This is what houses look like in South Africa’s 10 richest neighbourhoods

·5 Mar 2023

Cape Town outperforms Johannesburg and Sandton when it comes to the number of mega luxury home sales, says Samuel Seeff, the chairman of Seeff Property Group.

Official deeds office transactions over the last few years highlight this fact, said Seeff.

“We continue seeing the strengthening of the general trend of affluent high net worth buyers (HNWIs) who spend in excess of USD 1 million on property in the Cape compared to less than half of that on average in the wealthy suburbs of Sandton and Johannesburg.”

When comparing the number of transactions above R5 million, the data shows that almost 70% were concluded in the Cape Town metro (2,354 transactions) compared to less than half (1,046 transactions) across Sandton and Johannesburg, said the chairman.

Transactions above R10 million show that 77% were concluded in Cape Town (546 transactions) compared to just 160 in Johannesburg/Sandton.

Transactions above R20 million (USD 1 million approx.) show that a notable 84% of all sales were concluded in the Cape, mostly across the Atlantic Seaboard, City Bowl and Southern Suburbs, but also in Stellenbosch and Hermanus, he added.

According to Seeff, the top ten suburbs where affluent buyers invested in homes priced over R20 million include:

	Neighbourhood	Sales above R20 million	Highest price paid
1	Constantia	25	R100 million (Eagles Nest)
2	Camps Bay/ Bakoven	16	R55 million (Oudekraal Rd, Bakoven)
3	Fresnaye	15	R54 million (Ave Protea)
4	Waterfront/ Mouille Point	13	R50 million (Pinmore)
5	Llandudno	13	R50 million (Bosman Ave)
6	Stellenbosch	10	R69 million (De Zalze)
7	Bantry Bay	9	R125 million (Kloof Rd)
8	Clifton	8	R47 million (Clifton Terraces)
9	Bishopscourt	7	R39 million (Norwich Drive)
10	Sandhurst	3	R30 million (Oxford Ave)

Wealthy neighbourhoods in Gauteng include Sandhurst, Hyde Park, Houghton and Steyn City.

Seeff said that there were also sales above R20 million in Sea Side Longships in Plettenberg Bay and in Voëlklip and Kwaaiwater in Hermanus. Super luxury sales were notably up in Stellenbosch, mostly in the De Zalze and De Bosch estates.

The boom of expensive properties was supported by a notable uptick in high net-worth buyers from Gauteng, especially in the Atlantic Seaboard sales, along with a welcomed return of foreign buyers, mostly from Germany, the UK, Switzerland, Finland and France.

BusinessTech looked at what some of the houses look like:

Constantia

8 Bedroom House for Sale in Constantia – R32,500,000