A recent analysis conducted by the Seeff Property Group, it has been revealed that Cape Town continues to reign supreme in South Africa’s real estate market, with nine out of the top ten most expensive suburbs located within the city. Sandhurst, from the Sandton/Johannesburg area, managed to secure a spot in the exclusive list.

The top ten suburbs now boast average selling prices well above R10 million, with Clifton and Bantry Bay leading the pack at an impressive R20 million on average. Samuel Seeff, the chairman of the group, emphasized the enduring allure of Cape Town and the unwavering confidence in its property market.

A notable shift in the landscape has been observed over the past five years, with only Sandhurst representing the Sandton/Johannesburg area in the current top ten list. However, it is noteworthy that Sandhurst has experienced a significant increase in its median price.

Higgovale in the Cape Town City Bowl has made its debut in the top ten list, signaling a broader expansion of high-value real estate in the city.

Despite facing challenges throughout the year, Cape Town is poised to conclude yet another outstanding year for its property market. Lightstone data indicates an average transaction price of R2.1 million, outperforming Johannesburg, Pretoria, and Durban, which recorded average transaction prices of R1.6 million, R1.5 million, and R1.3 million, respectively. Sandton, although impressive at R2.3 million, pales in comparison to the Atlantic Seaboard’s staggering average of R8.2 million based on Propstats sales data.

Cape Town’s property market has experienced a remarkable transformation over the past decade, with the average transaction price doubling. This year alone, there has been a 35% increase from the pre-pandemic year of 2019, solidifying Cape Town’s status as the leader in average property prices nationwide.

Seeff declares Clifton as the reigning champion of South Africa’s real estate landscape, with an average selling price of R25 million and a record-breaking transaction at a staggering R150 million in 2023. Bantry Bay and Llandudno, both situated along the Atlantic Seaboard, secured the second and third positions, boasting average prices of R22 million and R19.95 million, respectively.

The only non-Cape Town suburb in the top five is Sandhurst in Sandton/Johannesburg, with an average price of R19 million. Bishopscourt rounds off the top five with an average price of R17.55 million.

Seeff notes a surge in luxury buyers in Constantia Upper and Bishopscourt, with both areas witnessing high-value sales exceeding R20 million – a record-breaking trend for these prestigious neighborhoods.

The South African property market, particularly in Cape Town, continues to defy expectations and set new benchmarks, solidifying its reputation as a global real estate hotspot.

# Suburb Area Average price Highest price achieved
1 Clifton Atlantic Seaboard R25 million R150 million
2 Bantry Bay Atlantic Seaboard R22 million R60 million
3 Llandudno Atlantic Seaboard R19.95 million R33 million
4 Sandhurst Sandton/Joburg R19 million
5 Bishopscourt Southern Suburbs R17.55 million R90 million
6 Higgovale City Bowl R16.2 million R33 million
7 Waterfront Atlantic Seaboard R15.2 million R54 million
8 Fresnaye Atlantic Seaboard R15 million R71.25 million
9 Camps Bay Atlantic Seaboard R14.8 million R42 million
10 Constantia Upper Southern Suburbs R13.1 million R70 million