Cape Town is now home to nine of the 10 richest suburbs in South Africa, as the city passes the ZAR15 million average selling-price threshold, with rent prices up to ZAR170 000 a month.
Analysis compiled by property group Seeff – using data from Lightstone and Propstats – shows that Clifton tops the list with an average selling price of ZAR23 million, followed by Llandudno at ZAR17 million and Bantry Bay at ZAR16.9 million.
According to a Business Tech report, while one Johannesburg suburb – Sandhurst – made the top 10 with an average selling price of ZAR16.5 million, an average of just six to seven residential transactions priced above ZAR20 million were recorded annually in the area between 2010 and 2015. Last year, the number of transactions rose to 10.
In comparison, Cape Town recorded three times more transactions in the same price range than Johannesburg and Pretoria East, with 20 to 50 transactions annually between 2010 and 2014. In 2016, those figures increased to 67.
