Data from the New World Wealth report released at the end of last year revealed which suburbs are home to South Africa’s wealthiest citizens.
According to the report, Joburg attracts the largest number of multimillionaires (those with a net worth of more than US$10m (R139m)). Interestingly, the report noted that while suburbs in and around Durban didn’t make it onto the list of top richest suburbs in the country, the city did crack the nod when it came to the second home market. A total of 250 high net worth individuals had invested in second properties in Umhlanga and La Lucia, 90 owned holiday homes in Ballito and 20 had bought second homes in Margate and Ramsgate on the South Coast. Umhlanga has always attracted the wealthy – and probably always will. Gorgeous beaches, trendy restaurants and great shopping all form part of the attraction.
Likewise, Ballito and surrounds, with a growing number of secure and exclusive estates, will continue to draw investors with money. Of course, not everyone wants a home on the coast, and suburbs such as Winston Park, Gillitts and Hillcrest are always going to appeal to those looking for something special in a somewhat cooler climate. Regardless of where they choose to set up home, the good news is that Durban’s exclusive homes are generally far less expensive than their counterparts in Cape Town and Joburg. Lightstone statistics indicate that over the past 12 months, nine freehold properties with an average price of approximately R16,5m were sold in Clifton in Cape Town. During the same period, 33freehold homes with an average price of R6,226m were sold in Umhlanga. The average selling price of a sectional title property in Clifton was roughly R14m, while wealthy buyers would have paid an average of R4,8m for a unit in one of Umhlanga’s upmarket schemes.
Although I’ve retained many of my business interests in Gauteng, I relocated my family down to Umhlanga. While the great climate and beaches formed a large part of the appeal, price-wise it made economic sense to move to KZN as opposed to the Western Cape.
John Davies, Resident
Best in food:
- Harvey’s Restaurant (Umhlanga)
- Little Havana (Umhlanga)
- Al Pescatore Italian Restaurant (Ballito)
- Mo-Zam-Bik Restaurant (Ballito)
Top schools nearby:
- Crawford College La Lucia
- Umhlanga College
- Ashton International College (Ballito)
- Kearsney College (Botha’s Hill)
Medical facilities nearby:
- Gateway Private Hospital (Umhlanga)
- Netcare Umhlanga Private Hospital
- Netcare Alberlito Hospital (Ballito)
This article originally appeared in Neighbourhood, Sunday Times.
Take a spectacular tour of Umhlanga here:
