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Top retirement trends and new developments in Pretoria

20 Jun 2019

A significant number of over 60s are currently migrating from bigger freehold properties to smaller units in security and retirement villages in Pretoria.

Retire in style and off the grid in Featherwood Estate in Pretoriuspark, Pretoria. This modern reirement unit has three bedrooms, two bathrooms, Smeg oven, double garage and more. It is selling for R 2.485 million - click here to view.

Jimmy Du Preez, an agent with Seeff Pretoria East, says the majority of seniors and retirees commence shopping around for affordable retirement villages in their late 60s and by the time they are 70 to 72 years, they are usually established in a suitable retirement environment.

“This does not only reflect patterns inside the borders of bigger metropolises, but also relocation from smaller country towns and farms.

“Developers must have anticipated this phenomenon because a number of new retirement villages have lately arisen around the country.

This home in Ruimtesig Retirement Village in Faerie Glen, Pretoria, is set in flowing gardens in the last row off units with unobstructed views of the Bronberg mountains. It has two bedrooms and bathrooms, and is selling for R2.4 million - click here to view.

The erection of these retirement villages contributed to the oversupply of larger freehold properties in the market in general and increased prices and demand for retirement villages”.

Du Preez says older retirement village developments which dated back to the 1980s and 1990s are spacious with wider, open outside spaces and gardens, and are especially fashionable amongst energetic retirees with the financial backing to enjoy travelling and new adventures.

“Levies to maintain the older buildings, bigger open spaces and gardens are generally higher than in more modern retirement villages.

“Motivation for seniors to relocate to retirement villages is currently fuelled by factors such as 24/7 manned security, assisted living and frail care services, catering services and peer group interaction”.

This newly renovated two bedroom retirement unit in Renovated Retirement unit in Brummeria, Pretoria, has a study area and covered patio. It is priced at R1.17 million - click here to view.

Du Preez adds that modern retirement villages represent significantly more, but smaller units which are built closer together.

“Modern villages reflect contemporary building styles and finishes such as open-plan kitchens/lounges/dining rooms and patios, two or three bedrooms, one or two bathrooms and undercover parking or garages.

“This comes at a price though and these unit prices are generally higher priced than in older retirement villages”.

Du Preez continues that there is still a belief that funds derived from the selling of a big freestanding property will be able to afford a unit in a retirement village plus a capital investment.

This large two bedroom unit in an upmarket retirement village in Equestria, Pretoria, has a garage, carport and access to a medical care centre plus daily meals if required. It is on the market for R1.8 million - click here to view.

But senior citizens and retirees now find it more and more difficult to satisfy their needs for living in retirement villages, he adds.

Single and twin bedroom townhouses in older retirement villages and bottom and top stack apartments in modern retirement villages represent the lower end of affordability at between R1 million and R1.6 million. Townhouses with bigger, more spacious rooms represent the higher end of R1.8 million to R2.6 million. 

Developers persist with a mix of property types of apartments and townhouses and now also offer studio apartments in modern retirement villages, he says.

“These provide a single, modern living bedroom, own bathroom and kitchenette, basic medical care and meals at affordable prices for a price less than R 700 000. The units are suitable for couples, single occupants and/or those in need of assistance living.”

Also, investors buy retirement units for use by family members, own use in future or for re-sale when markets turn favorable.

Buy directly from the developer in Rietvalleirand, Pretoria. This north-facing Mediterranean-style retirement village simplex has three bedrooms, two bathrooms, double garage, undercover patio with built-in braai, and more. It is priced at R2.082 million - click here to view.

He says decline in revenue from pensioner investments limits investors’ annual rental increases to below inflation and levies are also comparably higher. “Rental units are therefore in low supply and even heirs of retirement units opt to sell, rather than to rent out.”

Du Preez says subsequently rental demand is comparably low from seniors and retirees. Capital growth in retirement villages is generally higher than in similar units outside.

“Featherwood in the east of Pretoria is a retirement complex with all the latest services of manned security, assisted living, frail care and catering services - and different types of accommodation associated with a modern-day retirement village.

“Several new studio apartments and two and three bedroom apartments are still available. Prices vary from R 699 000 to R 1.77 million.”

The building of units in a new development in the Waterkloof Ridge area in Pretoria called Waterkloof Marina will also commence soon, says Du Preez.

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