Green shoots in luxury property market

As South Africa gradually emerges from the national lockdown, the luxury

residential property market

is showing promising signs of increasing activity, says Andrew Golding, chief executive of the Pam Golding Property group.

Among the group’s most recent sales is a home in Clifton on the

Atlantic seaboard

, purchased “sight unseen” by an American for R30 million, and a penthouse in the V&A Marina which fetched R41m, also acquired by a US buyer.

A R26m home in the Zimbali Coastal Estate in KZN was also sold.

While there have been sales to foreigners from virtually every country in the world, Golding says the luxury

residential property market

– from approximately R5m up to R100m and beyond in rare instances – remains predominantly a local market, with foreign buyers comprising only around 1% of total sales in any given time period.