If you want to live among South Africa’s super wealthy you’d better be prepared to part with anything between R10 and R20 million.
This is according to Seef, which rated SA’s top 10 suburbs based on the average sale price that houses in these suburbs have fetched in recent years.
“Despite the lacklustre economic backdrop, we have seen local high net-worth individuals and foreigners from across the globe, including G7 nations such as Britain and Germany, along with emerging economic hot spots such as Nigeria, demonstrate their confidence in these areas by investing their wealth here,” Seeff said.
Top of the list is Cape Town’s Clifton where the average home or apartment is sold for around R19,7 million.
Since 2014, the average sale price for property in Clifton rose by 34%, with a home sold for a record-setting R111 million earlier this year.
Johannesburg’s plush leafy suburb of Sandhurst claims the title of SA’s second-most expensive suburb with the average property fetching just under R15 million.
Property located in Sandhurst is about 35% more expensive than it was five years ago and prices in this suburb range up to about R60 million for a mansion and 5 800 square metres of land with a floodlit tennis court, swimming pool, hotel-type spa, gym, cinema and more.
The exclusive Atlantic seaboard suburb of Llandudno in Cape Town rounds up the top three suburbs, with the average house price at around R11,2 million. Property prices doubled over the past five years, while Bantry Bay property prices are 38% higher than they were in 2010.
If you want to settle for a so-called ‘cheaper’ option, you could consider looking at property in the Cape suburbs of Constantia and Camps Bay where the average house or apartment goes for around R10 million.
Andrew Amoils, head of research at New World Wealth, says Clifton – with its idyllic, picture-perfect Atlantic Ocean views – is a popular location for local and international high-net-worth individuals (HNWI) because, among other factors, the suburb is generally better protected from Cape Town’s vicious winds than other areas.
He says HNWI are also generally attracted to Sandhurst for its massive 2-acre plots and close proximity to Sandton and Hyde Park, while Westcliff has the traditional allure of historical ‘old money’.
“Llandudno has become popular because it’s a very exclusive suburb with very big houses and no apartments – an ideal residential suburb for families,” he says.
An historically wealthy suburb, Bishopscourt provides scenic mountain views and is sometimes referred to as the best part of Constantia.
Prices in this highly sought after southern suburb have risen by 69% over the past five years, while property prices in posh Constantia have increased 54% over the same period.
With a mix of large houses and executive apartment blocks, Amoils says Camps Bay appeals to both families and single professionals because “the views are better as you get mountain views on both sides”.
Atlantic Seaboard homes designed by renowned architect Stefan Antoni have driven property prices in Fresnaye and Camps Bay up by a whopping 83% and 54% respectively since 2010, according to Seef.
South Africa’s 10 most expensive suburbs
- Clifton, Cape Town (R19,7 million)
- Sandhurst, Johannesburg (R14,9 million)
- Llandudno, Cape Town (R11,2 million)
- Bantry Bay, Cape Town (R11 million)
- Westcliff, Johannesburg (R11 million)
- Bishopscourt, Cape Town (R11 million)
- Dunkeld, Johannesburg (R10,5 million)
- Fresnaye, Cape Town (R10,5 million)
- Constantia, Cape Town (R10 million)
- Camps Bay, Cape Town (R10 million)