The Africa Wealth Report 2023 revealed that Clifton, Bantry Bay, Fresnaye, Camps Bay & Bakoven, and Llandudno are South Africa’s most exclusive suburbs.
The Africa Wealth Report is the definitive guide to Africa’s wealth and luxury sector, published annually by Henley & Partners.
The report comprehensively reviews private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends.
It also provides insights into investing in Africa, the investment migration sector, and economic mobility on the continent.
South Africa is home to some of the world’s most upmarket residential areas, including Clifton in Cape Town, Beachy Head Drive in Plettenberg Bay, and Sandhurst in Johannesburg.
According to New World Wealth’s latest figures, approximately 3,700 homes in South Africa are valued at over $1 million (R18.5 million).
By this measure, South Africa ranks as one of the 20 largest prime residential markets in the world, well ahead of the other countries in Africa.
Cape Town suburbs dominate the list of richest suburbs. Just over 40% of South Africa’s million-dollar homes are located in the top seven suburbs of Cape Town.
Known as the ‘Prime 7’, it includes Bantry Bay, Bishopscourt, Camps Bay, Clifton, Constantia, Fresnaye, and Llandudno.
Although Cape Town suburbs dominate the list, it should be noted that square meter prices in certain parts of Hermanus and Plettenberg Bay are beginning to catch up with those in the Mother City.
The most expensive streets and suburbs outside Cape Town include Beachy Head Drive in Plettenberg Bay, Eastcliff in Hermanus, and Lagoon Drive in Umhlanga.
The table below shows South Africa’s most exclusive suburbs and streets.