New World Wealth, a research group, has published its 2020 wealth report for South Africa and it has revealed where the most expensive streets and suburbs are in the country.
It comes as no surprise that most of the expensive property and wealthiest streets can be found in the Cape Town area. Umhlanga does make an appearance with Lagoon drive as one of the wealthiest streets.
The group uses the price of the property per square metre in the prime property areas nationwide. The report not only revealed the wealthiest suburbs property-wise, but it also showed that South Africa’s residential property market has performed poorly over the review period (2009 to 2019) with average prices declining by around 36% in US dollar terms.
The rand's depreciated during this period contributed to the decline.
Other possible reasons for the drop include:
“Notably, luxury apartments have been the best performing residential segment in SA over the past decade as many buyers have moved away from houses,” New World Wealth said.
Below the group outlined the most expensive streets and suburbs in South Africa.
Note: Figures for 2019. Translated at R14.00/US$.
The most expensive streets in South Africa
|Street||Suburb, City||US$ per square meter||ZAR per sqm|
|Victoria Road||Clifton and Bantry Bay, Cape Town||$5 700||R80 000|
|The Ridge & Cliff Road||Clifton, Cape Town||$5 600||R78 000|
|Nettelton Road||Clifton, Cape Town|| |
|Clifton Road||Clifton, Cape Town|| |
|V&A Marina||City Bowl, Cape Town|| |
|Lagoon Drive||Umhlanga|| |
|Beachyhead Drive||Plettenberg Bay|| |
The most expensive suburbs in South Africa
|Suburb||Province||US$ per square meter||ZAR per sqm|
|Western Cape||$5 100||R72 000|
|Western Cape||$4 800||R67 000|
|Western Cape||$3 900||R54 000|
Camps Bay & Bakoven
|Western Cape||$3 500||R49 000|
|Western Cape||$3 300||R46 000|