Playground of the super-rich

PLETTENBERG BAY NEWS - Plett has long been known as a playground for the rich and the famous and this was once again confirmed by this year's wealth report that suggests this coastal holiday town is one of the fastest-growing areas among the big spenders.

According to the 2022 Africa Wealth Report – published by Henley & Partners the global leader in residence and citizenship by investment, in partnership with South African wealth intelligence firm New World Wealth – there was strong growth in the Garden Route (especially Plettenberg Bay) along the country's south-eastern coast.

The report provides a comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals (HNWIs), the luxury market, and the wealth management sector on the continent.

The Garden Route showed 18% growth despite an overall decline. The Cape Whale Coast was the top performer, driven by strong HNWI growth in the Hermanus area.

Plettenberg Bay's Beachyhead Drive has once again been reported as one of the country's most expensive streets.

The Cape Winelands towns of Paarl, Franschhoek and Stellenbosch also grew strongly, as did the Garden Route (especially Plettenberg Bay). There was also solid HNWI growth in Umhlanga and Ballito in KwaZulu-Natal.

Nature's Valley and Keurboomstrand in Bitou also received a mention.

The report also identified up-and-coming towns and Plettenberg Bay was among these.

"Plett is a major HNWI hotspot on the Garden Route. After Johannesburg and Cape Town, it is the top location in South Africa for ultra-luxury homes, with over 150 homes valued at over R20-million in the small town. Beachyhead Drive is especially affluent.

"There are several top-end estates in the area that have attracted HNWIs, including Whale Rock Ridge, Brackenridge Estate, Whale Rock Heights and De Meermin," the report states.

Knysna is also featured, especially the Heads, Leisure Island and top-end lifestyle estates such as Pezula Private Estate, Simola Golf and Country Estate and Thesen Islands.

In terms of "expensive streets", Plettenberg Bay's Beachyhead Drive made it into the top three. First on the list was Umlanga's Lagoon Drive at R36 000 per square metre, second Hermanus' Eastcliff at R35 000/m² and third Plett, costing about R34 000/m².

Plettenberg Bay's Beachyhead Drive has once again been reported as one of the country's most expensive streets. Photos: Ewald Stander