Engel & Völkers, a global real estate company, is selling a 1124-square-metre property in Clifton for R175 million, making it the most expensive piece of land per square metre on the market.
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Clifton is an upmarket and sought-after Cape Town area with some of South Africa’s most costly properties.
The Seeff Property Group’s research of average selling prices across the country in 2023 shows just how pricey residences in Clifton are.
Clifton was South Africa’s most expensive suburb, with a median of R25 million and a top of R150 million.
Its greatest draw is its spectacular views of the Atlantic Ocean. Most residences and apartments enjoy unobstructed views of magnificent sunsets.
Clifton’s popularity among the world’s super-wealthy is due to more than just its views.
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The cable and satellite television network Discovery Travel Channel named Clifton one of its top ten beaches.
The neighbourhood features four beaches, which are popular among both locals and tourists.
Despite the frigid water, many people go to the beaches to surf and bodyboard.
Clifton is notable for its tiny property sizes. This is because the City of Cape Town designed it for soldiers returning from World War I.
Bungalows were made from packing containers used to import automobiles in the 1920s and 1930s.
Most of the original bungalows have been replaced with new homes. However, the small staircases to the buildings and beaches remain.
Despite their tiny size, Clifton houses and apartments command premium prices due to the neighbourhood’s prime location and renown.
There is also very little new land available to build on, resulting in an exclusive market with restricted supply.
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Clifton’s popularity and scarcity of accessible land have resulted in the sale of a 1124-square-metre stand for R175 million.
This corresponds to R155 694 per square metre, making it the most costly stand in South Africa by surface area.
Engel & Völkers, the estate agency selling the stand, market it as one of Africa’s most desirable and valuable residential areas.
The property, located on Nettleton Road, has spectacular views of Table Mountain, the Twelve Apostles mountain range, and the well-known Clifton beaches.
‘As far as the eyes can reach, you will encounter ever-changing, mind-blowing views, be it sunrise or sunset,’ Engel & Völkers said.
It further stated that the qualified purchaser would have the opportunity to purchase authorised building plans for the multi-storey Villa from well-known Jenny Mills Architects.
The building costs for the multi-story Villa are projected to be between R65 million and R75 million.
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Picture: Engel & Völkers