This market segment is also somewhat ‘immune’ to the knock-on effects of the Covid-19 pandemic, with Lightstone data showing that in 2021, 984 homes valued at over R10 million were sold in South Africa – the highest number in recent years.
“Foreign buyers enjoy South Africa for its natural beauty and generally temperate winter climate in comparison to the snowy Northern Hemisphere,” said Smee. “They are in search of homes that boast exceptional views, high-end design, extensive security measures and proximity to breathtaking attractions such as the beaches of Clifton or the mountains of Franschhoek.”
The impact of increased work-from-home policies on the luxury property market is most evident in Johannesburg, particularly in the neighbourhoods surrounding Sandton, such as Bryanston, Hyde Park, Sandhurst, and Morningside. Smee said that other luxury lifestyle estates in Gauteng seeing an increase in wealthy buyers include Serengeti Estate, Eagle Canyon Estate, Southdowns Estate and Blair Atholl Estate.The Western Cape leads the luxury property market in South Africa by boasting some of the most expensive real estate in the country, including a home on sale for R172.5 million in Clifton.