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Africa has the advantage of having wide, open spaces, which are very diverse, ranging from deserts to savannahs and there are many areas that have thus far been largely unspoiled by developers. This continent does however also have some points that have investors uncertain about buying, including a high crime rate and unstable political environments in certain countries.
We look at places where luxury real estate is already a booming business, as well as at some of the emerging luxury property hotspots.
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Hanging Meadows in
Hout Bays
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South Africa’s most well-known areas for luxury property buying are in the Western Cape, the Highveld and Kwazulu-Natal. Cape Town is known as the Mother City, as well as the city where business and pleasure combine to create an atmosphere that is well removed from the ever-bustling streets of Johannesburg.
Cape Town offers the best of everything: the magnificent Table Mountain overlooks the city and there is plenty of beautiful scenery. There are also plenty of beautiful beaches and this is one of the areas known as the playground of the rich and famous. Add to this all-modern amenities and Cape Town is the ideal place for a luxury home.
The film industry here is blooming, as many filmmakers are choosing Cape Town as the backdrop for their movies. Areas such as Clifton, Sea Point, Hout Bay, Mouilles Point, Bantry Bay and Camps Bay are renowned for their luxurious apartments and villas. These are all located with stunning views of the mountain and close access to the exclusive beaches of the areas. The starting price for apartments in this area is approximately US$680,000. Areas around Cape Town, such as Paarl, Stellenbosch and Franschoek also offer wonderfully luxurious homes with quieter settings away from the city life.
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Gericke's Point, Western
Cape
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With a very different atmosphere to that of Cape Town, Johannesburg is all about the rush of the business day and you can almost hear the money changing hands. In this very busy city, buying luxury real estate is one way of securing the relaxing end to long working days. A luxury house in Sandhurst will sell at around US$1.5 million. Other prime areas for luxury real estate are Northcliff and Craighall Park. Buying luxury properties in these areas does, however, carry some risk, as crime is particularly high here and every precaution needs to be taken against the eventuality of hijackings or robberies. Pretoria also offers some high-class luxury properties and is seen as a ‘safer’ alternative to buying in Johannesburg, but ultimately buyers should be aware that these areas have high crime rates.
Sandhurst, Johannesburg
Situated on the East Coast, Durban has plenty of undiscovered beach stretches as well as isolated parts of land that make it deal for someone who is looking for that getaway from the busy city life. Prime spots for luxury property in this area are Umhlanga Rocks, La Lucia and Durban North. The various beachfront developments in these areas offer luxurious living as well as magnificent views. There are also plenty of smaller regions that are fast becoming booming spots for luxury property, such as Ballito Bay and its surrounding small towns.
Durban, Kwa-zulu Natal
Durban also carries a security risk, especially in areas that are not highly populated. Investors here also need to take all necessary precautions to protect themselves against loss or injury.
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