From the Western Cape to KwaZulu-Natal and Gauteng, Lightstone property data has revealed the suburbs where expensive properties were sold in South Africa – ranging from R20 million to R50 million.
In the Western Cape, three Cape Town suburbs recorded sales of R50 million including Bishopscourt, Clifton and Bantry Bay.
The Western Cape was also the province that accounted for the top 27 suburbs, with at least 10 sales where the average price paid was more than R10 million.
While the Gauteng suburbs did not record many sales in the R10m range, it did record sales in the R5 million to R10 million price band and there were substantial sales at the top end, according to Lightstone.
The most expensive property that was sold in Gauteng was in the suburb of Inanda and the price of the property was R35 million.
For KwaZulu-Natal, Zimbali, a suburb in Ballito, was at the top of the R5 million to R10 million category with an average of R6.5 million and a year high of R24.5 million.
In St Francis Bay in the Eastern Cape, the maximum price paid for a property was R28 million, while the average was R5.3 million.
According to Lightstone, residential property sales last year were in line with sales recorded for 2023.
Lightstone also revealed that most of the first-time buyers were between the ages of 30 to 45 (47%) followed by people between the ages of 45 to 60 (28%), people between the ages of 18 to 30 (14%) and finally those between the ages of 60 to 90 (11%).
In terms of the types of properties that were sold in 2024, freehold properties came out on top at 53% followed by sectional title schemes at 31% and estates at 16%.
IOL Property
