26 February 2010
	LEISURE PROPERTY - 2 A fraction of the cost By Ian Fife

Fractional ownership seems to be the fastest-growing sector of leisure property. In 2008/2009 prices rose , according to Seeff, the biggest operator in the fractional market sector in SA. The recently introduced system gives leisure buyers a 13th share of a furnished and serviced property they can use for four weeks a year. "While the rest of the market was struggling over the past two years, we were achieving good sales," says Seeff Fractional CEO Henry Greyling. "Our Zimbali, Zebula, Pezula, Arabella and Pinnacle Point fractions sold particularly well in November and December. "The surprise was that out of 72 resales in the last six months, only two fractions increased in price by less than 20%. A fraction of a villa at Zimbali bought for R380 000 last year has sold for R590 000. A V&A Waterfront flat bought for R440 000 two years ago has sold for R750 000." IFA Hotels & Resorts vice-president Phil de Sylva says the company sold R40m worth of fractions in units at its new Fairmont Zimbali Hotel project over December, "when the units were fully booked".