The Western Cape has claimed the position as South Africa's Luxury Retirement Capital, ahead of Gauteng, the home of Sandton and known as 'the richest square mile in Africa'.
The province's burgeoning luxury property market has outshone its competitors, fuelled by a wave of semigration and the influx of affluent international buyers.
While Johannesburg still boasts the highest number of dollar millionaires on the continent, the Western Cape's allure has led to a remarkable surge in home prices, particularly in the retirement property sector.
Census data indicates a significant annual influx of approximately 150,000 individuals to the Western Cape, a considerable portion of whom are high net worth retirees drawn by the region's mild climate and superior service offerings.
Gus van der Spek, owner of the esteemed Wytham Estate in Cape Town's Southern Suburbs, underscores this trend.
He pointed to findings from the 2023 Africa Wealth Report, revealing Cape Town's emergence as a favoured retirement destination for affluent individuals relocating from Africa, Europe, Russia, and the UK.
Projections indicate a substantial increase in millionaire residents in Cape Town by 2033.
Cape Town, revered as the most sought-after retirement locale in the Western Cape, boasts a plethora of retirement developments and easy access to world-class amenities, including hospitals, shopping centres, and parks.
However, the scarcity of available properties in prime areas like the Atlantic Seaboard and Southern Suburbs poses a challenge for incoming retirees.
Luxury retirement property developers are grappling with heightened demand from semigrants and a growing number of elderly foreign nationals, leading to a shortage of suitable units.
As a result, discerning buyers are increasingly turning to existing retirement communities, albeit facing lengthy waiting lists.
Van der Spek acknowledged the exclusivity of estates like Wytham Estate, where one-bedroom units start at R3.75 million but stressed that lifestyle preferences often outweigh price considerations for retirees.
He noted that Cape Town's luxury property market is comparatively affordable on a global scale, enabling retirees from abroad to enjoy a lifestyle typically reserved for the affluent elite.
For those seeking refined living amid the scenic Cape Winelands, developments like Val de Vie Evergreen and Zevenwacht Lifestyle Estate offer an idyllic retreat. Similarly, the coastal charm of Hermanus is attracting retirees seeking a tranquil seaside haven.
Comments