Cape Town - Move over Sandton, Pretoria East is now the target for high net-worth buyers and investors, according to Gerhard van der Linde, MD for Seeff Pretoria East.
Where the Sandton market topped R6.4bn last year, Pretoria East boasts turnover of R8bn and some 7 500 property transactions.
Van der Linde says the area ranks among the busiest markets in Gauteng and currently outranks Sandton in terms of the number of properties sold and total value generated.
Both areas boast a very similar average selling price of just over R2m per unit sold for the last year.
While each of the suburbs in the area is unique in terms of property and prices, Pretoria East is home to the most sought-after and prestigious addresses for high net-worth buyers and investors who are prepared to pay ever higher prices for a luxury homestead.