SA’s prime residential properties streets ahead of other African countries

SA has about 3,600 homes valued at R18m, making it the 25th largest prime residential property market in the world.

This is according to the latest review of the top trends in the prime property sector by New World Wealth, which generates global wealth reports.

“Notably, SA is home to some of the world’s poshest residential areas including Clifton in Cape Town, Beachy Head Drive in Plettenberg Bay, Lagoon Drive in Umhlanga, Eastcliff in Hermanus and Sandhurst in Johannesburg.”

According to New World Wealth’s latest figures from June 2022, there are about 3,600 homes in SA valued at more than $1m (about R18.3m).

“By this measure, SA 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,” said Andrew Amoils of New World Wealth.

“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.”

When it comes to prime property trends in SA for 2022, safety and security are priorities for buyers.

Michael Curtis from security specialists Saber Fence said: “The search for safety is the main driver of new trends in the SA 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 the average free-standing house in SA has a security score of only four out of 10.”

The review also showed affluent buyers in SA are steadily moving away from houses and towards luxury apartment complexes.

“Drivers of this move include safety and security, stable monthly costs, and less cleaning and general maintenance required.

“Lifestyle estates are also on the rise, especially ecologically friendly lifestyle estates with natural indigenous wilderness areas, also known as eco estates.”

The review also found that wealthy South Africans, especially those older than 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.

TimesLIVE