A look at the R160 million house on South Africa’s most expensive road
A house on South Africa’s most expensive street, Nettleton Road in Cape Town, is on the market for R160 million.
According to Lance Real Estate, 5 Nettleton Road in Clifton is one of the country’s most exclusive addresses.
“This architectural marvel was designed by world-renowned Stefan Antoni, best known for his striking contemporary features,” said Lance Real Estate.
“Boasting lavish interiors throughout the home along with a double volume entertainment area that merges effortlessly with the mountain – garden, which leads onto a large terrace with a rim flow pool overlooking Clifton.”
“The home comprises five large bedrooms (all en-suite), along with two self-contained staff quarters, a cinema room, gym and elevator access to all floors.”
Other notable features of the property include:
- 4 Parking Bays
- Air Conditioning
- Central Cooling
- Laundry Room
- Swimming Pool
Seeff previously said that Nettleton Road, perched up against Lion’s Head, is the most expensive street in South Africa. It offers privacy and unparalleled sea views, and houses have sold for over R100 million.
Seeff added that the average selling price for a house in Clifton increased to R43.9 million – double the average for second-placed Camps Bay.
Lance Cohen from Lance Real Estate told BusinessTech that the Cape Town property market is experiencing robust growth after trading flat for an extended period.
Cohen said that rent prices in Cape Town have nearly doubled over the last two years.
He said that the higher demand than supply has driven up prices substantially.
Moreover, the stronger rand and no load shedding over the last six months have also increased confidence levels.
Cohen also noted that Cape Town continues to get good press, and his own experience shows that many foreigners are interested in purchasing property in South Africa.
However, it should be noted that the luxury end of the market does not necessarily function the same way as the normal market, with interest rate changes not hitting the luxury market.
The decrease in interest rates following the South African Reserve Bank’s (SARB) 25 basis points yesterday, 19 September, is set to offer some relief to consumers. Further cuts are expected, bringing debt repayment prices down further.
However, Cohen noted that most of the sales at the high end of the market are made in cash, meaning that lower interest rates, while good for the overall market, don’t seriously impact luxury sales.
Images of 5 Nettleton Road can be found below:
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