South Africa’s Property Market Evolution Leads to the Rise of Precinct Living
With security, convenience, and quality lifestyle key determinants for South African homebuyers, it’s unsurprising that demand for estate living is on the rise. This has since evolved, as buyers look for all-inclusive investment options, resulting in the rise of precinct living in South Africa.
“While buyers undoubtedly want the lifestyle that comes from living in estates with ample green space and privacy, they also want to be close to where the action is, which means having amenities such as restaurants, shops, schools, and recreational facilities on your doorstep,” commented Barto van der Merwe, Managing Director of Renishaw Coastal Precinct, a 1 300ha development on the KZN Mid-South Coast.
“This is why we’ve noted the change from basic estate living – which affords security and freedom – to precinct living with the added advantage of vital amenities in close proximity to home,” he says. “These ‘villages within towns’ give homeowners access to a seamless lifestyle, reducing the need for long commutes and encouraging people to remain within communities they know and love.”
Precincts are effectively all-inclusive, self-sufficient, demarcated developments, zoned for a multitude of uses. This model is designed to support a ‘live, work, play’ lifestyle by eliminating long commutes and a lifestyle creating balance.
More than just a residential estate – although it will include one or more of these – precincts are a fully-integrated environment that generally offer investors:
· A mixed selection of housing options suited to various life stages and budgets
· Expansive green spaces and conservation areas
· Quality amenities such as healthcare, education, retail, and recreational
· State-of-the-art perimeter security, as well as additional security within individual estates
· Digital connectivity such as fibre optics
· Community spaces and events that foster connection and belonging
A New Chapter in South African Real Estate
Traditionally, the property journey involved multiple moves, with home sizes and styles shifting with each life phase. From lock-up-and-go apartments to family homes and retirement estates, each transition requires relocation into a new neighbourhood or community.
“The precinct concept has changed this, because you’re now able to find the home to match your phase of life, without having to lose the community you’ve come to know and love,” continues Van der Merwe. “The work-from-home trend also strongly aligns with precinct living, which has everything a working individual would need, from connectivity to cafés.”
He said an additional benefit for investors in South African precincts was investment value growth: “At Renishaw Hills, which is the first estate developed within Renishaw Coastal Precinct, homeowners have enjoyed a 60% increase in the value of their homes in just six years. This is an indication of a well-run, quality-built estate and the value people place on precinct living and its potential.”
The Growth of Renishaw Coastal Precinct
Spanning over 1,300 hectares near Scottburgh, the Renishaw Coastal Precinct is one of the most ambitious developments on the KZN Mid-South Coast. Backed by Renishaw Property Developments, a subsidiary of JSE-listed Crookes Brothers Limited, the precinct has already proven its success with the sell-out of five phases of its flagship mature lifestyle estate, Renishaw Hills.
Renishaw Coastal Precinct has been zoned to include residential developments catering to multigenerational families; retail and commercial hubs; educational and healthcare facilities within walking distance; with a significant 80% of the land set aside for conservation.
Alongside the success of its first residential development, two commercial deals have already been finalised with local businesses. The first is the construction of an upmarket shopping centre backed by Cubisol Property Fund, with mixed-use zoning allowing for potential apartment blocks.
The second is for a petrol filling station, convenience store, and fast-food drive-through to be developed by well-known local business owners, Hampsons. Negotiations are also underway for the establishment of a private school, a medical centre, and further recreational facilities.
“As demand for coastal living continues to rise in South Africa, the KZN Mid-South Coast is incredibly well-positioned,” notes Van Der Merwe. “In addition to boasting the highest number of Blue Flag beaches in the province, nature reserves, world-class dive sites, and golf courses, property prices are on average 30% lower than the North Coast, making this an affordable yet valuable investment.”
To find out more about Renishaw Coastal Precinct, visit www.renishaw.co.za or contact Barto van der Merwe on 087 135 5555.
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