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High-salary lifestyle – Executive homes in the Eastern Cape

High-salary lifestyle – Executive homes in the Eastern Cape

Needless to say Johannesburg has always attracted high-salary residents while Cape Town has long been associated with most of SA’s most expensive and

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Needless to say Johannesburg has always attracted high-salary residents while Cape Town has long been associated with most of SA’s most expensive and exclusive properties – however, the Eastern Cape is gaining ground with its own take of high-end living – and the hefty price tags to boot.

Although locations vary, an uber-successful CEO or entrepreneur with a couple of million quid to splash on a home in PE is mostly likely to make new neighbours in exclusive Theescombe says Ingrid Olivier, Co-franchisee at Pam Golding.

“Mill Park, Walmer (the upper avenues), Humewood and Summerstrand are also known for their high-end property offerings,” she adds.

“Popular areas for executive living include areas close to the ocean, such as St Francis Bay, and the Port Alfred Marina. In Nelson Mandela Bay, popular areas include Upper Walmer, as well as Mill Park and portions of Summerstrand such as the upmarket Brighton Drive,” Jaco Rademeyer, Principal and Owner at JRE Jaco Rademeyer Estates also says.

In East London, Carlisle Snyman, Director and Team Leader at Engel & Völkers East London, says if you are looking to bump into other millionaire businessmen, you will need to get an address close to the beaches.

“Prestigious homes are found in areas close to beach such as Nahoon, Blue Bend, Bonza Bay, the river frontage properties of Torqay Road and properties on the banks of the Nahoon River offering jetties for boating. The large ground and elegance of Bunkers Hill is also very attractive for the discerning buyer,” describes Snyman.

Charlotte Vermaak, Director at Chas Everitt, says executive homes in the Eastern Cape are generally larger than the average home in terms of the size of the dwelling and, in most instances, the size of the property.

“These homes are generally speaking not found in or near the city centre or main business area. Many are found in the outlying areas of the city and desirable neighbourhoods with the best schools and other amenities being in close proximity of them,” she explains.

“Typically, an executive home in PE is a larger, well-built property in excellent condition, with high-end finishes at an upmarket address,” says Olivier. She said the property can vary from a townhouse, penthouse, family home or smallholding and the pricing can be from around R5 million upwards, “although selling price will be influenced by seller urgency and buyer demand”.

She says the typical dwelling will have expert architect design, modern kitchens and bathrooms, flowing living areas to good entertainment patio, good security, landscaped gardens and quality finishes, which often include granite kitchen counter tops, Hans Grohe bathroom fittings, quality tiling among other luxuries that executive lifestyles demand.

Vermaak adds that, in many instances, both pools and tennis courts are standard while Synman says sea or river views – and easy, immediate access to boats or yachts, is often characteristic of these homes.

The realtors said that the buyers for these properties are often middle aged (35-50 years), have a small family, are highly mobile – and loaded.

“To qualify for a bond on an executive home of say R5 million, you need to be earning roughly R150 000 a month which would allow for monthly bond repayments of around R50 000. The buyer for our most expensive property (a R15.950 million mansion on a secure estate in Theescombe) will face bond repayments of around R450 000 a month – this amount would obviously reduce depending on the size of the deposit he put down,” explains Olivier.

While the traditional buyer is white, Vermaak says they are seeing a rise in demand from the so-called black diamonds. Snyman said buyers in big cities like Johannesburg and from abroad – thanks to a weak Rand, were also showing interest in the province.

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