R175 million for a small piece of land in Cape Town
Global real estate specialists Engel & Völkers are selling a 1,124-square-meter plot in Clifton for R175 million, making it the most expensive piece of land per square meter on the market.
Clifton is an affluent and sought-after suburb of Cape Town, home to some of the most expensive real estate in South Africa.
Seeff Property Group’s analysis of the average selling prices across the country in 2023 revealed just how expensive properties in Clifton are.
Clifton was the most expensive suburb in South Africa, with a median price of R25 million and a peak of R150 million.
Its main value is its fantastic views of the Atlantic Ocean. Most houses and apartments have unrestricted views with beautiful sunsets.
However, it is not only the views which make Clifton a popular suburb among the world’s super-wealthy.
The cable and satellite television network Discovery Travel Channel rated Clifton as one of the top ten beaches.
The area has a set of 4 beaches, which are frequently used destinations for locals and tourists.
Although the water is cold, many people visit the beaches for sports like surfing and bodyboarding.
Clifton is known for its small property sizes. This is because it was laid out by the City of Cape Town for soldiers returning from the first world war.
Bungalows were built from packing cases used to import motor cars during the twenties and thirties.
Most of the original bungalows have been replaced by modern houses. However, the narrow flights of stairs to the houses and beaches remain.
Despite their small sizes, houses and apartments in Clifton fetch very high prices because of the location and prestige attached to the neighbourhood.
There is also very little additional land available to build on, which creates an exclusive market with limited supply.
R175 million for a plot
Clifton’s desirability and shortage of available land has seen a stand of 1,124 square meters come onto the market for R175 million.
This equates to R155,694 per square meter, making it the most expensive stand in South Africa based on surface area.
Engel & Völkers, the estate agents selling the stand, promotes it as one of Africa’s most desired and valuable residential locations.
The property, located in a top position Nettleton Road, offers great views of Table Mountain, the Twelve Apostles mountain range, and the famous Clifton beaches.
“As far as the eyes can reach, you will encounter ever-changing, mind-blowing views, be it sunrise or sunset,” Engel & Völkers said.
It added that the qualified purchaser would be offered an opportunity to purchase approved building plans by well-known Jenny Mills Architects to build the multi-storey Villa.
The building costs for the multi-storey Villa are estimated at between R65 million and R75 million.
The images below show the stand in Clifton and the views from its location.
Read: Homeowners in South Africa are shooting themselves in the foot
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