The average sale price of a house in Clifton is R43.9 million, with a single parking spot costing more than the average property in the country.
According to Safe Property Group, the sale price of houses in Clifton is double that of Camps Bay, the country's second most expensive suburb.
Saif said only about 20 houses and five apartments are for sale in the small suburb.
Figures from Propstats show that sales in Clifton were around R2 billion over the past five years, even taking into account the Covid lows.
“Clifton benefits from a stunning location between mountain and sea with some of the most distinctive homes in the country,” Saif said.
“It also has the best Blue Flag beaches packed in the summer. It's almost impossible to find parking here in the summer, and you have to get there early if you want to spend a day at the beach.
Nettleton Road is South Africa's most expensive street, perched high up against the Lion's Head. With its privacy and seafront views, houses in the area sell for over R100 million.
Current prices in the area range from R69 million to R160 million.
Joe Lombard, luxury sales specialist at Safe Atlantic Seaboard, said prices could reach R200 million when the economy and market started to pick up.
At least three high-end sales of over R20 million were made by Gauteng buyers, with a further two from KZN.
“Clifton is not only naturally superior to other luxury suburbs in the country, but also offers superior returns for property investors,” said Lombard.
“The old houses were bought a few years ago and remodeled or demolished to create magnificent villas that can be compared to some of the best globally, and the scenery can only be found in areas like the south of France. “
He added that data shows that it is better to invest early as prices are rising due to strong demand.
The natural surroundings, views, and limited land space all contribute to the demand and prices that buyers are willing to not only buy, but also rent a home or apartment here.”
Every property sold so far in 2024 is worth more than R20 million, with a villa on Kloof Road recording the highest price of R66 million.
On the cliff side of Victoria Road, you'll find some of the country's most sought-after apartment blocks, such as Eventide, San Michele and The Beaches, hugging the coastline and offering uninterrupted sea views, Lombard added. .
“Over the past year, R44 million and R50 million were paid for apartments in Eventide, and R37 million in San Michele.”
“The highest prices paid are up to about R187,000 per square metre.”
Notably, a 16 square meter parking bay in the area sold for R2.5 million.
For context, data from Oba Home Loans shows that the median house price in South Africa was R1.48 million in Q1 2024.
This means a parking space in Clifton is worth R1 million more than the average house in the country.