New data from New World Wealth has revealed South Africa’s poshest residential areas in the country.
According to the group, there are approximately 3,600 homes in South Africa that are valued at over US$1 million (R18 million) as of June 2022.
“By this measure, South Africa ranks as the 25th largest prime residential property market in the world, well ahead of the other countries in Africa and in line with big emerging markets such as India and Brazil.”
New World Wealth noted the following areas some of the highest property prices including:
- Clifton in Cape Town;
- Beachyhead Drive in Plettenberg Bay;
- Lagoon Drive in Umhlanga;
- Eastcliff in Hermanus; and
- Sandhurst in Johannesburg.
Interestingly around 40% of these homes are located in the “Prime 8” suburbs of Cape Town, namely: Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bakoven, Bishopscourt and Constantia.
“The search for safety is the main driver of new trends in the South African residential property space – it is linked to the rise in home security, the rise of estate living, the rise in apartment living, and the ongoing movement of affluent people to safer parts of the country,” said Michael Curtis from security specialists Saber Fence.
New World Wealth reported that affluent buyers in South Africa are steadily moving away from houses and towards luxury apartment complexes.
“Drivers of this move include: safety & security, stable monthly costs, and less cleaning and general maintenance required,” added the group.
Lifestyle estates are also on the rise, especially ecologically friendly lifestyle estates with natural indigenous wilderness areas, also known as “eco-estates”.
Wealthy South Africans (especially those over the age of 60) are moving away from the big cities and towards smaller towns, which are often safer and better run.
Towns in the Cape Winelands, Garden Route and Whale Coast are becoming particularly popular, said New World Wealth.
BusinessTech looked at what you can get in these hotspots for around R20 million:
3 Bedroom Apartment / Flat for Sale in Clifton – R22,950,000
4 Bedroom House for Sale in Beachy Head – R11,900,000
Vacant Land / Plot for Sale in Beachy Head – R19,500,000
4 Bedroom House for Sale in Hawaan Forest Estate – R19,750,000
4 Bedroom House for Sale in Kwaaiwater – R19,900,000
3 Bedroom House for Sale in Sandhurst – R20,500,000