These South African towns could be the next hotspots for R20 million homes
- A new report shows there are 2,200 residential properties worth more than R20 million in South Africa.
- Areas poised to have homes hit that R20 million mark include a small town in KwaZulu-Natal and areas on the Garden Route.
- The top ten most expensive streets in South Africa were all located in Cape Town.
- For more, go to Business Insider SA.
There are some 2,200 residential properties in South Africa valued at R20 million or more, a new report by AfrAsia Bank and New World Wealth found.
The 2019 South Africa Wealth Report, released on Wednesday, found that of the those R20 million properties, 900 were located in Cape Town and 480 in Johannesburg.
The report said areas poised to be the next hotspots for R20 million homes include:
- Nature's Valley on the Garden Route, which offers relatively untouched nature and forests, and where a number of large homes are being built, or older homes are being renovated.
- The small beach town of Zinkwazi on the north coast of KwaZulu-Natal, which has benefited from the construction of King Shaka International Airport in nearby La Mercy. It also offers larger plots than nearby Ballito and Umhlanga.
- The small village of Keurbooms on the Garden Route which offers residents more privacy than nearby Plettenberg Bay.
After Cape Town and Johannesburg, Plettenberg Bay was the area with the most R20 million homes in the country.
Plettenberg Bay has 130 properties worth R20 million or more, the report found, followed by Umhlanga and La Lucia with 120 properties, Knynsa with 90, and Ballito and Stellenbosch both with 80.
Also read: There are now more dollar millionaires in Stellenbosch and Paarl than in the whole of Pretoria
The report found that the ten most expensive streets in South Africa, all located in Cape Town, are:
- Victoria Road, Clifton and Bantry Bay, Cape Town - R90,000 per square metre
- The Ridge & Cliff Road, Clifton, Cape Town - R90,000 per square metre
- V&A Marina, Dock Road, City Bowl, Cape Town - R86,000 per square metre
- Nettelton Road, Clifton, Cape Town - R85,000 per square metre
- Clifton Road, Clifton, Cape Town - R83,000 per square metre
- Kloof Road, Clifton and Bantry Bay, Cape Town - R81,000 per square metre
- Ave St Leon, Bantry Bay, Cape Town - R78,000 per square metre
- De Wet Road, Bantry Bay, Cape Town - R75,000 per square metre
- Ave Marina, Bantry Bay, Cape Town - R74,000 per square metre
- Ocean View Drive, Bantry Bay, Cape Town - R73,000 per square metre
The most expensive streets in South Africa not located in Cape Town are Beachyhead Drive in Plettenberg Bay where a square metre costs an average of R43,000, and Lagoon Drive in Umhlanga where a square metre costs an average of R40,000.
Receive a single WhatsApp every morning with all our latest news: click here.
Also from Business Insider South Africa:
- Retrenchment tracker: South Africa’s big corporate job losses in 2019 - so far
- Investec staff are getting unlimited leave - and can wear shorts to work
- Shock slump in JSE’s share price wipes out R1 billion – here’s what happene
- New competition may be launching – but South Africa’s Big 5 banks actually increased their dominance last year
- There are now more dollar millionaires in Stellenbosch and Paarl than in the whole of Pretoria
- Here's where South Africa super rich are making their money