Property

10 most popular Cape Town suburbs for ultra-wealthy homebuyers – with one Russian splurging R150 million

Staff Writer

 ·31 Dec 2023

The luxury property market above R20 million enjoyed another good year, although mainly in Cape Town, with Gauteng buyers spending more on super luxury property this year.

This is according to the Seeff Property Group, which noted that While only about a handful of sales were concluded at the upper end of the market in the Johannesburg/Sandton luxury areas, Gauteng buyers purchased several high-end properties priced above R20 million this year in Cape Town.

Seeff noted that at least 100 sales of over R20 million concluded across the Cape Town metro this year, with a total value of over R3 billion.

Although slightly down compared to last year, it is still more than double what was sold in the 2019 pre-pandemic year. Sales to international buyers across the Cape Town metro top the R3.3 billion mark.

“Luxury properties purchased by Gauteng buyers on the Atlantic Seaboard were mostly at the Waterfront, in Bantry Bay, and Camps Bay.

“Camps Bay has been incredibly popular with upcountry and international buyers, with the highest volume of super luxury sales by far concluded in Camps Bay,” the group said.

It added that Clifton achieved the highest prices with an average freehold selling price of R50 million and three sales above R50 million.

60% of all high-value sales above R20 million were concluded on the Atlantic Seaboard. Ross Levin, licensee for Seeff Atlantic Seaboard and City Bowl, said villas and apartments were in high demand among wealthy buyers this year.

R20 million-plus prices were also paid for Sea Point and Mouille Point apartments.

Bishopscourt and Constantia in the Southern Suburbs also enjoyed a record number of R20 million-plus sales, according to Francois Venter, lead agent for luxury sales in the Seeff Southern Suburbs and Constantia areas.

The odd house has also been sold for more than R20 million in Claremont and Newlands in the Southern Suburbs this year.

Seef agents said roughly 30% of the high-end sales across Cape Town’s affluent suburbs were to international buyers – especially from the United Kingdom (UK) and Germany. The group also noticed an uptick in buyers from the USA (mainly in Clifton and Llandudno) and Russian buyers in Clifton, Bantry Bay and Fresnaye.

Top 10 most popular suburbs

According to Seeff, based on Propstats data, Camps Bay was the most popular suburb for buyers, selling approximately 24 homes valued at over R20 million in 2023.

Bantry Bay and Constantia are in second and third place, respectively, selling 10 homes valued at over R20 million, with Bantry Bay seeing one house and a vacant plot sell for R60 million each.

Most notably, Clifton ranked fourth with nine properties selling for over R20 million each. However, one of these nine homes sold for R150 million to a Russian buyer – the biggest sale year-to-date.

Bishopscourt closed out the top five with eight properties having been sold for over R20 million and boasts a notable sale of R90 million for one of its homes.

These suburbs and the rest of the top 10 are listed in the table below.

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