Nine of the most expensive areas throughout the country are in Cape Town, based on a Seeff Property Group review of average selling prices this year
Only Sandhurst in the Sandton/Johannesburg region cracks the top ten.
These top ten suburbs now all demand average prices far above R10 million, with the top suburbs commanding prices above R20 million (Clifton and Bantry Bay).
“Notably, there were three Sandton/Joburg suburbs in the top ten list five years ago, but this year, there is only Sandhurst, although it boasts a notable uptick in the median price,” said Samuel Seeff, chairman of the group.
“Notable too, is that Higgovale in the Cape Town City Bowl is now also in the top ten list.
“It once again stands as testimony to the allure of Cape Town, but more than that, the absolute confidence in the Cape Town property market.”
| Rank | Suburb | Area | Median price | Highest price achieved |
| 1 | Clifton | Atlantic Seaboard | R25M | R150M |
| 2 | Bantry Bay | Atlantic Seaboard | R22M | R60M |
| 3 | Llandudno | Atlantic Seaboard | R19.95M | R33M |
| 4 | Sandhurst | Sandton/Joburg | R19M | – |
| 5 | Bishopscourt | Southern Suburbs | R17.55M | R90M |
| 6 | Higgovale | City Bowl | R16.2M | R33M |
| 7 | Waterfront | Atlantic Seaboard | R15.2M | R54M |
| 8 | Fresnaye | Atlantic Seaboard | R15M | R71.25M |
| 9 | Camps Bay | Atlantic Seaboard | R14.8M | R42M |
| 10 | Constantia Upper | Southern Suburbs | R13.1M | R70M |
Source: Seeff, based on Lightstone/Propstats data
According to the company, Cape Town is not just the finest city in the world, as selected for the eighth year in a row by the “Telegraph” Travel Awards, but also the best spot to invest your property money.
Wealthy Johannesburg purchasers, as well as foreign buyers, are said to be all investing in Cape Town, with their faith having been rewarded.
Despite a difficult year, Cape Town's property market is expected to conclude on another high note, with an average transaction price of R2.1 million, according to Lightstone statistics.
“It is no surprise that seven of the top ten suburbs are located on the premier Atlantic Seaboard and City Bowl belt where buyers have spent on average more over the past three years,” said licensee for Seeff Atlantic Seaboard, Ross Levin.
Despite market issues, the market in this region has traded somewhat higher than in 2022, which was already a highly profitable year, he said.
The market has seen an increase in the number of offerings, but at lower price points. Nonetheless, the market at the top end was up compared to the pre-pandemic period in 2019.
IOL