If you’re hankering for a life of luxury at one of South Africa’s swankiest suburbs‚ be prepared to cough up between R50 000 and R108 000 per square metre.
So says wealth intelligence company New World Wealth‚ which revealed on Tuesday the country’s most exclusive towns and suburbs based on the number of R20-million homes in each area.
Dock Road at Cape Town’s Victoria and Alfred Waterfront emerged as the most expensive address‚ with some property priced at R108 000 per square metre.
Overall‚ Camps Bay is the top suburb in the R20-million-and-over category.
The exclusive seaside suburb has 170 homes in this price-tag stable‚ followed by 110 for both Clifton and Sandhurst‚ Johannesburg.
According to the report‚ 2 300 South African homes are valued at R20-million or more — 880 in Cape Town and 550 located in Johannesburg.
Andrew Amoils‚ head of research at New World Wealth‚ said Camps Bay also topped the R20-million homes list in 2014. Property per square here costs around R51 000.
Property expert Lisa Bathurst said Camps Bay has fared “incredibly well in recent financial downturns‚ where prices continue to increase‚ regardless of South Africa’s economic woes”.
“The latest figures show that Camps Bay prices have gone up by 50% in five years‚ and there is no sign of a slowdown.
“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.”
Bathurst said with limited land‚ “it’s no surprise that Camps Bay has sold 170 homes in excess of R20-million each‚ and I suspect this figure will keep on rising”.
“Square-metre stats are probably the best way to measure exclusivity in our view‚” Amoils said.
Umhlanga and La Lucia in Durban and Bryanston in Johannesburg boasted 100 homes each in the R20-million-and-over price tag segment.
Dr Andrew Golding‚ head of the Pam Golding Property group‚ said: “With housing supply in the Cape limited by geography and housing demand… properties in Cape Town are enjoying a price premium relative to the other six major metro areas.”
Source: Herald Live