South Africa's wealthiest Gauteng residents are no longer choosing between Johannesburg and Cape Town. They are buying both, and they are not selling either, according to a new report from Pam Golding Properties that captures a meaningful shift in how ultra-high-net-worth South Africans are structuring their lives and their property portfolios.
The report, titled Rise of the Hybrid Lifestyle Among Johannesburg's Affluent Homebuyers, describes a growing pattern in which buyers who might previously have semigrated fully to Cape Town or another coastal destination are instead maintaining their Johannesburg primary residences and adding a second home on the coast or along the Garden Route. Andrew Golding, CEO of Pam Golding Properties, discussed the findings on The Money Show on April 29.
The numbers involved are significant. Primary luxury residences in Gauteng's established upmarket suburbs, including Melrose and Athol, are trading at R20 million to R40 million 1.08 million to 2.16 million and above. Cape Town secondary homes for buyers in this bracket start from R60 million 3.24 million and move considerably higher from there.
