(Bloomberg) -- Springbok and impala wander through the parkland at Steyn City, a private residential estate that’s four times the size of Monaco. Nearby, a rider cools down her horse after a morning out at an Olympic-sized equestrian arena, while golfers tee off on a Jack Nicklaus-designed course. The enclave on the outskirts of Johannesburg — replete with a man-made lagoon, biking trails, restaurants and a school, and where homes are sold for as much as 50 million rand ($2.7 million) — illustrates the efforts of the wealthy to shield themselves from rampant crime and deteriorating infrastructure in the world’s most unequal country. Despite a 20% decline in South Africa’s millionaire population over the past decade, it remains a hub for the continent’s high-net-worth individuals, according to the Henley & Partners’ Africa Wealth Report. Meanwhile, government data show that roughly half of the 63-million-strong population lives in poverty, relying on at least one monthly welfare payout. Housing stock in estates — of varying degrees of luxury — is the fastest-growing segment in the country’s residential property market, according to Lightstone. There are almost 490,000 homes in such developments, a fourfold increase since 2003, the real estate data firm said. Estate living emerged around three decades ago when developers financed golf courses by adding properties within secure perimeters, creating a sense of community based on shared values and lifestyles, said Andrew Golding, chief executive of Pam Golding Property Group. Crime, which, according to World Bank estimates, erodes $40 billion — 10% of South Africa’s GDP — annually, more than a decade of power cuts, and water outages have since spurred these developments, which typically include backup solutions. It’s “a symptom of a failed society,” said Bronwyn Williams, a partner at Flux Trends. While it is natural for people to prioritize their families’ safety when “the government is not fulfilling its mandate to look after your safety and security,” buying their way out of problems is a moral gray area, she said. Sign up for the twice-weekly Next Africa newsletter for the latest business and economic news from the continent. To be sure, this phenomenon is not unique to South Africa. Exclusive communities catering to ultra-rich have mushroomed worldwide, from the US to Brazil and the United Arab Emirates. New World Wealth predicts that by 2050, over half of the world’s centi-millionaire population will reside in or own second homes in lifestyle estates. For Douw Steyn, whose 250-million-rand home is perched on a ridge overlooking the estate bearing his name, the development provided a way to honor his heritage. “While many successful South African businesspeople who built their fortunes here chose to disinvest in the economy, I saw things differently,” the founder of local insurer Auto & General and BGL Group, one of the biggest consumer insurance firms in the UK, said in an emailed response to questions. Nelson Mandela, the anti-apartheid activist who became the country’s first Black president, broke ground at the site in 2007. He stayed at the tycoon’s former Johannesburg house when freed after 27 years in prison, and worked on his autobiography as well as the nation’s first democratic constitution there. Steyn City’s developers say they’ve spent almost 9 billion rand, including contributions to municipal infrastructure, on the property and have committed 2.7 billion rand for further works over the next six to seven years. It’s not uncommon for estate developers to upgrade and build infrastructure that also serves surrounding communities. Val de Vie, the only other African estate ranked among the top 10 lifestyle estates globally by New World Wealth, is located on a site of an old quarry, less than an hour away from the tourist hotspot Cape Town. Its developers spent more than 25 billion rand, including to build power, water and road infrastructure, according to Ryk Neethling, its marketing and brand director. Since the pandemic boosted remote work’s popularity, luxury compounds have drawn more affluent foreign residents. Approximately 40% of Val de Vie’s buyers are foreigners — two-thirds of whom are returning South African expatriates, with the rest mostly Europeans — including venture capitalists, traders and finance and IT professionals, Neethling, who’s also an Olympic swimming gold medalist, said. Luxury homes on the estate sell for as much as $3,860 per square meter, compared with $5,600 per square meter for prime property in Cape Town. Steyn City’s international population comprises roughly 10% of its residents, mostly Africans working in industries like mining, logistics and financial services. These residents seek to travel easily and strike deals across the continent, Steven Louw, its chief executive officer, said. Land in the estate sells for as much as $315 per square meter. In housing developments like estates “the costs per square meter are amortized over a greater number of units” allowing for more amenities than typical freehold or free-standing properties, said Golding. Competition in the luxury market has prompted estates to adopt cradle-to-grave strategies, introducing amenities like kindergartens, medical and senior living facilities and office parks, minimizing the need for residents to leave their enclaves. As buyers grow accustomed to these offerings, they are likely to demand similar features in mid-market developments, said Siphamandla Mkhwanazi, a senior economist at FirstRand Ltd.’s FNB. “What used to be luxury is going to become more average.” You can follow Bloomberg’s reporting on Africa on WhatsApp. Sign up here. More stories like this are available on bloomberg.com ©2024 Bloomberg L.P.Henan Solicits Opinions: Proposed Exemption of Land Value Added Tax on Sales of Ordinary Residential Properties
Inter Milan, currently led by coach Simone Inzaghi, has set ambitious goals for the ongoing campaign. The Nerazzurri are determined to retain their Serie A title and make a strong impact in the Champions League after a triumphant campaign last season under the guidance of Antonio Conte. However, Parolo believes that Lazio, under the management of Maurizio Sarri, possess the quality and strategic capability to disrupt Inter's plans and potentially derail their title ambitions.
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... The number of enrollees in the Lagos State Health Insurance Scheme “Ilera Eko” has grown to a total of 1,152,455. According to the Permanent Secretary of the Lagos State Health Management Agency (LASHMA), Dr Emmanuella Zamba, the total number of enrollees, which stood at 923,000 in 2023 has increased by 229, 455 in the last twelve months. The Permanent Secretary made this known while delivering the lead speech during a media briefing to commemorate the Universal Health Coverage (UHC) Day 2024. the theme, “Health: It’s on the (house) Government.” Recall that the State Governor, Mr Babajide Sanwo-Olu, had earlier this year signed an Executive Order which was to domesticate the National Health Insurance Authority (NHIA) Act. The Order was also to strengthen the Lagos State Health Scheme Law of 2015, which makes enrolment in ILERA EKO mandatory for all residents by ensuring that more people can access quality healthcare services. Speaking further, Zamba said: “This year’s theme underscores the vital role of government leadership in ensuring that healthcare is accessible, affordable, and equitable for all. It also provides the opportunity for us to showcase the Government’s immense contributions to healthcare using the ILERA EKO Way. “Universal Health Coverage is not just a global ideal; it is a fundamental human right that all people have access to the full range of quality health services they need, when and where they need them, without financial hardship. “Lagos State has made tremendous strides toward Universal Health Coverage, and our journey has been driven by the ILERA EKO scheme, which embodies the government’s commitment to health equity. Since the enactment of the Lagos State Health Scheme Law in 2015, LASHMA has worked tirelessly to ensure that residents are protected from catastrophic health expenditures and can access quality care when they need it.” The Permanent Secretary added, “Investing in health is not just about improving lives—it is about strengthening the backbone of our societies and economies. A healthy population means a more productive workforce, stronger communities, and greater national resilience. “Universal Health Coverage is the key to achieving these outcomes, and it requires unwavering political will, strategic funding, and inclusive policies that prioritize the needs of the most vulnerable. “Today, we will take you through our journey to UHC using the ILERA EKO Way. We will share how the scheme has grown over the years, with over one million enrollees and an expanded benefits package. We will also highlight our strategies to enlighten the public and drive enrollment. Public awareness is critical to the success of ILERA EKO, and we have implemented innovative initiatives to simplify the enrolment process and ensure that every Lagosian is aware of the scheme’s benefits. “We will provide insights into these strategies, including our growth initiatives designed to enhance the scheme’s reach and impact.” Zamba explained that in order to boost ILERA EKO scheme, the agency had partnered with a healthcare provider network, saying.the network was the backbone of the scheme which provides channels to make enquiries and complaints. “Additionally, we will look into how we are addressing the needs of vulnerable populations through the Eko Social Health Alliance (EKOSHA). You will see how we are bridging the gap through our innovative approach, ensuring that no Lagosian is left behind in our journey to UHC. “We will also highlight measures we are taking to ensure that all residents fulfill their obligation to enroll in ILERA EKO, which is critical to achieving our shared goal of Universal Health Coverage,” she stated. In her contribution, Head Monitoring & Evaluation of LASHMA, Tayo Adetoro said that since the inception of Ilera Eko, a total of 1,152, 455 Lagosians have enrolled in the programme. She added that the agency has been partnering with other agencies to ensure that the scope of expansion is enhanced.In conclusion, Sergio Ramos's dedication to enhancing his offensive capabilities and embracing a more self-assured approach in front of goal is a testament to his commitment to personal growth and excellence. By honing his shooting skills and striving to be more decisive in key moments, Ramos is setting himself up to become an even more complete player and a formidable force on the field for Real Madrid. As he continues to push himself and evolve his game, the prospect of witnessing Ramos deliver crucial goals from long range is an exciting development that is sure to captivate fans and teammates alike.
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One of the key objectives of the power transition process is to ensure the continuity of essential services and civic functions throughout the country. This includes guaranteeing access to healthcare, education, public safety, and other basic necessities that are vital to the well-being of the population. By coordinating the transfer of power and responsibilities, the aim is to minimize disruptions and maintain stability during this critical period of transition.High school recruiting isn't the only way to build a winner in the transfer portal era
