It is not an urgent sale but as we are living overseas it just makes sense. With the market the way it is in the higher brackets though, is it wise to list it now, or should we wait? We do know that we may not get what we would have got for it a few years back but that is fine with us, as long as we obviously get a market-related offer.
A: Luxury real estate is back in first place among the most favoured investment options for high net-worth individuals, and the reasons are not hard to find.
For a start, stock markets everywhere have been hammered by the pandemic and are likely to remain volatile as its economic, social and political effects continue to play out.
Read the latest Property360 digital magazine below
This makes it very difficult to keep track of returns on equity investments. And along with gold, real estate has traditionally been seen by investors as a safer alternative in such circumstances.
Secondly, luxury real estate prices have fallen drastically since 2019, and astute investors are taking the opportunity to upgrade to bigger and better primary residences, or to purchase additional properties in the expectation of excellent future value growth.
Indeed, we are currently also seeing this scenario play out in all the luxury home markets across South Africa, from the southern suburbs of Cape Town to the north coast of KwaZulu-Natal, where well-priced properties are definitely selling much more swiftly than they were a year ago. – Rory O’Hagan, head of the Luxury Portfolio division of the Chas Everitt International property group