South Africa’s top ten suburbs boast an average sales price of more than R10million compared to five years ago with Expensive Cape Town Property topping the list again in 2015.
Cape Town Property tops the list with seven of these suburbs including the top Atlantic Seaboard suburbs of Clifton, Bantry Bay, Camps Bay, Fresnaye and Llandudno with Bishopscourt and Constantia in the southern suburbs.
That Cape Town Property tops the list should come as no surprise, its due to the city’s excellent service delivery and confidence in the administration along with the sought-after seaside lifestyle with the fastest inward migration of about 30%.
Despite the lack lustre economic backdrop, we have seen local high net worth individuals and foreigners from across the globe, including G7 nations such as Britain and Germany along with economic hot spots such as Nigeria demonstrates the confidence in these areas by investing their wealth in the top ten suburbs.
Clifton tops the list as the most expensive suburb in the country, with an average price of R20m, this is about 34% higher than last years average.
Llandudno is next , it boasts an average price of R11m, 50% more than it was 5 years ago.
Bantry Bay boasts an increase of 38% higher compared to 5 years ago with an average of R10.5m
Camps Bay with an average of R10m comes in at tenth place, this is some 54% higher than 5 years ago, this year has also seen a notable acceleration in R20m plus sales in the suburb ranging to a top price of R30m for a luxury villa recently sold.
Bishopscourt and Constantia in Cape Towns southern suburbs now boast an average price of R11m (69% up since 2010) and R10m(54% up since 2010) respectively