According to data from New World Wealth there are approximately 3 600 homes in South Africa that are valued at over R18 million (as of June 2022). By this measure, South Africa ranks as the 25th largest prime residential property market in the world, well ahead of the other countries in Africa and in line with big emerging markets such as India and Brazil.
Some of the richest residential areas include:
Around 40% of these homes are located in the “Prime 8” suburbs of Cape Town, namely: Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bakoven, Bishopscourt, and Constantia.
Furthermore, New World Wealth (NWW) has also looked at the top trends for prime property in 2022 and it has revealed that safety and security will be the main driver of new trends in the South African residential property space.
“The search for safety is the main driver of new trends in the South African residential property space – it is linked to the rise in home security, the rise of estate living, the rise in apartment living, and the ongoing movement of affluent people to safer parts of the country. It is also interesting to note that the average free-standing house in South Africa has a security score of only 4 out of 10,” said Michael Curtis from security specialists Saber Fence
NWW is also reporting that affluent buyers in SA are steadily moving away from houses and towards luxury apartment complexes. Drivers of this move include: safety & security, stable monthly costs, and less cleaning and general maintenance required. While lifestyle estates are also on the rise, especially ecologically friendly lifestyle estates with natural indigenous wilderness areas.
Wealthy South Africans (especially those over the age of 60) are moving away from the big cities and towards smaller towns, which are often safer and better run. Towns in the Cape Winelands, Garden Route, and Whale Coast are becoming particularly popular.