Cape Town’s exclusive suburbs dominate the list of SA’s most expensive places to live, with prices reaching up to R88 000 per square metre.
By: Storm Simpson
Cape Town, known for its natural beauty, is home to South Africa’s “most exclusive suburbs and streets”, according to the Africa Wealth report for 2023.
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Cape Town suburbs dominate the ‘most expensive’ list
The local-based global wealth intelligence firm said while Cape Town still dominates the list – square metre property prices in other places, including parts of Hermanus and Plettenberg Bay, are beginning to catch up.
|Suburb/Street||Price per square metre in Rand||Price per square metre in US$|
|Bantry Bay||R82 000||$4800|
|Camps Bay & Bakoven||R54 000||$3200|
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The report noted that approximately 40% of South Africa’s million-dollar homes are located in the “Prime 7” suburbs of Cape Town, namely Bantry Bay, Bishopscourt, Camps Bay, Clifton, Constantia, Fresnaye, and Llandudno.
“According to New World Wealth’s latest figures, there are approximately 3,700 homes in South Africa that are valued at over USD 1 million (as of December 2022).
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“By this measure, South Africa ranks as one of the 20 largest prime residential markets in the world, well ahead of the other countries in Africa and in line with big emerging markets such as India and Brazil,” read the report.
Other places closing the gap
The report also looked at the most expensive streets outside the Mother City. Three of the listed areas are in the Western Cape, while the remaining two are in KwaZulu-Natal and Gauteng, respectively.
|Street||Price per square metre in Rand||Price per square metre in US$|
|Beachy Head Drive, Plettenberg Bay||R38 000||$2200|
|Eastcliff, Hermanus||R37 000||$2200|
|Lagoon Drive, Umhlanga||R36 000||$2100|
|Kwaaiwater, Hermanus||R34 000||$2000|
|Central Sandton||R32 000||$1900|
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