are your thoughts? Share your experiences as a millennial homebuyer in the comments below! Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
