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|