{"id":325873,"date":"2019-06-27T15:12:08","date_gmt":"2019-06-27T13:12:08","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=325873"},"modified":"2019-06-27T15:12:08","modified_gmt":"2019-06-27T13:12:08","slug":"3-seaside-towns-south-africas-super-rich-are-buying-into-right-now","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/325873\/3-seaside-towns-south-africas-super-rich-are-buying-into-right-now\/","title":{"rendered":"3 seaside towns South Africa’s super rich are buying into right now"},"content":{"rendered":"

New World Wealth and Afrasia Bank have published a Wealth Report 2019 for South Africa, showing which areas are expected to see the next influx of super wealthy buyers.<\/p>\n

According to the group’s in-house prime property indices, South Africa’s residential property market has performed poorly between 2008 and 2018, with the average price of property dropping by 5% in US dollar terms.<\/p>\n

Contributing to this decline is a depreciating rand (which weakened from R9.30\/USD at the end of 2008 to R14.40\/USD at the end of 2018), but other factors were also at play, NWW said.<\/p>\n

These include rising utility bills, which have more than tripled over the period, high transfer duties, as well as increased difficulty in getting a home loan, which has kept the market subdued.<\/p>\n

More recent threats around land redistribution without compensation have also kept potential home buyers at bay, NWW said, while government policies around visa restrictions have also played a role in pushing potential foreign investment away.<\/p>\n

Despite these downsides, New World Wealth noted that not all property markets were performing poorly.<\/p>\n

Specifically, homes in luxury residential estates – such as Zimbali, Fancourt and Val de Vie – were up (almost 30% in some cases), and luxury apartments across the country were also selling well, and for high prices.<\/p>\n

South Africa’s up-and-coming areas for the super rich<\/strong><\/p>\n

While Cape Town and Joburg remain home to the wealthiest individuals in the country, there are a few other regions showing strong growth in the number of wealthy individuals settling there.<\/p>\n

This includes the likes of Umhlanga in KZN, which has been the top performing resident market in South Africa over the last 10 years, NWW said.<\/p>\n

Umhlanga’s popularity has also led to an uptick in interest in surrounding areas like Ballito, La Lucia and Zinkwazi.<\/p>\n

According to NWW, three areas specifically are expected to become the new hotspots for R20 million homes in South Africa:<\/p>\n

\n

Nature’s Valley<\/strong><\/p>\n

\"\"<\/a>

[Credit: Wikimedia Commons]<\/p><\/div>Nature’s Valley is a small town on the Garden Route, about 30 minutes east of Plettenburg Bay. The nearby forest and lagoon are relatively untouched, with motorboats banned from the area. A number of large homes have already started to go up in the area, while old homes are being renovated.<\/p>\n

\n

Zinkwazi<\/strong><\/p>\n

\"\"<\/a>

[Credit: Chas Everitt YoutTube]<\/p><\/div>Zinkwazi (or Nkwazi) is a small beach town on the north coast of KZN. It is benefiting from the buzz in the region around Umhlanga, and is less developed than nearby Ballito – offering larger plots of land.<\/p>\n

\n

Keurbooms<\/strong><\/p>\n

\"\"<\/a>

[Credit: Chas Everitt]<\/p><\/div>Keurbooms is a small town on the Garden Route near Plettenburg Bay. It offers more privacy than Plett, making it more appealing for wealthy individuals looking to settle down in a quieter space.<\/p>\n

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Most exclusive areas<\/strong><\/p>\n

To determine the most exclusive areas in South Africa, New World Wealth looked at two factors – the price per square metre, which is an international standard, and the concentration of R20 million homes in the area.<\/p>\n

With some of the highest property prices in the country, the list of the 10 most expensive streets in South Africa on a per-square-metre cost basis are all found in Cape Town, where prices range between R73,000 per square metre, to R90,000 per square metre.<\/p>\n

In terms of R20 million homes, these are the areas that have the highest concentration of millionaire properties in the country:<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Cape Town<\/strong><\/th>\nNo. of R20 million homes<\/strong><\/th>\n<\/tr>\n
Camps Bay and Bakoven<\/td>\n180<\/td>\n<\/tr>\n
Clifton<\/td>\n100<\/td>\n<\/tr>\n
Constantia and Tokai<\/td>\n90<\/td>\n<\/tr>\n
Bishopscourt<\/td>\n80<\/td>\n<\/tr>\n
Bantry Bay<\/td>\n70<\/td>\n<\/tr>\n
Fresnaye<\/td>\n60<\/td>\n<\/tr>\n
Llandudno<\/td>\n40<\/td>\n<\/tr>\n
Somerset West<\/td>\n30<\/td>\n<\/tr>\n
Johannesburg<\/strong><\/th>\nNo. of R20 million homes<\/strong><\/th>\n<\/tr>\n
Sandhurst<\/td>\n100<\/td>\n<\/tr>\n
Hyde Park<\/td>\n90<\/td>\n<\/tr>\n
Houghton<\/td>\n90<\/td>\n<\/tr>\n
Bryanston<\/td>\n70<\/td>\n<\/tr>\n
Westcliff<\/td>\n40<\/td>\n<\/tr>\n
Rest of South Africa<\/strong><\/th>\nNo. of R20 million homes<\/strong><\/th>\n<\/tr>\n
Plettenburg Bay<\/td>\n130<\/td>\n<\/tr>\n
Umhlanga and La Lucia<\/td>\n120<\/td>\n<\/tr>\n
Knysna<\/td>\n90<\/td>\n<\/tr>\n
Ballito (including Zimbali)<\/td>\n80<\/td>\n<\/tr>\n
Stellenbosch<\/td>\n80<\/td>\n<\/tr>\n
Paarl<\/td>\n70<\/td>\n<\/tr>\n
Franschoek<\/td>\n60<\/td>\n<\/tr>\n
George (including Fancourt and Oubaai)<\/td>\n50<\/td>\n<\/tr>\n
Hermanus<\/td>\n40<\/td>\n<\/tr>\n
Wilderness<\/td>\n20<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Read: How much money you need to be considered rich in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

New World Wealth and Afrasia Bank have published a Wealth Report 2019 for South Africa, showing which areas are expected to see the next influx of super wealthy buyers.<\/p>\n","protected":false},"author":10,"featured_media":326093,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26,6440],"class_list":["post-325873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline","tag-new-world-wealth"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/325873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=325873"}],"version-history":[{"count":12,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/325873\/revisions"}],"predecessor-version":[{"id":326091,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/325873\/revisions\/326091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/326093"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=325873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=325873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=325873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}