Cape Town’s Camps Bay and Bakoven boast 200 R20-million homes
More than 1‚700 South African families live in houses‚ apartments and wine farms valued at R20-million each.
The South African Wealth Report uses the number of R20-million properties in an area to determine the exclusivity of a suburb.
New World Wealth head researcher Andrew Amoils said it allows one to see how many “very wealthy people” are living in an area.
“However‚ this measure can be deceiving as areas that are mainly large houses‚ such as Sandhurst‚ Plettenberg Bay and Bishopscourt‚ tend to outperform areas that are mainly apartments‚ such as Umhlanga‚ as very few apartments are large enough to cost over R20-million.
“Also some suburbs‚ such as Constantia‚ are much larger than others like Llandudno which unfairly favours them‚” he explained.
Cape Town: Camps Bay and Bakoven, 200; Clifton, 110; Constantia and Tokai, 100; Bishopscourt, 90; Bantry Bay, 80; Fresnaye, 80; Llandudno, 40.
Johannesburg: Sandhurst, 110; Hyde Park, 100; Houghton, 100; Westcliff, 60.
Other: Plettenberg Bay, 130; Umhlanga and La Lucia, 110; Knysna, 100; Stellenbosch, 90; Paarl, 80; Franschoek, 70; Ballito and Zimbali, 60; George and Fancourt, 50.
If you live in Seapoint‚ Illovo or Parkhurst‚ you’re staying in three of the new elite suburbs in South Africa.
Property in the country’s fastest-growing elite suburbs cost between R8‚000 and R30‚000 per square metre‚ almost three times lower than that in the country’s most exclusive neighbourhoods.
“We should note that all these suburbs start from a relatively low base when compared to the likes of Bantry Bay and Clifton‚” said New World Wealth head researcher Andrew Amoils.
Fastest growing suburbs in South Africa over the past year (value per square metre):
Seapoint & Three Anchor Bay: R30‚000
Natures Valley: R8‚000
– Source: SA Wealth Report September 2017