Why are an increased number of people choosing to live in gated estates?
Category Newsletter
Living in gated estates is now the preferred option among South Africans and recent data backs this claim up. The latest Lightstone figures indicate that this type of property is growing remarkably in value.
This trend was identified after the company analysed 6.2 million South African residential properties, worth a total value of R4.3 trillion. Gated estates comprised of 5.1% of total volume and accounted for 15.1% of the overall property market value.
The above statistics indicate that these homes are well-positioned in both volume and value of sales as an increasing number of people are opting to live in secure environments including: Coastal, lifestyle, equestrian and golf estates.
With an appeal that is far-reaching across the country, this begs the question as to where gated estates’ desirability lie.
A property value higher than the rest:
These property types are sound investments largely due to the fact that it offers safety, security and privacy- all factors that increase the property’s value. For example, an automatic gate system or private security access serve to inflate an estate’s value. It is also the least volatile of all property types, as even when the market experiences a downturn, these homes continue to fetch a better price compared to freestanding homes.
Safety first
With crime on the rise in South Africa, security has become a main priority for homeowners. Residential properties in estates are renowned for advanced safety features such as access-controlled entrances, 24/7 security guards and perimeter fencing. Gated estates deliver security on a grand scale.
Homeowners Association
Many gated estates have the added benefit of being managed by a homeowners association which ensures the regular maintenance of the property in terms of, the upkeep of facilities and the general aesthetic of the community. The association also serves to ensure that residents abide by certain rules and regulations such as maintaining their homes and lawns so that the estate always looks in prime condition.
A sense of community
The sheer proximity of one home to another in gated estates fosters close relations with neighbours, this can create a close bond, togetherness and unity. Such an environment does not exist in other properties such as, freestanding homes.
The affordable option
Affordability is one of the main reason South African’s are choosing to move away from freestanding homes and into their own units on common property. The price range of these homes according to HomeBid is R500 000 to R1 000 000.
Well-positioned to key amenities
Homes on gated estates are typically built in or near city centres, placing them in the heart of key amenities such as: Schools, shopping malls and hospitals. Residents are always in the hub of activity and have the added benefit of travelling short distances to work as commercial precincts lie close-by.
With the benefits that accompany gated estate living, it makes sense that an increased number of people are choosing this option. In fact, this property type accounts for approximately 63% of all home loans over the last five years. With such trends and the affordability and security perks that encompass gated estates, it is predicted to grow in popularity with an increased number of South Africans choosing it as their preferred choice.
Author: Century 21 Montana