the Sandton area.
Seeff says these suburbs have emerged in the post-2007/8 period as blue chip property hot spots.
“Despite the lacklustre economic backdrop, wealthy locals and foreigners from across the globe including G7 nations such as Britain and Germany along with emerging economic hot spots such as Nigeria, have demonstrated their confidence in these areas by investing here.
“This has been particularly evident on the Atlantic seaboard. These suburbs are now so popular that where sales of properties at over R15m- plus even in sought- after areas such as Sandhurst are rare, these are now almost commonplace in suburbs such as Clifton, Bantry Bay, Fresnaye, Camps Bay and the V&A Waterfront. A luxury home in Clifton can now attract a premium of 40 percent more than a luxury estate in Sandhurst, the most expensive suburb in Johannesburg,” says Seeff.
“That there are now 10 suburbs with an average selling price above R10m must stand as testimony to the strength of the property market, although it is of course by no means immune to economic headwinds.”
He says this is again demonstrated by this year’s activity, with special reference to the Atlantic seaboard. Although this been a challenging year for the economy with the JSE and rand on shaky ground, luxury homebuyers have continued