South Africa continues to dominate the continent’s private wealth landscape, with Johannesburg and Cape Town ranking as Africa’s top two wealthiest cities in the newly released Africa Wealth Report 2025 by Henley & Partners and New World Wealth.
READ: South Africa dominates Africa’s wealthiest cities
According to the report, South Africa is home to 41,100 millionaires, representing 34% of Africa’s total - roughly equal to the next five wealthiest countries combined. Along with Egypt (14,800 millionaires), Nigeria (7,200), Morocco (7,500), and Kenya (6,800), these “Big Five” markets account for 63% of the continent’s millionaires and nearly 90% of its billionaires.
Cape Town dominates the luxury market
The strength of South Africa’s wealth market is reflected in its property sector, particularly in Cape Town. According to the Seeff Property Group, the top five suburbs in the country all boast average house prices above R20 million, with Cape Town now making up nine of the top ten most expensive suburbs. The only exception is Sandhurst in Sandton, Johannesburg, which slipped from fourth to seventh place this year, with an unchanged average price of R16.5 million.
READ: Western Cape vs KwaZulu-Natal: Property hotspots, estate living and market trends
So far in 2025, the Mother City has seen record-breaking activity:
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146 properties have sold for over R20 million, generating more than R5 billion in value - already surpassing the total for 2024.
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15 of these sales exceeded R50 million, and four crossed the R100 million mark (two each in Clifton and Constantia).
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Record prices include R65 million for a Bantry Bay apartment and R104.5 million for a Constantia Upper home, both brokered by Seeff.
Seeff chairman Samuel Seeff says these sales are a strong indicator of market confidence. “Where the wealthy are buying and investing shows where market strength lies. Cape Town stands in direct contrast to the Gauteng metros, particularly Johannesburg/Sandton.”
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Johannesburg: A market in pause
While Johannesburg remains the country’s financial hub and still houses the largest number of high-net-worth individuals, its high-end property market has largely stagnated. Only a handful of sales above R20 million have been recorded, and prime suburbs such as Dunkeld, Westcliff, Hyde Park, Illovo, Inanda, and Bryanston now average between R5 million and R10 million.
SA’s top 10 super-luxury suburbs (2025)
| Rank | Suburb | Area | Median Price | Highest Price | R20m+ Sales |
|---|---|---|---|---|---|
| 1 | Clifton | Atlantic Seaboard | R25.0m | R157.5m / R170m | 8 |
| 2 | Bantry Bay | Atlantic Seaboard | R23.0m | R65m / R67m | 13 |
| 3 | Llandudno | Atlantic Seaboard | R21.5m | R27m | 4 |
| 4 | Constantia Upper | Southern Suburbs | R21.4m | R104.5m | 21 |
| 5 | Bishopscourt | Southern Suburbs | R20.9m | R55m | 16 |
| 6 | Higgovale | City Bowl | R17.0m | R30.8m | 7 |
| 7 | Sandhurst | Sandton/Joburg | R16.5m | – | – |
| 8 | Camps Bay | Atlantic Seaboard | R16.2m | R89.7m | 24 |
| 9 | Fresnaye | Atlantic Seaboard | R13.4m | R38m | 12 |
| 10 | Waterfront | Atlantic Seaboard | R12.1m | R44m | 9 |
Source: Seeff (based on Lightstone/Propstats data)
Demand spreads beyond the Seaboard
Ross Levin, licensee for Seeff Atlantic Seaboard, attributes the surge to a unique mix of lifestyle appeal and scarcity. “The location between the mountain and sea is unmatched. With limited land and property supply, values are inevitably pushed higher.”
This ripple effect has extended into nearby areas:
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Sea Point (R6m), Green Point (R7.8m), and Three Anchor Bay (R6.2m) have all seen strong appreciation.
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In the City Bowl, Oranjezicht (R10.4m), Tamboerskloof (R8.75m), Devil’s Peak Estate (R7m), Gardens (R6.35m), and Vredehoek (R5.6m) are showing solid growth.
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In the Southern Suburbs, Constantia and Bishopscourt continue to dominate, while Claremont Upper, Newlands, and Rondebosch are recording occasional high-value sales.
Growth, scarcity, and off-market deals
Francois Venter, lead agent for Seeff Constantia, notes that prices are up 16% in Constantia Upper and 10% in Bishopscourt, far above inflation, delivering real growth for owners. At the same time, stock levels have fallen by 45%, fuelling increased demand and a rise in discreet off-market sales where homes change hands without ever being publicly listed.
Outlook: A bumper summer ahead
With international buyers returning, semigration remaining strong, and enquiries already flowing from markets such as the UK and Germany, Seeff expects a bumper summer season. Cape Town’s combination of lifestyle appeal, investment confidence, and limited supply continues to position it as Africa’s ultimate luxury property hotspot, while Johannesburg holds steady as the country’s wealth capital.
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