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The past two years have resulted in significant changes when it comes to long-term decision-making, with the retirement property sector one area that has been particularly impacted by the reassessment of priorities.
The factors driving investors have shifted quite significantly in the past few years, with lifestyle most certainly top of mind for many buyers. According to Phil Barker, Renishaw Property Developments, for those with the means to take early retirement, the pandemic brought this move forward, while others considered health and safety, community living and general wellbeing as non-negotiables when deciding on a property. “We expect to see more of this going into 2022.” Here are some of the trends affecting the retirement sector:
While holiday homes on the KwaZulu-Natal, Eastern Cape and Western Cape coastlines have always been popular, there’s now a massive movement of inland residents choosing the coast as a primary residence. According to Lightstone Properties, there’s been a notable increase in homeowners moving out of Gauteng – 43% in 2021 compared with 39% in 2019 – a trend that’s likely to continue.
While the Western Cape remains a popular seaside location, the KwaZulu-Natal coastline with its subtropical climate and warm Indian Ocean is also a big drawcard for investors. For those seeking a much more relaxed lifestyle away from the hustle and bustle, the KZN South Coast – which offers great value for money – is definitely emerging as a key investment location this year.
One of the major drivers of semigration to the coast is the introduction of corporate flexibility and remote working opportunities precipitated by the pandemic. For the property market, this means that buyers are looking for well-positioned locations with high-speed internet connectivity in the form of fibre to the home.
Going off the grid
The ever-imminent threat of load-shedding and power outages, coupled with a necessary movement towards more sustainable living, has increased the demand for homes fitted with solar panels, inverters and water storage tanks. Buildings that are sustainably constructed as well as eco-friendly estates are certainly a priority when it comes to investment.
Although security elements have always been important in the South African setting, the 2021 July lootings prompted even more demand for security in the form of gated villages. Buyers are looking for 24-hour, on-site, state-of-the-art security measures that don’t overwhelm residents, but rather blend seamlessly into the estate.
Those looking to invest in a retirement property are moving away from frail care centres and opting for estates that offer home-based healthcare. This provides residents with much more independence, with healthcare providers focusing on preventative healthcare for optimum wellbeing.
The South African Reserve Bank recently hiked the repo rate, which will impact homeowners and those looking to buy. While this may affect bond applications, for many retirees seeking investment without necessarily acquiring a bond, the rate increase could work in their favour.
Despite a return to some form of normalcy, Covid-19 risks remain, which is why virtual tours for potential buyers will become much more commonplace. This also gives those looking to semigrate the opportunity to view various property options remotely. More developments and real estate organisations will be leveraging emerging virtual reality (VR) technology for safety and convenience.
Fulfilling retirement needs
Renishaw Hills, a mature lifestyle estate on the KZN mid-South Coast, touches on all the best property trends of 2022. An unashamedly upmarket estate, Renishaw Hills offers high-quality facilities, top-end security, home-based healthcare and a nature-based environment that allows residents to live the holiday life.
This estate has just launched Phase 6, a series of maisonettes with spectacular sea views and houses surrounded by coastal greenery.
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