An aerial view of Umhlanga, KZN, which is home to two of the most expensive streets in SA. Image: Creative Commons/Andres de Wet.
A square metre is worth an eye-watering sum in these streets located in KwaZulu-Natal, Gauteng and the Western Cape.
An aerial view of Umhlanga, KZN, which is home to two of the most expensive streets in SA. Image: Creative Commons/Andres de Wet.
The most expensive suburbs in South Africa are located along the Atlantic seaboard in Cape Town, according to a report by New World Wealth.
The South Africa-based global wealth intelligence firm listed the most expensive suburbs in the country in its 2022 Africa Wealth report.
“Our in-house residential index tracks the square meter prices of prime 200 to 400 square meter apartments in South Africa. ‘Prime’ refers to top-end residential units in elite areas,” explained the group.
Suburb | Rand per square meter | US$ per square meter |
Clifton | 80 000 | 5000 |
Bantry Bay | 58 000 | 3600 |
Camps Bay | 52 000 | 3300 |
Bakoven | 52 000 | 3300 |
Llandudno | 50 000 | 3100 |
The group found that South African prime property prices increased by 37% over the last decade when measured in local currency. However, prime prices are down by 30% when measured in dollars.
Possible reasons for the poor performance, according to New World Wealth, include:
Another possible reason for the downturn in the housing market is that many are drawn to luxury apartments, which have reportedly been the best-performing residential segment in the country over the last 10 years.
Lower running costs, more safety and security and less maintenance are some of the possible reasons for the shift from houses to apartments.
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Many of the most expensive streets in the country, including Victoria Road, Nettelton Road and the V&A Marina, are – understandably – located in the flashiest suburbs.
In the 2022 report, researchers opted to highlight pricy square metres elsewhere.
Suburb/Street | Rand per square metre | US$ per square metre |
Lagoon Drive | 36 000 | 2300 |
Eastcliff, Hermanus | 35 000 | 2200 |
Beachhead Drive, Plettenberg Bay | 34 000 | 2100 |
Central Sandton, Johanneburg | 32 000 | 2000 |
Marine Drive, Umhlanga | 30 000 | 1900 |
Note: Figures for December 2021. Translated at R15.90/US$.
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