Cape Town is the most ‘luxurious’ city in South Africa, with the city host to 813 luxury homes valued at R20 million or more as of October 2014.
A new report from New World Wealth lists the Mother City above South Africa’s biggest and most populous city, Johannesburg, which has 550 of these properties.
According to New World Wealth, South Africa has a total of 2,230 houses valued at over R20 million, up from 2,100 in 2013.
Top luxury home cities
|City||No. of luxury homes|
|Knysna and Plettenberg Bay||205|
|Stellenbosch and Franschoek||151|
|George, Fancourt and Wilderness||95|
In line with the city break-down, the top suburb for luxury homes in the country is located in Cape Town.
The research finds that Camps Bay is the most luxurious suburb in South Africa, with 162 homes valued over R20 million, followed by Sandhurst (127 homes) and Hyde Park (116 homes) in Johannesburg.
Top suburbs for luxury homes: Cape Town and Joburg
|Suburb||City||No. of luxury homes
|Camps Bay||Cape Town||162|
|Constantia and Tokai||Cape Town||81|
|Bantry Bay||Cape Town||78|
A relatively large number of R20 million homes are bought by foreigners, especially those in Camps Bay, Clifton, Bantry Bay, Llandudno and Fresnaye, New World Wealth noted.
“It is also interesting to note that a large percentage (over 25%) of R20 million homes are located on secure estates, either golf estates or lifestyle estates,” said New World Wealth analyst, Andrew Amoils.
While Cape Town is home to the most luxury properties in South Africa, data from New World Wealth shows that Johannesburg still has the most dollar millionaires.
Joburg hosts 23,400 high net-worth individuals (HNWIs), compared to Cape Town’s 9,000.
Durban is home to 2,700 HWNIs, and Pretoria is home to 2,500.