7 of the fastest growing areas for wealth in South Africa

As part of its annual South Africa Wealth Report, research group New World Wealth has published a list of the fastest growing areas in the country as at the end of September 2017.

NWW determines the exclusivity of a suburb/area by pricing property per square meter, and by the number of R20 million homes in area.

The list of seven areas is dominated by suburbs located in Cape Town and Johannesburg, and comes despite a difficult market in South Africa which has been particularly brutal on the ‘Luxury Income’ segment (Average Price – R2.271 million), according to FNB, through its house pricing index.

A notable entry on NWW’s list is Zinkwazi, a little town on KwaZulu-Natal’s north coast further north from mushrooming Umhlanga and located close to wealthy estates including Prince’s Grant, and Brettenwood.

Nature’s Valley is a holiday resort and small village on the Garden Route along the southern Cape coast of South Africa.

As part of its study, the wealth consultancy found that Knysna on the Cape Garden Route, tops the list nationally for the highest number of multi-millionaire-owned second homes.

According to the report, some 320 such homes are in the town, notably more than in Camps Bay (220), Plettenberg Bay (180), Clifton (160), Bantry Bay (150) and Fresnaye (130).

Top 7 fastest growing areas for wealth:

Area/suburb Rand per square meter US$ per sq meter 200sq meter apartment
Seapoint & Three Anchor Bay – Cape Town, Western Cape R30 000 $2 308 R6 000 000
Illovo – Johannesburg, Gauteng R17 000 $1 308 R3 400 000
Parkhurst – Johannesburg, Gauteng R12 000 $923 R2 400 000
Noordhoek – Cape Town, Western Cape R11 000 $846 R2 200 000
Franschhoek – Cape winelands, Western Cape R10 000 $769 R2 000 000
Natures Valley – Garden Route southern Cape coast R8 000 $615 R1 600 000
Zinkwazi – north coast KwaZulu-Natal R8 000 $615 R1 600 000

Read: These are the most expensive suburbs in South Africa

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7 of the fastest growing areas for wealth in South Africa