The average selling price for a house in Clifton is R43.9 million, with a single parking spot costing more than the average property in the country.
According to the Seeff Property Group, the selling price for houses in Clifton is double that of Camps Bay, the second most expensive suburb in the country.
Seeff said that only roughly 20 houses and five apartments go on sale in the small suburb.
Propstats data showed that close to R2 billion in sales were concluded in Clifton over the last five years, even considering Covid-lows.
“Clifton benefits from a spectacular location between mountain and sea with some of the most exclusive homes in the country,” said Seeff.
“It also has the best Blue Flag beaches packed throughout the summer. It is almost impossible to find parking here in the summer, and if you want to spend a day at the beach, you need to come early.”
Nettleton Road is the most expensive street in South Africa, perched high up against Lion’s Head. With its privacy and views of the seaboard, houses in the area sell for over R100 million.
Current prices in the area range from R69 million to R160 million.
Jo Lombard, a luxury sales specialist with Seeff Atlantic Seaboard, said that prices could reach R200 million once the economy and market start moving vigorously.
At least three high-end sales of over R20 million were made by Gauteng buyers, with another two from KZN.
“Clifton is not just scenically superior to most other luxury suburbs in the country but has offered superior returns for property investors,” said Lombard.
“Older houses were bought some years ago and remodelled or demolished to create stunning villas which can compare with some of the best globally, and scenery matched only by areas such as the South of France.”
He added that the data shows that investing sooner is better as prices continue to climb due to strong demand.
“The scenic setting, views, and limited land space all contribute to the demand and prices that buyers are willing to pay, not just to purchase, but also to rent a home or apartment here.”
Every property sold in 2024 so far has been over R20 million, with the highest recorded price being R66 million for a villa on Kloof Road.
On the cliffside of Victoria Road, you will find some of the country’s most sought-after apartment blocks, such as Eventide, San Michele and The Beaches, hugging the coastline and offering unobstructed ocean views, adds Lombard.
“Over the last year, prices of R44 million and R50 million were paid for apartments in Eventide, and R37 million in San Michele.”
“The highest prices paid ranges to almost R187,000 per square metre.”
Remarkably, a parking bay of 16 sqm sold for R2.5 million in the area.
For context, data from Ooba Home Loans shows that the average house price in South Africa stood at R1.48 million in Q1 2024.
This means that a parking spot in Clifton costs R1 million more than the average house in the country.
