Where to find SA's R20m mansions | Fin24
 
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Where to find SA's R20m mansions

Jan 15 2015 07:00

Cape Town – The Atlantic seaboard continues to gain in value as a luxury property destination, with posh Johannesburg suburbs hot on its heels, according to the latest New World Wealth report on top suburbs for luxury homes.

See the infographic below for a map of South Africa showing where these homes can be found.

New World Wealth analyst Andrew Amoils said that Cape Town’s Atlantic seaboard suburbs dominated the list, along with the posh Johannesburg suburbs of Sandhurst and Hyde Park. Holiday hotspots such as Plettenberg Bay and Knysna also featured prominently.

A large percentage (over 25%) of the R20m homes was located on secure estates, either golf estates or lifestyle estates. “In particular, Zimbali and Pezula are prime estates for such homes,” said Amoils.

A relatively large number of R20m homes were bought by foreigners, especially those in Camps Bay, Clifton, Bantry Bay, Llandudno and Fresnaye.

According to Lisa Bathurst, MD of Hurst & Wills, which focuses on bespoke property services for non-residents and foreign buyers in Cape Town: “It is certainly evident that the luxury property market has been heating up throughout 2014. It doesn’t surprise me that seven out of 10 of the top suburbs are located on the Atlantic seaboard and in Cape Town’s southern suburbs.”


Nigerians and Angolans buying R20m mansions

“These areas are extremely popular with both affluent locals and Joburg commuters,” she said. “There is also a steady supply of overseas investors, not just from Europe, as in the past, but a new wave of buyers from the continent including Nigeria and Angola.”

“And they only want the creme de la creme; lifestyle properties with the finest views and international standards of design and build.

“Famous names in design and architecture certainly help to seal the deals. If they haven’t bought already, many of these potential buyers are paying extortionate day rates to rent prime real estate; R100 000 a day is not unheard of in the holiday season, and R20 000 a day is a good deal.”

“Interestingly, most sales have been cash, both by locals and foreigners which shows confidence in the property market, despite the weak rand. In fact foreigners splash out more because of it.

“That combined with the total property investment increase from R712m last year to R1.2bn this year is quite incredible.

“Cape Town is definitely changing. I have seen in the past year, a clear move towards status, brands and unashamed wealth, and obviously this transcends into property purchases.”

camps bay  |  cape town  |  property
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