One of South Africa’s prominent real estate consultancy’s, Knight Frank, recently revealed results from their Global Residential Cities Index. Having tracked the movement of mainstream house prices across 150 cities around the world, of which Johannesburg and Cape town were the only two South African cities on the list; it is evident that the property prices have increased 4.6% globally, from the third quarter of 2016 to the third quarter of 2017.
The most expensive suburbs in South Africa
It is to no surprise that Johannesburg and Cape town landed on the Knight Frank list, especially as they are home to some of the most expensive suburbs in South Africa. These areas include Cape Town’s Clifton that has homes averaging R23 million, Llandudno homes averaging R17 million and Bantry Bay with homes averaging prices of R16.9 million, while Johannesburg suburbs like Sandhurst see home prices average at R16.5 million.
Knight Frank results
With probably the most expensive suburbs to live in, Cape Town placed 31 on the Knight Frank listing with an annual house price growth of 8.4%. Johannesburg on the other hand was placed 90, with a 3.2% annual house price growth. Interestingly, both South African cities saw better results than big-time, popular cities like Auckland, London, Washington DC and Mumbai.
South Africa’s property market is on the rise as it stands on good ground among other leading countries.