South Africa

R18.5 million for a piece of land in Steyn City and R54 million for a Constantia home

Pam Golding Property CEO Andrew Golding said South Africa’s luxury, high-end residential property market is experiencing elevated interest.

He said the interest comes from both international and local high-net-worth buyers and is concentrated in sought-after locations around the country.

“There has been a surge in home sales in the Southern Suburbs and Atlantic Seaboard exceeding R20 million and ranging even northwards of R90 million,” he said.

“These range from apartments overlooking Clifton and Camps Bay to Bishopscourt and Constantia”.

Overseas buyers in Southern Suburbs and Atlantic Seaboard are predominantly from traditional European markets.

However, a recent change is that geopolitical issues appear to have boosted sentiment regarding the top-end residential property market in the Cape.

The weaker rand has also increased the value offered in South Africa when compared to global high-end markets.

Henley & Partners’s 2024 Africa Wealth Report showed that in Cape Town, $1 million will enable you to acquire a residential property of approximately 200 sqm.

The same price tag will only secure 33 sqm in New York, 34 sqm in London, 43 sqm in Paris, 44 sqm in Sydney and 17 sqm in Monaco.

The increased demand for high-end properties in the region is further fuelled by a steady stream of South Africans relocating to the Cape.

There has also been a notable increase in expats who have emigrated to London but are now returning to South Africa.

It is not only the Southern Suburbs and Atlantic Seaboard that are attracting rich South Africans and international buyers.

The Cape’s Boland region is sought after among affluent home buyers – especially UK purchasers as a permanent residential destination.

Recent transactions include homes in Val de Vie Estate near Paarl sold for upwards of R30 million.

The Western Cape’s Garden Route is another favourite among high-net-worth residential property buyers.

“We are seeing an increase in viewing requests from the higher-end international market, notably those wanting to relocate here from overseas,” Golding said.

“For example, in Knysna, we receive enquiries from people looking to relocate from Switzerland, Belgium, Germany, and America.”

He added that there are positive signs in Gauteng with high net-worth buyers in all the top-end luxury areas.

There is increased interest in areas such as Monaghan Farm, Blair Atholl, Dainfern Estate, Eagle Canyon, and the Serengeti Golf Estates.

Other high-end areas with many enquiries include Eboste Golf Estate, The Neighbourhood, Atholl, Morningside, Sandhurst, Hyde Park, Westcliff, and Dunkeld.

Golding provided a few examples of high-end residential property sales from his company over the last few months.

Vacant land in Steyn City sold for R18.5 million

A 4,100-square-meter vacant stand on the golf course in Steyn City has sold for R18.5 million to a Gauteng local buyer.

Clifton apartment sold for R37 million

The three-bedroom, three-bathroom apartment in Clifton, Cape Town, was sold to a buyer from Luxembourg for R37 million.

Constantia home sold for R54 million

A six-bedroom Constantia Upper residence of 1,250 square meters, set on a yard of 8,971 square meters, was sold for R54 million.

Val de Vie home sold for over R30 million

This modern home in Pearl Valley at Val de Vie Estate near Paarl has sold for over R30 million to a local South African buyer.

Illovo home sold for R35 million

This four-bedroom home in Illovo in Johannesburg has been sold for R35 million.


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