New data points to 11 streets on South Africa’s property map more likely to be populated by high net worth individuals due to their price per square metre.
New World Wealth calculated the average price of a 200 square-metre apartment on each street and refer to figures for December 2016.
The wealth analysts found that The Ridge & Cliff Road in Clifton, Cape Town, marginally beat out Dock Road on the V&A Marina.
While the property value in the Clifton area, which features predominantly on the list, is well documented, the recent growth in value within the V&A Marina is far more eye watering.
According to Seeff Property Group, property values have almost doubled in the five years since 2011.
Seeff noted in a report in October that the V&A Marina yielded sales worth R2.030 billion at an average price of R10.464 million.
The entry level price for the Waterfront is now between R7 million and R9 million and on a rate per square metre, apartments now sell for around R84,020/sqm on average, ranging to R140,000/sqm at the top end, Seeff said.
Roads located in Cape Town account for the top eight properties on NWW’s list, followed by a single street in Plettenberg Bay, one in Joburg, and one in Umhlanga Rocks, in the eThekwini Metropolitan Municipality.
11 streets in South Africa for the rich:
|Suburb||Street||Price per square metre|
|Clifton||The Ridge & Cliff Road||R94 000|
|V&A Marina||Dock Road||R92 000|
|Clifton||Nettelton Road||R85 000|
|Clifton||Clifton Road||R84 000|
|Clifton & Bantry Bay||Kloof Road||R83 000|
|Clifton & Bantry Bay||Victoria Road||R78 000|
|Camps Bay||Geneva Drive||R55 000|
|Llandudno||Sunset Avenue||R54 000|
|Plettenberg Bay||Beachyhead Road||R46 000|
|Sandton||The Houghton||R40 000|
|Umhlanga Rocks||Lagoon Drive||R31 000|