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South Africa's most expensive home sold for $19 million

Jul 07, 2016 | 0 Comment(s)


A three-storey, seven bedroom house in Cape Town has broken the record for the most expensive house ever sold in South Africa. Situated in Bantry Bay, the house has been bought by a German billionaire for approximately US$19 million, breaking previous records by a whopping margin of US$6.5 million. The deal has cheered local real estate professionals who were concerned over the stagnating property market in the country’s capital, amid the falling value of the rand. 
 
The house offers stunning views of the Atlantic sea and the gorgeous mountains. It boasts nine bathroom, eight garages, extensive art work and an infinity pool. The sellers were so happy with the deal that they gifted the buyer, who runs Europe’s one of the biggest online and public advertising companies, a Porsche Cayenne and an Aston Martin DB9.
 
The two-year-old house was designed by South Africa-based architects SAOTA, which won two awards for the project. 
 
The buyer and his wife chanced upon the house when visiting a friend in Cape Town. The deal was finalized last month. The couple have two children, and plan to use the property as a vacation home. 
 
Properties on Cape Town's Atlantic seaboard and below iconic Lion's Head Mountain are the most sought after in Cape Town, but estate agents were worried as there had been no trade over the US$6 million mark in the recent past. The estate agents believe the houses are worth more than $6 million if combined with the cost of land.
 
There has been an influx of overseas property buyers into South Africa, primarily due to the falling value of rand against other currencies including Sterling and US dollar. As the magnitude of foreign investments has increased, locals are blaming overseas buyers for pushing property prices up. Opposition parties are pushing the government to impose a ban on foreign ownership of land in South Africa. 





Market Analysis - South Africa
Time series for residential property
 
ABSA House price index, South Africa
Price/Rent Ratio: 26 yrs

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