Just two years ago, Cape Town was only home to seven of South Africa’s most expensive suburbs.

According to a new study by Seeff, despite the current economic situation in SA, properties in the Cape are still fetching excellent prices compared to the rest of the country, which has boosted that number of suburbs from seven up to nine, reports Fin24:

For example, Seeff has concluded transactions on the Atlantic Seaboard to the value of R54m for three sales; R27m in Camps Bay; a single sale of R82m in Fresnaye; a record sale of R32m in Hout Bay and R34m in Higgovale in the City Bowl.

Here’s the list of the top ten suburbs in South Africa, including an average price comparison between 2016/17 and 2011/12:

Indeed, the only non-Cape Town suburb is Sandhurst in Jozi at number four, while Westcliff and Dunkeld have dropped off the list altogether.

According to BusinessTech, by early June this year there had already been “44 transactions above R20 million generating over R1.1 billion in revenue” and:

Incidentally, 30% of these were to Joburg buyers, a handful from KZN and only a few foreign sales (mostly UK and German buyers), the latter being less than 10%, and, said Seeff, far less than commonly perceived.

Lance Cohen, Seeff’s luxury market specialist for the Atlantic Seaboard, said that “the Atlantic Seaboard average selling prices (full title) have more than doubled over the last five years (since 2011/2012)”:

The biggest gains have been in Fresnaye (+167%) and Camps Bay (+128%), the latter attracting the highest number of R20 million-plus sales since.

Where only Clifton topped the R15 million ave price mark, there are now seven (7) Cape suburbs above this range while Clifton now tops R20 million for full title property, said Cohen.

With top-end luxury properties and locations now ranging between R185 and R300 million, let’s be real: while it’s great to say that we have the most expensive property in the country, it hardly helps us plebs establish our own livelihood along the peninsula.

But we can dream, no doubt.

[source:businesstech]