Here’s Where South Africa’s Richest People Live

Camps Bay

The Cape Town suburb of Camps Bay is likely the most exclusive suburb in South Africa, while the most exclusive suburb in Johannesburg is Sandhurst, according to the South Africa 2016 Wealth Report by New World Wealth.

As part of the report, the top towns and suburbs in SA were ranked in terms of the number of homes valued at R20m or more in each area. For example, by December 2015 there were already about 2 300 homes in SA valued at R20m or more. Of these, 880 are located in Cape Town and 550 in Johannesburg.

In Johannesburg, Sandhurst is follwed by Bryanston, Hyde Park, Houghton and Westcliff. In Cape Town, Camps Bay is followed by Clifton, Constantia and Tokai, Fresnaye, Bishopscourt Bantry Bay and Llandudno. Apart from Constantia and Tokay and Bishopscourt, all the other top exclusive Cape Town suburbs turned out to be along the city’s Atlantic Seaboard.

Camps Bay has likely become the most exclusive, because it has limited land available and has sold 170 homes in excess of R20m each, according to Lisa Bathurst, director at Hurst & Wills property services in Cape Town.

She expects this number to keep on increasing and pointed out that Camps Bay has fared very well during recent financial downturns. For instance, Camps Bay property prices have gone up by 50% in five years.

ALSO READ  The Most Expensive Suburbs South Africa’s Uber-Wealthy Call Home

“Aside from the obvious lifestyle benefits, Camps Bay is a suburb with close proximity to both the heart of Cape Town and its beaches, offering a great selection of upgraded holiday apartments and spacious family homes,” explained Bathurst.

“The suburb remains ever popular with international buyers and local families alike, and is great value in comparison to its Clifton and Llandudno neighbours.”

As for the most exclusive towns in the rest of SA in 2015, Plettenberg Bay came out tops, according to the report. About 120 homes in Plettenberg Bay are valued at over R20m. In second position is Umhlanga and La Lucia in KwaZulu-Natal, followed by Knysna, Stellenbosch, Paarl, Franschhoek, George, Ballito, Wilderness, Hermanus, St Francis Bay and Kenton-on-Sea.

All the most expensive roads in South Africa per square metre are in Cape Town. Dock Road in the V&A Marina came out tops at R108 000/m². The next five most expensive roads in the country per square meter are Clifton and Bantry Bay, namely The Ridge Road and Cliff Road (R90 000/m²), Nettleton Road (R85 000/m²), Kloof Road (R82 000/m²) and Victoria Road (R77 000/m²).

Clifton and Bantry Bay are shielded from Cape Town’s heavy South Easterly wind. They also have great views and beaches.

In comparison, Sunset Avenue in Llandudno, Cape Town, obtains R54 000/m² and Geneva Drive, Camps Bay, R51 000/m².

Andrew Amoils, head of research at New World Wealth, told Fin24 that  Bishopscourt in Cape Town is probably on par with Sandhurst in Johannesburg in terms of exclusivity. Certain parts of Johannesburg like Illovo is becoming more exclusive and in Cape Town this goes for an area like Noordhoek.

Cape Town remains a favourite for foreigners, as is with the rest of the Garden Route – Pletternberg Bay, Knysna, Hermanus, George and Wilderness.

Paarl, Franschoek and Stellenbosch are also very popular among foreigners, especially residential estate properties.

Emerging towns for luxury property in SA include: Zinkwazi, Greyton, Keurbooms, Tulbagh, Salt Rock, Umdloti, Rooi Els, Prince Albert, De Rust and Montagu.


Source: Fin24

You Might Also Like