The ability to live in a secure enclosed area, yet still able to enjoy the surroundings is a big draw-card and within the Cape metro, freehold estate houses now achieve some of the highest prices.
Lightstone data shows that luxury estate homes (priced above R3 million) sell for around R7,9 million on average compared to an ordinary freehold house which sells for around R6,2 million, thus just over 27% more. Estates also achieve some of the highest rental rates due to the high demand according to Seeff.
Ashley Larter, a property professional with Seeff Hout Bay says the demand for homes in luxury estates is driven primarily by family and professional buyers, but there is also demand from investors looking for a second home or rental yields.
Areas such as the Southern Suburbs and Hout Bay are among the most in-demand for estate living. The latest luxury estate being developed in the area is Applegarth Estate which offers state of the art biometric security and a scenic setting.
Applegarth is located just two minutes from Constantia Nek. It is selling off-plan with plot options ranging from 650sqm to 1047sqm set around a lush greenbelt and up onto the ridge with uninterrupted views across the valley.
There is a choice of stunning architectural house designs in single and double storey options with three to five bedrooms. Buyers can also use their own builder and architect which provides more flexibility to design their dream home incorporating for example a home office or similar, he says.
The estate features award-winning landscaping which incorporates the beautiful natural surroundings, including wetlands and mature trees. The landscaping has a fantastically varied planting palette of indigenous plants and focuses on the shared greenbelt, wetland areas and road verges to create a natural extension to the individual gardens which have been designed to be a more manageable size.
There are now also townhouses available which offer excellent value below R5 million, he says. These range in size from 201sqm to 223sqm and offer three en-suite bedrooms, open-plan living areas, an outdoor terrace, garden and double garage. Prices range from R4,35m plus VAT with no transfer duty payable.
The homes offer contemporary architectural designs and modern interiors for a fabulous lifestyle amidst the beautiful surroundings of mature trees and indigenous fynbos and views of the Hout Bay Mountains.