What R10 million gets you in Joburg vs Cape Town – and the winner is clear

·13 Jul 2025

Experts and property data reveal that property buyers get much more for their money in Johannesburg than in Cape Town, and a comparison by BusinessTech shows this.

Lightstone data shows that around one in four homeowners who sell their homes and buy new ones end up moving to a different province.

Gauteng and the Western Cape dominate these interprovincial moves, making up 48% and 23% of such activity, respectively.

While many leave Gauteng searching for lifestyle improvements, others are leaving the Western Cape for more practical reasons, such as proximity to work, affordability, and space.

Cape Town continues to attract high-income earners and wealthy retirees, especially those looking for a higher quality of life and better public services.

Samuel Seeff, chairman of the Seeff Property Group, told BusinessTech that the Western Cape draws in affluent semigrants willing to invest millions in premium properties, particularly along the Atlantic Seaboard.

“There’s a heavy demand for homes priced between R5 million and R20 million for those seeking a lifestyle, security, and prestige.”

Cape Town’s property prices have outpaced the rest of the country. Prices had risen by 8.5% year-on-year, compared to a national average of 5.2%, and just 2.3% in Johannesburg.

One of the major drivers behind this surge is foreign investment. In the first five months of 2025 alone, international buyers spent over R1 billion on property in Cape Town.

67% of all sales to foreign buyers are from areas like the Atlantic Seaboard and the City Bowl. Buyers come from Germany, the UK, the Netherlands, Switzerland, and the United States.

This influx of foreign capital has put upward pressure on prices in prime locations, creating fierce competition for local buyers.

In contrast, Johannesburg continues to offer exceptional value, especially in mid- to high-end property bands.

Value for Money

Seeff pointed out that there is still a wide selection of homes in Johannesburg priced between R1 million and R1.5 million, making it far more accessible to the average buyer.

“Even in the luxury enclaves, significant value for money can be acquired for R10 million to R15 million,” Seeff said.

Johannesburg is also the most affordable major metro in South Africa, with an average transaction price of R1.2 million, well below the national average of R1.3 million.

However, Cape Town’s appeal is undeniable, especially in fast-growing areas like Clifton, Camps Bay, Bantry Bay, and Sea Point.

These coastal neighbourhoods continue to record the strongest price appreciation due to high local and foreign demand. However, affordability remains a key challenge.

According to property group Fine & Country, the post-pandemic return to office culture is pushing people back to business hubs like Johannesburg.

While remote work boomed during COVID-19, nearly 60% of South African employers have adopted hybrid or in-office work models, according to a CareerJunction survey.

With many of the country’s largest companies headquartered in Johannesburg, the city remains an attractive base for working professionals.

While Cape Town continues to command premium prices driven by lifestyle and location, Johannesburg offers unmatched value, particularly for those looking for more space, flexibility, and investment potential in South Africa’s largest metro.

As a result, Cape Town’s average prime property now costs about R31,000 per square metre, more than double the average in Johannesburg, which stands at R14,000.

BusinessTech looked at what’s available for R10 million in Sea Point and Bryanston, and it clearly shows that you get more house for your money in Johannesburg than in Cape Town.