Tag Archives: Xpatweb

Top 15 most expensive suburbs to buy property in South Africa

The South African property market is becoming more appealing, with the repo rate declining, improving conditions for buyers.

In 2024, Llandudno in Cape Town recorded the highest average property price of R26.5 million, with a peak sale of R45 million, according to Lightstone Property’s annual report.

Despite this, the market remains under pressure, as high interest rates and a slow economy have caused a decline in transaction volumes.

However, Cape Town continues to lead in high-end real estate, with suburbs like Camps Bay, Clifton, and Constantia attracting strong demand for homes priced over R20 million.

Notably, Seeff Property Group sold 20 properties over R20 million in 2024, including multiple sales over R50 million in areas such as Clifton and Camps Bay.

Even the City Bowl, including Higgovale, Oranjezicht, and Tamboerskloof, saw significant sales, with one home in Oranjezicht fetching R43 million.

Cape Town’s top 10 suburbs now boast average house prices over R10 million, with four areas—Clifton (R43m), Llandudno (R27m), Camps Bay (R21m), and Higgovale (R20m)—surpassing R20 million.

The luxury market has also seen remarkable activity in Constantia Upper and Bishopscourt, where properties have sold for as much as R39 million.

Over the past five years, Cape Town’s property prices have surged by 30%, far outpacing Johannesburg’s 8.6% growth.

The city’s robust infrastructure, proximity to top schools and the University of Cape Town, and strong capital growth continue to drive demand in prime locations.

Foreign buyers are also increasingly drawn to South Africa, with many seeking vacation homes, retirement properties, or investment opportunities.

Recent notable purchases include a R72 million holiday home in Constantia by Austrian buyers and a British retiree relocating for year-round golf.

The country’s Retired Person’s Visa, offering easy access and low income thresholds, is a major incentive for retirees from Europe, the UK, the US, and Canada, according to Xpatweb.

The Western Cape and KwaZulu-Natal remain popular destinations, with areas like the Atlantic Seaboard, Franschhoek, Stellenbosch, and Umhlanga seeing high demand.

South Africa’s properties offer significant value for money, with homes typically 20-30% larger than in Europe. Foreign buyers accounted for 10% of sales in Cape Town in 2024, further bolstering the market.

Below is a list of the top 15 most expensive suburbs by average property price in 2024:

SuburbAverage Price Paid (R)Number of SalesMaximum Price Paid (R)
Llandudno26.5 million1545 million
Bishopscourt23 million2050 million
Clifton20.1 million2750 million
Constantia Heights18.4 million2548 million
Constantia18.2 million1034 million
Alphen17.7 million1740 million
Bel Ombre16.4 million3645.5 million
Steenberg Golf Estate15.3 million2030 million
Waterfront14.2 million5243.8 million
Higgovale13.8 million3032.5 million
Witteboomen13.6 million1121.5 million
Bakoven13.3 million7545 million
Silverhurst12.9 million3439 million
De Zalze Golf Estate12.6 million1927 million
The Links12.5 million1220.5 million
Bantry Bay12 million7250 million

International buyers are flocking to South Africa’s best retirement spots

Real estate agents in the Western Cape and KwaZulu-Natal, particularly in high-demand areas like the Atlantic Seaboard and Umhlanga, are seeing an increase in viewing requests from international buyers.

These buyers are often referred by friends, family, or return visits, with many considering relocating to South Africa after the festive season.

An Austrian family recently purchased a R72-million holiday home in Silverhurst Estate, Constantia, Western Cape, after just one visit and a quick decision within 48 hours.

Meanwhile, a British retiree from the London Home Counties chose to invest in property in South Africa to enjoy year-round golf.

Rory Maritz, Co-Principal at Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs and False Bay, said these sales highlight South Africa’s growing appeal to international buyers.

He pointed to a French couple from Paris, who are purchasing a home in Cape Town sight unseen, offering more than the asking price, as another example of this trend.

Maritz noted that some buyers are looking for investment properties, while the majority seek holiday homes or permanent retirement residences.

Keri Culver, Senior Immigration Consultant at Xpatweb, noted a rising interest in South Africa’s Retired Person’s Visa – one of the most accessible visas of its kind globally – particularly among Europeans, British, Americans, and Canadians.

Recent data from the Department of Home Affairs (DHA) reveals that over the past four years, more than 5,000 applications have been received from individuals in more than 100 countries looking to retire in South Africa.

The most significant numbers of applications come from the UK, China, Germany, and the USA, with notable interest also coming from Switzerland, the Netherlands, and Sweden.

Dr. Andrew Golding, CEO of Pam Golding Properties, shared that since 2023, they have seen a rise in interest and completed sales to international buyers from a variety of countries, including the UK, Germany, Zimbabwe, the USA, Switzerland, Austria, UAE, France, Belgium, Nigeria, and other African nations.

The most sought-after locations for foreign buyers include Cape Town, the Boland and Overberg regions (such as Franschhoek, Stellenbosch, and Hermanus), the Garden Route (including Plettenberg Bay, Knysna, and George), and areas north of Durban, like Ballito. Gauteng’s upscale neighborhoods, including Fourways, Rosebank, and Sandton, are also attracting attention.

According to Rory Maritz of Lew Geffen Sotheby’s International Realty, there is growing demand from high-net-worth and ultra-high-net-worth individuals, particularly from the UK and Europe, for properties in the R20-million-plus price range.

The agency is also fielding inquiries from buyers in the US, as well as from more distant regions like Bermuda and the Cayman Islands.