There are approximately 2,300 South African homes valued at 20 million rand or more as of December 2015, this is according to the study by the South Africa 2016 Wealth Report.
The report says 880 of them are in Cape Town, whilst 550 are located in Johannesburg.
“As part of the South Africa 2016 Wealth Report, we ranked the most exclusive towns and suburbs in SA, based on the number of 20 million rand (1.3 million dollar) homes in each area,” said the statement from the Wealth Report.
Cape Town’s Camps Bays is the top suburb for 20 million rand homes in South Africa.
Lisa Bathurst, director at Hurst & Wills in Cape Town says Camps Bay has fared incredibly well in recent financial downturns, where prices continue to increase, regardless of South Africa’s economic woes.
“The latest figures show that Camps Bay prices have gone up by 50 per cent in 5 years, and there is no sign of a slowdown. Aside from the obvious lifestyle benefits, Camps Bay is a suburb with close proximity to both the heart of Cape Town and its beaches, offering a great selection of upgraded holiday apartments and spacious family homes,” she said.
“The suburb remains ever popular with international buyers and local families alike, and is great value in comparison to its Clifton and Llandudno neighbours. With limited land, it’s no surprise that Camps Bay has sold 170 homes in excess of 20 million rand each, and I suspect this figure will keep on rising”.