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Rise in new wealth bodes well for residential property

Rise in new wealth bodes well for residential property Recent reports of current annual growth of 31% in the ranks of the wealthy in South Africa (compared with 19% in 2010) is good news for prime residential property says Gauteng luxury homes marketer Ronald Ennik. "Firstly, it will create a welcome new layer of buyers of luxury homes. Secondly, the sustainability of the top end of the market will be reinforced as more and more of the new wealthy buy into it. "Thirdly, it will compensate for the (hopefully temporary) withdrawal of foreign investors who, in spite of the attractions of the weaker Rand, seem to be adopting a wait-and-see strategy based on recent negative socio-economic and political developments in South Africa," says the CEO of Christie's-affiliated Ennik Estates. •Meanwhile, in the recently published global Wealth Report 2012, Renato Grandmont, chief investment officer for Citi Wealth Management and Citi Private Bank in Latin America, picks

Middle segment property values rise 5% on Absa index

Middle segment property values rise 5% on Absa index Middle segment property values increased by 5 percent year on year last month following a revised 3.3 percent year-on-year rise in October, according to the latest Absa house price index released yesterday. However, Absa said average house prices in the first 11 months of this year were unchanged compared with the corresponding period last year. In addition, Absa said although the year-on-year growth in the average value of homes in the middle segment of the housing market increased further last month, month-on-month house price growth continued to be on a downward trend. This trend commenced at the middle of this year and was expected to affect year-on-year house price growth "in the near future", said Jacques du Toit, a property analyst at Absa Home Loans. Du Toit said real price deflation was still evident in the middle house segment up to October but the downtrend was being arrested, with the smalland medium-s

Super rich flock to Sandton, Cape Town central

Super rich flock to Sandton, Cape Town central : Where do South Africa's wealthiest people live? A report from London-based consultancy Wealth Insight sheds some light on their geographical distribution. With 36 multimillionaires, Sandhurst accounts for the largest proportion of Johannesburg's ultra high net worth individuals (UHNWIs). Bryanston accounts for the second-largest percentage, "although it is a significantly larger suburb than the likes of Sandhurst, Hyde Park and Westcliff ", the report notes. "The area known as Sandton, which includes Sandhurst, Sandown, Morningside, Hyde Park, Melrose, Atholl and a number of other suburbs, is home to over half of Johannesburg's UHNWIs." The report also notes that a number of South African companies moved their head offices to Sandton, following a rise in crime in Johannesburg's city centre between 1990 and 2000. "Most notably, the JSE moved to Sandton in September 2000 from the central bus

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!