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The value of a property can be determined by a number of factors, ranging from proximity to good schools to the prestige of an area.
Clifton, with its pristine beaches, is a good example of the latter, with even smaller homes hitting the market at insane prices, compared to other parts of Cape Town.
Cram enough high-end properties on one block and you get some of the most expensive streets in South Africa.
Research group New World Wealth has published its South African wealth report for 2020, identifying where the country’s richest citizens choose to live, reports BusinessTech.
South Africa’s residential market has taken a knock recently, and this was reflected in the results of the report, which covered a period of 10 years from 2009 to 2019.
Possible reasons for the decline include a struggling high-end property market, as well as a rise in the cost of living over the past few years.
“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.
Here’s a breakdown of the most expensive streets and suburbs, with Cape Town leading the pack.
These graphs via Property24:
Some experts in the industry believe that the coronavirus, and consequent lockdown in South Africa, could create “the perfect storm” for home buyers in middle and lower end of the property spectrum, while the high-end property market could continue to suffer.
That’s good news for those looking to put down roots.
[sources:businesstech&property24]
