The average selling price for a house in Clifton has soared to R43.9 million this year based on sales data, according to the Seeff Property Group.
This is more than double the average for Camps Bay, the second most expensive suburb this year on the Atlantic Seaboard in Cape Town.
Only about 20 houses and five apartments sell on average each year in this small suburb.
Yet these achieve on average the highest prices in the country, said Jo Lombard, a luxury sales specialist with Seeff Atlantic Seaboard.
Propstats data shows that almost R2 billion in sales were concluded here in the last five years.
“Clifton benefits from a spectacular location between mountain and sea with some of the most exclusive homes in the country. It also has the best Blue Flag beaches, which are packed throughout the summer,” Seeff Property Group said.
Nettleton Road, perched high up against Lion’s Head, is the most expensive street in South Africa. Offering privacy and unparalleled views over the seaboard, houses here have sold for more than R100m.
Current prices range from R69m to R160m, but could reach R200m once the economy and market start moving again with some vigour, said Lombard.
At least three of the high-end sales over R20m this year were to Gauteng buyers, and a further two to buyers from KwaZulu-Natal.
In Clifton, older houses were bought some years ago and remodelled or demolished to create stunning villas which can compare with some of the best globally, added Lombard.
“Every house sold this year has been above R20m. The highest recorded price was for a villa on Kloof Road which sold for R66m.”
Lombard said it is an older property and a renovator’s dream.
Further down in the suburb are bungalows. Recorded sales on Propstats show that prices of up to R28m and R59.95m were paid this year for these bungalows.
On the cliff side of Victoria Road are 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, added Lombard.
Over the last year, prices of up to R44m and R50m were paid for apartments in Even tide, and up to R37m in San Michele. The highest prices paid ranges to almost R187 000 per square metre. A parking bay of 16 square metres also sold for R2.5m.
A multi-storey home with direct mountain access onto Lion’s Head is currently on the market for R69.95m.
Cape Times