New World Wealth has published its South African Wealth Report for 2018, which includes data on the most expensive streets and suburbs in the country, looking specifically at the cost per square metre.
Given the sharp rise in property prices in Cape Town, it comes as no surprise that the most expensive streets are concentrated around the city – with the country’s most expensive suburbs, Clifton and Bantry Bay, accounting most of the list.
Only one street is not found within those suburbs – Dock Road in the City Bowl (the V&A Marina), which ranked third.
This is in-line with other studies including the Knight Frank Wealth Report, which found that Cape Town had one of the 20 most expensive property markets in the world, with property prices – on a per square metre basis – climbing almost 20% year on year.
According to the New World Wealth report, the most expensive streets outside of Cape Town include Beachyhead Road in Plettenburg Bay, and Lagoon Drive in Umhlanga.
When looking at the most expensive suburbs, all the top listed areas are in and around Cape Town, reflecting the city’s status as the costliest property market in the country.
The data is reviewed on an annual basis, New World Wealth said, with the latest data showing the cost per square metre on the following streets in South Africa, at the end of 2017. The prices refer to the average price of a prime 200-400 square meter apartment/villa on street or in suburb.
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