Nine of the most expensive suburbs in the country are in Cape Town, with only one Gauteng area in the top ten.
This was revealed by the Seeff Property Group in an analysis of the average selling prices across the country in 2023.
These top ten suburbs now all command an average price well above R10 million, and in the top suburbs the average is now just about R20 million.
Clifton in Cape Town came first in the rankings, followed by Bantry Bay in second and Llandudno in third.
Most of the luxury suburbs in the top ten are based in the Atlantic seaboard area of Cape Town, with the southern suburbs coming in second.
The only Gauteng area in the top ten is Sandhurst in Johannesburg, which came in fourth place.
There were three Johannesburg suburbs in the top ten list five years ago. There is only Sandhurst this year, but it boasts a notable uptick in the median price, Seeff said.
Chairman Samuel Seeff said the high number of expensive suburbs in Cape Town stands as testimony to the allure and absolute confidence in the city’s property market.
“Cape Town is not just the best city in the world, as voted for the eighth year running by the Telegraph Travel Awards this year, but the best place to invest your property money,” said Seeff.
“Wealthy Joburg buyers, along with international buyers, are all investing in Cape Town, and their confidence has been rewarded.”
Seeff said several factors support the Cape Town property market.
Aside from own-use residential sales, it has a buoyant rental market for residential and short-term rentals, making Airbnb investments a lucrative option, especially with tourism growing.
In addition, the market is further boosted by an influx of semigration and international buyers and tenants.
Despite a challenging year, Cape Town is set to end another exceptional year for the property market with an average transaction price of R2.1 million, according to Lightstone data.
Comparatively, Johannesburg only reached around R1.6 million, Pretoria around R1.5 million and Durban R1.3 million.
The average transaction price for Cape Town doubled over the last ten years and is up by about 35% from 2019.
Cape Town also once again achieved the highest average prices in the country this year.
South Africa’s top ten luxury suburbs
Below are the top ten luxury suburbs in South Africa based on average selling price in 2023.
|Highest price achieved