LUXURY HOME SALES AND PRICE GROWTH

Estate agents report that luxury homes are now seeing price appreciation and high demand from buyers with money.

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According to Tony Clarke, Rawson Property Group managing director, their group saw 37.72 percent year-on-year (y/y) in the total revenue of homes sold and priced above R2 million. He notes that in particular, an increase was seen in locations such as Constantia and Franschhoek in Cape Town, Bryanston and Morningside in JohannesburgWaterkloof in Pretoria and 
Kloof and Umhlanga in KwaZulu-Natal.

He points to the fourth quarter of 2013 Absa report that shows that luxury homes (priced from R3.8 million to R17.8 million) saw an average y/y increase of 6.6 percent from 6.7 percent in the third quarter.

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