Many have known that Cape Town is a prime property hotspot for many years – with the beautiful mountain and sweeping ocean vistas, it is easily the most beautiful city in the country.
New data released by Lightstone, an analytics company, has revealed where South Africa’s most valuable suburbs are located – and it is no surprise that several are in Cape Town. Of these properties, 83% are residential properties, and 17% are non-residential properties.
A total of 6.7-million residential properties were tracked, equating to a value of R5.4-trillion. Freehold properties contribute 67% to this figure, with estates contributing 18.3%. Sectional titles contribute approximately 14.2%.
The most valuable suburbs are found in Cape Town (Sea Point, Rondebosch and Fresnaye), and Johannesburg (Bryanston, Morningside and Midstream).
The highest-valued street is Beauvais Road in Bel Ombre with an average value of R43.7-million per property. Llandudno is the highest-value suburb, with each property costing R19.3-million on average.
“Like previous years, the Cape Town’s property growth remains above the national average,” Lightstone said. “The top three inflationary growth suburbs in the Western Cape over the last 12 months are Silwood Heights, Voëlklip and Hospital Hill.”