melrose arch
  • Many South African property buyers are moving away from houses, a new report shows.
  • Apartment complexes are often considered residential estates in their own right.
  • There is also an increase in demand for hotel residences and serviced apartments. 
  • For more stories visit Business Insider South Africa.

Luxury apartments have been the best performing residential segment in South Africa over the past decade, global research group New World Wealth says in its latest estate ratings report.

Many buyers have moved away from houses, with apartment complexes often considered residential estates in their own right, the report into the high-net-worth individual (HNWI) segment in South Africa says.

NWWealth also found growing demand for luxury apartments linked to shopping centres. Complexes such as Melrose Arch, the Pearls in Umhlanga, and the Raphael Suites in Sandton city allows residents to walk to shops with minimal hassle.

See also: More than 40% of SA's rich now live on residential estates - these are the top 10

A large number of lifestyle and golf estates have started to add luxury apartments onto their offerings.

The report shows an increase in demand for serviced apartments and hotel residences, where owners essentially live in a hotel permanently, and enjoy the same services as normal guests do such as room service, cleaning and dining.

Here are the top 10 luxury apartment complexes in SA for 2019 (in alphabetical order):

  • De Meermin - Plettenberg Bay, Garden Route.
  • Embassy Towers - Sandton, Johannesburg.
  • Melrose Arch - Sandton, Johannesburg.
  • Raphael Suites - Sandton, Johannesburg.
  • San Michele - Clifton, CT.
  • The Bantry - Bantry Bay, CT.
  • The Houghton - Houghton, Johannesburg.
  • The Pearls - Umhlanga, Natal.
  • V&A Marina Apartments - Waterfront, CT.
  •  Whitehall Court - Killarney, Johannesburg.

Compiled by Estrelita Moses

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