South Africa has been ranked as the 25th largest prime residential property market in the world. Can you guess where the poshest homes are?
South Africa is home to some of the world’s poshest residential areas as it has approximately 3,600 homes that are valued at over US$1 million (R18 million) as at June 2022.
This is according to New World Wealth‘s latest figures. By this measure, Mzansi has been ranked as the 25th largest prime residential property market in the world, well ahead of the other countries in Africa and in line with big emerging markets such as India and Brazil.
SOME OF SA’S POSHEST RESIDENTIAL HOMES
The poshest residential areas include Clifton in Cape Town, Beachyhead Drive in Plettenberg Bay, Lagoon Drive in Umhlanga, Eastcliff in Hermanus and Sandhurst in Johannesburg.
According to New World Wealth, 40% of these homes are located in the “Prime 8” suburbs of Cape Town, namely: Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bakoven, Bishopscourt and Constantia.
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SOME OF THE TOP TRENDS FOR 2022
- When it comes to trends in prime property in the country, the search for safety and security is the main driver in the new trends in South African residential property space.
Safety is reportedly linked to the rise in home security, the rise of estate living, the rise in apartment living, and the ongoing movement of affluent people to safer parts of the country.
Michael Curtis security specialists Saber Fence said it is also interesting to note that the average free-standing house in South Africa has a security score of only 4 out of 10.
- Affluent buyers in SA are steadily moving away from houses and towards luxury apartment complexes. Drivers of this move include: safety & security, stable monthly costs, and less cleaning and general maintenance required.
- Lifestyle estates are also on the rise, especially ecologically friendly lifestyle estates with natural indigenous wilderness areas, also known as “eco-estates”.
- Wealthy South Africans (especially those over the age of 60) are moving away from the big cities and towards smaller towns, which are often safer and better run. Towns in the Cape Winelands, Garden Route and Whale Coast are becoming particularly popular.
By: Nokwanda Ncwane
