Skip to content The concept of retirement villages for senior citizens began to gain significant traction in the late 1980s. These developments represented a departure from the traditional “nursing homes”, catering instead to more active, independent seniors seeking a lifestyle that matched their needs and preferences.
Initially, the sale of units in these villages, particularly under the life rights model, was unregulated and carried significant risk to buyers due to the absence of oversight. However, the enactment of the Retirement Housing Development Schemes Act (Act 65 of 1988) was a watershed moment for the industry. This legislation introduced essential safeguards, requiring contracts to include built-in protections and ensure compliance with prescribed standards.
The Renaissance Group’s foray into the Retirement Village sector began after extensive consultation and collaboration with other developers and estate agents in the industry. Between 1988 and 1992, the initial projects were undertaken by the Bester Investment Group, a company specialising in property development. Under the brand name “Renaissance” – symbolising renewal and revival – these developments catered to a younger demographic of retirees. The law’s set minimum age of 50 reflected this focus on individuals who were often still actively employed or involved in various pursuits.
The early years were marked by challenges. Prospective buyers were unfamiliar with the life rights concept, which created uncertainty, while financial institutions were reluctant to offer individual mortgages to buyers, which limited their purchasing options. Despite these obstacles, the concept gradually gained acceptance and popularity.
Building on the foundation laid by the Bester Investment Group, Renaissance Retirement Villages evolved into an independent entity after 1992 under the new holding company, Renaissance Developments (Pty) Limited. Over time, the Group expanded its portfolio to include seven resorts. A hallmark philosophy of the Renaissance Group has been its commitment to remain actively involved in the developments, rather than adopting a “build and leave” approach.u
As the market has matured, life rights have increasingly been converted into full and sectional title ownership structures. This shift has been driven primarily by demand from younger buyers, who are seeking potential growth on their investments. However, all units, regardless of their ownership model, have remained subject to the provisions of Act 65 of 1988, which ensures consistent protection for residents.
