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R108,000 a square metre on Cape Town's most expensive street

June 15, 2016

If you are hankering for a life of luxury in one of SA’s swankiest suburbs‚ be prepared to cough up between R50,000 and R108,000 per square metre.

So says wealth intelligence company New World Wealth‚ which revealed on Tuesday the country’s most exclusive towns and suburbs based on the number of R20m homes in each area.

Dock Road at Cape Town’s Victoria and Alfred Waterfront emerged as the most expensive address‚ with some property priced at R108,000/m².

Overall‚ Camps Bay is the top suburb in the R20m-and-over category.

The exclusive seaside suburb has 170 homes in this price-tag stable‚ followed by 110 in Clifton, Cape Town, and Sandhurst‚ Johannesburg.

According to the report‚ 2,300 South African homes are valued at R20m or more — 880 in Cape Town and 550 in Johannesburg.

Andrew Amoils‚ head of research at New World Wealth‚ said Camps Bay also topped the R20m homes list in 2014. Property there cost about R51,000/m².

Property expert Lisa Bathurst said Camps Bay had fared "incredibly well in recent financial downturns‚ where prices continue to increase‚ regardless of SA’s economic woes".

"The latest figures show that Camps Bay prices have gone up by 50% in five years‚ and there is no sign of a slowdown.

"Aside from the obvious lifestyle benefits‚ Camps Bay is a suburb with close proximity to both the heart of Cape Town and its beaches‚ offering a great selection of upgraded holiday apartments and spacious family homes."

Bathurst said it was "no surprise that Camps Bay has sold 170 homes in excess of R20m each‚ and I suspect this figure will keep on rising" when considering the limited land.

"Square-metre stats are probably the best way to measure exclusivity in our view‚" said Amoils.

Umhlanga and La Lucia in Durban and Bryanston in Johannesburg each had 100 homes in the R20m-and-over segment.

Andrew Golding‚ head of the Pam Golding Property group‚ said: "With housing supply in the Cape limited by geography and housing demand ... properties in Cape Town are enjoying a price premium relative to the other six major metro areas."

 

 

 

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