WORDS: DEBBIE HATHWAY :: PHOTOS: SUPPLIED
Close to half the most valuable homes in the country are in Cape Town. Valued at more than $1m each, they contribute to South Africa’s status among the largest prime residential markets
If semigration trends in South Africa continue the current trajectory, Cape Town is set to become the country’s wealthiest city by 2040, according to the New World Wealth Africa Wealth Report 2023 published by Henley & Partners. Their research highlights a decline in relative wealth growth rates in Johannesburg and Pretoria over the past decade, which they attribute mainly to coastal semigration.
This super luxury Stefan Antoni-designed home perched high above the Atlantic Seaboard in Nettleton Road includes a gym, cinema room, back-up power facility, four-car garage, double staff accommodation, and a swimming pool. Marketed by Seeff.
COAST IS KING
However, with around 3,700 homes in the country worth more than $1m (as at December 2022), South Africa ranks among the 20 largest prime residential markets in the world, in line with significant emerging markets such as India and Brazil. More than 40% of those homes are in Cape Town’s coastal suburbs of Fresnaye, Bantry Bay, Clifton, Camps Bay and Llandudno, all near the ocean. Inland, in the leafy southern suburbs, Bishopscourt and Constantia complete the top seven wealthiest areas in the Mother City.
Here, residents enjoy the rare combination of city living and country life afforded by large plots, beautiful environments, clean air and modern amenities nearby. What sets it apart is the potential to purchase an equestrian property where owners and riders can stable horses on their land. Moreover, residents have easy access to riding centres, pony clubs, livery stables, picturesque riding trails, and numerous equestrian events year-round.
Last year’s Cape Hunt Alphen Constantia Heritage Ride attracted 60 riders, and more are expected for the upcoming event hosted by the Alphen Hotel on May 7. Thomas and McKirby believe there will likely be additional participants and guests from outside the Constantia Valley because of the growing number of international residents in the area.
In the past year, 40% of their most recent 25 sales were to foreign buyers from Austria, the UK, Germany, Switzerland, the Netherlands, and the US who want to live and work permanently in South Africa.
SADDLE UP IN CONSTANTIABERG
“City living has lost its appeal in recent years and people have become increasingly willing to trade convenience for lifestyle. However, this is not a price one has to pay in Constantiaberg,” says Rouvaun McKirby and Joanna Thomas, area specialists for Lew Geffen Sotheby’s International Realty.
Horse owners usually prefer to live close to their horses so that they can ride (and exercise them) regularly and easily. Still, these real estate agents note that due to ongoing urbanisation and densification, equestrians are often faced with long commutes in increasingly congested traffic to reach expensive rural stabling areas.
“Constantiaberg is one of the few remaining areas where residents enjoy the convenience of city living, including proximity to excellent schools, along with the tranquillity of a country lifestyle where they can own their equestrian property or enjoy easy access to riding and stabling centres.”
Equestrians get the best combination of city living and country lifestyle in Constantia, with sizeable properties with equestrian facilities like this stunning eight-bedroomed estate. Set on two acres in the heart of Upper Constantia, it is priced at R59 million. Marketed by Sotheby’s
FOR LOVE OR MONEY
The starting price for equestrian properties in Constantia is around R15m upwards, but a two-acre country estate with full equestrian facilities is currently on the market for R59m. Described as an architectural Cape Dutch masterpiece with eight bedrooms, it has a generous outdoor entertainment area with a pool and manicured lawns. Equestrian facilities include stabling for six horses, three external stables, a tack room and feed room, a show jumping arena and direct access to the adjacent greenbelt.
Additional features include a borehole, a well point with a complete filtration system, a generator that powers the entire property, 25 security cameras, an electric fence, a guard house and parking for 15+ cars.
WESTERN CAPE OUTPACES GAUTENG IN SUPER LUXURY SALES
Deeds Office transactions above R5m over the last year show that almost 70% were concluded in the Cape Town metro (2 354 transactions). Less than half (1,046 transactions) were finalised across Sandton and Johannesburg. Deals over R10m were significantly higher in Cape Town (546 transactions) than Johannesburg/Sandton (160 transactions). Double that to reach the R20m (approximately $1m) mark, and the Cape comes up trumps again with 84% of all sales concluded mainly across the Atlantic Seaboard, City Bowl and Southern Suburbs, but also in Stellenbosch and Hermanus.
According to Samuel Seeff, chairman of the Seeff Property Group, Constantia emerged as the suburb with the highest volume of R20m-plus houses sold, mainly in the Constantia Upper area.
The top 10 suburbs where affluent buyers invested in homes priced over R20m are as follows:
