DURBAN - A report by New World Wealth has revealed South Africa's prime residential prices which were shown to be down for the first quarter of 2018.
For their research, the group looked at the price of property per square metre all over South Africa.
They then pinpointed these three prime locations:
1. The Atlantic Seaboard, Cape Town, including Bantry Bay, Clifton, V&A Waterfront and Camps Bay.
2. Umhlanga
3. Central Sandton
According to the research group, Cape Town's prime apartment prices have slightly dropped from about R75 000 per square metre in December last year to about R72 000 per square metre at the moment (March 2018).
New World Wealth said that this is probably because of the drought crisis in the city which has hurt the residential market. The Mother City also had a bad holiday season (December/January) with a number of travellers staying away from Cape Town due to the drought.
The prices for prime apartments in Central Sandton were also down in comparison to last year December. In December 2017 the price was R34000 per square meter and now it is R33000 per sqaure metre.
Umhlanga was the only location that an increase in comparison to the numbers from last year. The group attributed the increase to fact that a lot people are travelling to KZN instead of drought impacted Cape Town.
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Prime area
ZAR per sqm 2017
ZAR per sqm 2018
200sqm Apartment Price
Atlantic Seaboard, Cape Town
75 000
72 000
15 000 000
Umhlanga
36 000
37 000
7 200 000
Central Snadton
34 000
33 000
6 800 000
South Africa's most expensive streets
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Street
Suburb, City
200 sqm Apartment Price (ZAR)
ZAR per sqm
The Ridge & Cliff Road
Clifton, Cape Town
19 000 000
95 000
Victoria Road
Clifton and Bantry Bay, Cape Town
18 400 000
92 000
V&A Marina, Dock Road,
Clifton, Cape Town
18 000 000
90 000
Nettelton Road, Clifton
Clifton, Cape Town
17 400 000
87 000
Clifton Road,
Clifton, Cape Town
17 000 000
85 000
Kloof Road
Clifton and Bantry Bay, Cape Town
16 800 000
84 000
Ave St Leon
Bantry Bay, Cape Town
16 000 000
80 000
De Wet Road
Bantry Bay, Cape Town
15 600 000
78 000
Ave Marina
Bantry Bay, Cape Town
15 200 000
76 000
Ocean View Drive
Bantry Bay, Cape Town
15 000 000
75 000
Outside of Cape Town, two streets were ranked as the most expensive including Beachyhead Road, Plettenberg Bay where a 200 sqm apartment costs R8,6 million or R43 000 per sqm. The other street is Lagoon Drive in Umhlanga where a 200 sqm apartment costs R7,2 million or R36 000 per sqm.
South Africa's most expensive suburbs
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Suburb
200 sqm Apartment Price
(ZAR)
ZAR per sqm
Clifton
16 400 000
82 000
Bantry Bay
15 200 000
76 000
Fresnaye
12 200 000
61 000
Camps Bay
11 200 000
56 000
Bakoven
11 200 000
56 000
Llandudno
10 800 000
54 000
Granger Bay
10 800 000
54 000
Mouille Point
10 400 000
52 000
Greenpoint
9 600 000
48 000
City Bowl in Cape Town
9 400 000
47 000
Three Anchor Bay
8 000 000
40 000
Umhlanga
7 200 000
36 000
Seapoint
7 000 000
35 000
Bishopscourt
7 000 000
35 000
Central Sandton
6 800 000
34 000
Constantia
6 400 000
32 000
Durban developments
Although Cape Town may be home to the country's most expensive streets, Durban's hotel developments are making it the city to keep an eye on.
According to the ManpowerGroup South Africa Managing Director, Lyndy van den Barselaar Durban will be developing key tourism projects including the St Lucia Eco-Hotel and the Durban Film City.
Durban is expected to have infrastructure projects worth more than R50 billion according to van den Barselaar.