Super rich ignore rate hikes

Xolile Bhengu

Xolile Bhengu

While the residential property market's middle income group adjusts and buys down from interest rate frustrations, the super rich seem not to be feeling the credit crunch.

Aylesford International recently opened an office that specialises in the sale of properties worth more than R40million.

The company said many individuals had done well, and though it was not a large market, it was not uncommon to find someone buying a property worth R80million.

It added that a large number of buyers of property worth more than R50million were foreign.

Standard Bank economist Sizwe Nxedlana said while it was not clear cut where the very high end market began, there was evidence that expensive houses remained relatively unaffected by the rising interest rates. - With Simpiwe Piliso