South Africa is no doubt one of the richest countries in the African continent and this great achievement couldn’t be possible without the help of its richest towns and lucrative suburbs.
New data from New World Wealth (NWW) presented a list of streets that charge the most per square meter, in the most exclusive areas in the country.
In its recently released data, the research group revealed that there are approximately 2,300 South African homes valued at R20 million or more (as at December 2015). Out of this, about 880 are in Cape Town, while 550 are located in Johannesburg.
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Camps Bay is the top richest suburb for R20 million homes in the country, with 170 properties. The spot has a long history with its first inhabitants said to be the San (hunter-gatherers) and the Goringqhaique, Khoi pastorates who occupied it in 1657. Then, the entire area was covered in forests brimming with wild animals like lion, antelope, and leopard. However, the development first came to the suburb in 1848 and 1884 which was basically road construction. This resulted in the construction of its tramway and tidal pools in 1901. Besides the pools, Rotunda which is currently the Bay Hotel, the Bay’s pavilion (usually used for concerts and shows) was also constructed during this time.
In 1913, the government officially included Camps Bay into Cape Town in as much as it was considered as pleasure seekers spot rather than a residential area.
In recent times, the town is well-outlined and planned to appeal to affluent visitors. It also houses many beautiful tourist centres including shopping malls, mellow cafes, restaurants, cocktail bars with patios and a beach that gives a nice view of the 12 Apostles Mountains, thus draws heavy crowds during summer.
Plettenberg Bay along the south coast comes in right behind Camps Bay with 120 properties. The region’s history is relatively long with Portuguese explorers travelling through it in 1500. Also, early Europeans settled in it as far back as 1700. Widely known as a seaside town, Plettenberg is located in Western Province. It brims with beaches that have surf breaks or big waves breaks. Just like Camp Bay, Plettenberg draws well-to-do crowds so much so that the town’s population of 44,000 grows to almost four times as many during the summer periods of December and January. Apart from its awesome beaches, coastline offers a pleasant view and the nearby forest is regarded as one of the last remaining tracts of natural forests in the country.
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In the survey, Cape Town got all the attention for being also home to the most expensive properties in the country (per square meter), with Dock Road, near the V&A Marina, fetching the highest price at R108,000 per square meter Busnesstech reported
Other streets regarded as the most expensive neighbourhood in the country as per their square meter (between R77,000 and R90,000) are found in Clifton.
Most Expensive Roads in SA (per square meter):
- Dock Road, Cape Town (V&A Marina) – R108,000 per square meter.
- The Ridge Road & Cliff Road, Clifton, Cape Town – R90,000 per square meter.
- Nettelton Road, Clifton, Cape Town – R85,000 per square meter.
- Kloof Road, Clifton and Bantry Bay, Cape Town – R82,000 per square meter.
- Victoria Road, Clifton and Bantry Bay, Cape Town – R77,000 per square meter.
Outside of Cape Town, few roads come close in terms of price – with streets in Plettenberg Bay, Sandton and Umhlanga a stretch away from what is charged per meter in the Mother City:
- Beachyhead Drive, Plettenberg Bay – R46,000 per square meter.
- Melrose Arch, Sandton – R35,000 per square meter.
- Lagoon Drive, Umhlanga Rocks – R31,000 per square meter.
|Neighbourhood||Province||No. of R20 million + properties|
|Umhlanga & La Lucia||KZN||100|
|Constantia & Tokai||WC||90|
|St Francis Bay||EC||10|
NWW prepared this list considering the sales statistics in each of the most exclusive areas’ transfer guides, housing associations, and aggregators.
It also took into account the asking prices in each area from major real estate agency websites, alongside interviews conducted with local property agents and wealth managers, to compile its list.