The top five most sought-after suburbs among affluent South Africans have been identified.
HERE ARE THE TOP FIVE MOST SOUGHT-AFTER SUBURBS IN SOUTH AFRICA
The criteria are based on property sales data and total purchase prices for the year 2023.
The latest newsletter from Lightstone said this data indicates shifts in South Africa’s real estate landscape, with Bryanston in Gauteng emerging as the leading suburb regarding sales volume and total purchase value for the period.
THE CRITERIA IS BASED ON PROPERTY SALES AND TOTAL PURCHASE PRICES
Sea Point in the Western Cape climbed to second place in 2023, up from third in the previous year. While Midstream Estate in Gauteng slipped to third after ranking second in 2022.
Notably, Val de Vie and Fresnaye, which occupied the fourth and fifth spots, respectively, in the Western Cape in 2022, dropped out of the top five in 2023.
In their place, Sibaya Coastal Precinct in KwaZulu-Natal claimed fourth position, followed by Sunningdale in the Western Cape at fifth.
HERE IS THE LIST OF THE FIVE MOST SOUGHT-AFTER SUBURBS
Here is the list:
Bryanston in Gauteng
Sea Point in the Western Cape
Midstream Estate in Gauteng
Sibaya Coastal Precinct in KwaZulu-Natal
Sunningdale in the Western Cape
As of February 2024, the Lightstone report further declared that South Africa’s residential property market values at just over R6.8 trillion.
“Noteworthy findings from the report include that estates comprising only 6.6% of total properties contribute 18.1% to the overall market value.
“Similarly, sectional title properties represent 12.9% of total properties but contribute 15.7% to the market value.”
The Lightstone report said.
SOUTH AFRICAN CITIES DOMINATED THE LIST OF AFRICA’S TOP 10 WEALTHIEST CITIES
Meanwhile, South African cities dominate the list of Africa’s top 10 wealthiest cities according to the number of resident millionaires in 2023.
The Africa Wealth Report 2023 furthermore stated that Johannesburg is the most affluent city in Africa.
The suburbs surrounding Sandton City shopping mall concentrate most of Johannesburg’s top-end wealth, earning the area the nickname “the richest square mile in Africa.”
The Sandton suburbs of Hyde Park, Inanda, and Sandhurst, in particular, are home to large numbers of high-net-worth individuals.
The “old money” suburb of Westcliff is also extremely affluent.
CAPE TOWN IS HOME TO SOME OF THE WORLD’S MOST PRESTIGIOUS RESIDENTIAL SUBURBS
Meanwhile, in third place was given the “Mother City”.
Cape Town is home to some of the world’s most prestigious residential suburbs, including Bantry Bay, Bishopscourt, Camps Bay, Clifton, Constantia, Fresnaye, and Llandudno.
The cosmopolitan city is also home to several luxury lifestyle estates. These include Atlantic Beach, Erinvale, Silverhurst, Steenberg, Stonehurst Mountain Estate, and Sunset Links.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : The South African – https://www.thesouthafrican.com/news/top-five-most-sought-after-suburbs-in-south-africa-latest/
