Three South African suburbs have been highlighted as the epitome of luxury living in South Africa. Here's why these three regions are attracting the well-heeled elites and big spenders.
The big spenders
The 2019 Africa Wealth Report, released by AfrAsia Bank and New World Wealth, outlined some intriguing statistics about a certain sector of South African society: the well-heeled, big spenders, and celebrity lifestyle livers. Luxury living in South Africa is, compared to other regions in the world, relatively inexpensive, as international property prices far outstrip prices on our slice of the planet. Moreover, as the 2019 Africa Wealth Report revealed, South Africa has over twice as many millionaires as any other African country. It makes sense, therefore, that 3 out of the 5 top spots for luxury living within Africa are found within South African borders. Let’s take a look at how these luxury living suburbs match up:
Superb Sandton
If you consider the concentration of wealth across South Africa, you’ll find Sandton coming up trumps when it comes to comparison. Not only is Sandton home to the Johannesburg Stock Exchange (JSE) and a plethora of Africa’s largest businesses, it’s also home to a significant number of South Africa’s well-heeled. The 2019 median selling price for a home in Sandton and Bryanston North comes in at R2 999 000. Serving that statistic another way: If you’re keen to join the well-heeled lifestyle of luxury living in Sandton, you’ll need to expect to spend just under R3 million to buy a home within this stunning suburb. Again, living in Sandton is a rather exclusive experience, offering both convenience and somewhat of a celebrity lifestyle. There’s little to no commute for CEOs to endure, and being right in the heart of where everything happens makes it easy to enjoy the celebrity lifestyle.
Three things to do in Superb Sandton
Covering just under 150 kilometres squared, luxury living in Sandton is made easier by its close location to:
- Iconic shopping destinations: Sandton City is the place to be for every big spender. Boutiques that’ll blow any budget, retail stores with the right, big prices, and so much more await.
- Five-star hotels: Staying at home is so last season, when staying at the Michelangelo is so much more fun!
- Several private schools: Mom’s school run is a fashionista ramp walk in Sandton, with dozens of private schools to pick from.
Explore luxury living in Sandton here.
Catching up in Cape Town
According to the 2019 Africa Wealth Report, the total amount of wealth contained within the city tallies up US$133 billion. That’s a sizeable chunk of change, and more than double what’s listed for our third suburb that serves as a hotspot for luxury living in South Africa. Between its sweet ocean views, majestic mountain ranges, and excellent lifestyle, Cape Town is a preferred choice for both locals and visitors, with a significant portion of property owners from across the globe scooping up incredible properties as their second home. Signing up for the celebrity lifestyle comes at a price tag however, as the median selling price for a home in the Cape Town City Bowl swings in at R2 828 000.
Cape Town luxury living
Luxury living comes naturally to the City of Cape Town, thanks to its natural surroundings. Not satisfied to rest on its laurels, however, the City of Cape Town has become a cosmopolitan city for business and pleasure, offering almost every imaginable facility and service that a modern city must, in order to compete with international sights and scenery. Offering an elevated level of safety and convenience within the City Bowl, the City of Cape Town stands apart when compared with South Africa’s other regional CBDs. Moreover, you’re never too far away from having fun in the City of Cape Town, as the ocean invites you in for a swim, or the Winelands awaits for a wander.
Delightful Durban
Surprise! What so many people cast off as a holiday destination, or sleepy hollow when compared to South Africa’s major cities, is now becoming a hotspot for the well-heeled. In particular, the suburb of Umhlanga is attracting the big wallet holders, with a median selling price for a home in Umhlanga settling in at R3 950 000. With the 2019 African Wealth Report recording the total value of wealth held in the City of Durban weighing in at US$54 Billion, it’s no surprise to residents and businesspeople that it’s one of the fastest growing regions in South Africa.
Developing Durban
As many businesses moved away from the CBD, and further north, Umhlanga and Ballito have undergone exceptional development over the past decade. With space to move and develop, several high-profile businesses, both national and multinational, have been setting up headquarters along the East Coast. Perhaps that’s why Durban North was our most searched for suburb in 2019.
Learn how to live it up in Umhlanga.
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“The data reflected herein represents data that is voluntarily obtained from subscribers from the Private Property South Africa’s website and is based solely on data collected by Private Property South Africa (Pty) Ltd. Further, the data reflected herein is accurate as per the Private Property South Africa database dated 31 January 2020. Reliance on such data is at the sole discretion of subscribers and Private Property South Africa hereby indemnifies itself of any consequence of such reliance.”
