cape town streets suburbs

An aerial view of Umhlanga, KZN, which is home to two of the most expensive streets in SA. Image: Creative Commons/Andres de Wet.

LOOK: These are the FIVE ‘most expensive streets’ in SA outside Cape Town

A square metre is worth an eye-watering sum in these streets located in KwaZulu-Natal, Gauteng and the Western Cape.

cape town streets suburbs

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.

MOST EXPENSIVE SUBURBS ALL IN CAPE TOWN

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.

SuburbRand per square meterUS$ per square meter
Clifton80 0005000
Bantry Bay58 0003600
Camps Bay52 0003300
Bakoven52 0003300
Llandudno50 0003100
Clifton beach
The view of Lion’s Head Mountain from Clifton Beach, Cape Town. Image: Adobe Stock

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:

  • A “dip in the top-end market.” Free-standing houses worth more than R10 million have become harder to sell.
  • High crime levels have become a deterrent, especially for free-standing houses.
  • Higher utility bills have discouraged buyers and forced people to downsize.
  • High transfer duties of up to 13%. Transfer duty is more than R900 000 for properties worth R10m and over.
  • The possibility of land expropriation without compensation has discouraged buyers from making large-scale property purchases.

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.

MORE ON THIS: Millionaires now FLOCKING to Western Cape town, dubbed ‘the safest in SA’

MOST EXPENSIVE STREETS

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/StreetRand per square metreUS$ per square metre
Lagoon Drive36 0002300
Eastcliff, Hermanus35 0002200
Beachhead Drive, Plettenberg Bay34 0002100
Central Sandton, Johanneburg32 0002000
Marine Drive, Umhlanga30 0001900

Note: Figures for December 2021. Translated at R15.90/US$.

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