South Africans aged 60 and older own 1 350 000 properties, 40% of all properties in the country valued above R500 000. Lightstone’s analysis excluded 550 known old-age homes, where units are not bought and for which no data is available, as well as 675 000 properties owned by legal entities.
The analysis split the market between those who either lived inside or outside retirement villages.
Lightstone estimated that Gauteng and the Western Cape accounted for 70% of 400 retirement establishments which contained 45 000 units, while 14% were in KwaZulu-Natal. Of the 45 000 units, 30 000 (66%) were in Sectional Schemes, and 15 000 (34%) in Estates.
While retirement villages are growing in popularity, they account for a small proportion of homes owned by someone aged 60 years or older. For every one unit in a retirement establishment there are 30 units owned by people aged 60 years or older outside these establishments, excluding ownership of subsidised properties.
Of these >60-year-olds living outside of retirement facilities, 20% are in Sectional Schemes or within Estates and 80% in Freehold houses.
Spread of units in retirement establishments
Value of units in retirement establishments
Value of properties outside of retirement estates owned by owners aged 60 years or older
Retirement villages: Gauteng has the units, but the Western Cape holds the value
Retirement villages are increasingly popular because they offer enhanced security, low-maintenance living, and comprehensive healthcare in a community-oriented environment. With the over-60 population increasing and living longer, these villages provide tailored care and lifestyle amenities that address safety concerns and the need for medical support, with many operating on popular "life rights" models for financial stability.
In fact, many retirement villages, or lifestyle estates which include a retirement component, now allow residents over 50 years of age. Gauteng has the most retirement units of all South Africa’s provinces, but it’s the Western Cape where the value sits. The graph below shows that Gauteng leads the way in terms of units under R1m and between R1m-2m, but it is the Western Cape which comes out on top in the R2m-R3m, R3m-4m, R4m-5m and above R5m categories.
Value of units in Gauteng and Western Cape
Lightstone also took a look at the major cities in the popular retirement provinces. The City of Cape Town had the greatest number of units (and the higher value properties), followed by the City of Tshwane (which had the most properties under R2m in value) and then the City of Johannesburg.
Top three cities in the popular retirement estate provinces: Cape Town, Tshwane and Johannesburg
An analysis of top 20 towns by average value of a property in retirement estates tells a different story.
While Gauteng shades the Western Cape in numbers of units, the average value of properties is highest in the Western Cape, with 12 out of the top 20 towns. Drakenstein (R4.9m) and Stellenbosch (R4.5m) recorded the highest average values, while Salt Rock in KwaZulu-Natal was next with an average value of R3.9m.
Interestingly, KwaZulu-Natal accounts for seven out of the top 20 in terms of average value, although just 14% of homes in retirement villages are in that province. Conversely, while Gauteng is home to most units in retirement villages, only Midstream in Centurion makes the top 20 in terms of average value.
Golden oldies (including those outside retirement villages)
Older South Africans hold a disproportionate share at 40% of properties valued at more than R500 000 (see graph below), when just 10.5% of South Africa’s population is 60 or older.
There are many reasons for what has been described as property wealth concentration or housing equity accumulation, and they include those over 60 having bought homes when they were cheaper relative to income, then held those assets through decades of price growth. Many are now mortgage-free, so the equity has had time to compound into substantial housing wealth.
Three forces matter most. First, they entered the market earlier, when deposit hurdles and debt burdens were lower. Second, property prices in stronger suburbs and metros rose faster than wages, so owners captured capital gains simply by holding out or trading up. Thirdly, older owners are downsizing later, meaning they keep prime homes longer and concentrate ownership in the most valuable stock.
In broader economic language, it reflects an intergenerational asset gap: Boomers own more of the country’s high-value homes, while younger people face higher entry prices and weaker affordability. As these assets are passed on, the shift is often called the great wealth transfer.
The intergenerational gap
In addition to owning a disproportionate number of homes relative to share of population, homeowners above 60 also own proportionately more homes above R2m in value than below – and don’t move home much as they get older.
Lightstone’s analysis also shows, most markedly, that those over 60 have settled in several coastal, lifestyle and inland towns as opposed to major metropolitan areas like Johannesburg and Pretoria. In some towns, up to 60% of properties are owned by over-60s, particularly along the Western Cape coastline, KwaZulu-Natal’s North and South Coast, and inland retirement hubs such as Mookgophong in Limpopo.
Coastal and lifestyle towns ageing faster than the national average
The trend reflects a combination of retirement migration, long-term ownership patterns and ageing local populations, with many older homeowners drawn to areas offering lifestyle amenities, security, healthcare access and lower-density living environments.
