Cape Town may not be the financial epicentre of South Africa, but it continues to dominate the list of most exclusive addresses, and data provided by Lightstone Property has revealed that the Mother City lays claim to three of the five most elite addresses in the country.
This six bedroom house in Clifton, Cape Town, offers triple volume ceilings, two gas fireplaces, underfloor heating, air conditioning, a media room, wine cellar and an elevator. It is on the market for R85 million – click here to view.
This is according to Lew Geffen Sotheby’s International Realty CEO, Lew Geffen, who says this is because luxury property in Cape Town is still in high demand by foreign buyers who dominate the top-end of the market, and by South Africans wanting to live in a region with higher levels of basic service delivery.
According to the Lightstone research, the most expensive street in South Africa currently is Nettleton Road in Clifton, where the median price for houses is R27.1 million, followed by Glen Beach Road in Camps Bay with an average house price of just under R24 million. Head Road in Fresnaye takes fourth place with an average selling price of R21.44 million.
Sandhurst in Johannesburg scoops third and fifth places with a median sale price of just under R25 million in Coronation Road and R20.76 million in Rivonia Road.
Geffen says in the list of most expensive addresses in the Western Cape, not surprisingly, four of the five most pricey are situated on the sought-after Atlantic Seaboard, with fourth place taken by Eastcliff in Hermanus.
To determine the value of the streets, Lightstone uses a valuation model based on repeat sales and comparable sales which takes inflation indices and applies them to a property’s previous sale price to bring the historic purchase price to current value.
This property in Fresnaye, Cape Town, has five bedrooms, a study, gym, bar and an outdoor entertainment area with braai. It is on the market for R35 million – click here to view.
“The upswing on the Atlantic Seaboard started in 2002 when a property in Chilworth Road in Camps Bay sold for R23 million, but the demand for luxury homes began to peak 2008 when 13 properties in the R20 million plus price band changed hands to the combined value of R414.193 million,” says Geffen.
“In spite of the credit crunch which hit in 2008, property values on the Atlantic Seaboard have continued to grow exponentially and now it is not only home to the most trophy properties in South Africa, it also fetches the highest price per square metre.”
Press release ends.
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