Vacant land in Clifton sells for R170 million
In one of the most significant residential property deals in recent years, two adjacent vacant plots on Cape Town's coveted Nettleton Road in Clifton have been sold for a staggering R170 million (£7 million).
The combined land area of 2 700 square metres places this transaction among the highest ever recorded for undeveloped residential property in South Africa.
The sale was facilitated by luxury property specialist Annette Hepburn of Pam Golding Properties, who described the deal as a rare opportunity in one of the country's most tightly held property markets.
'This is one of a few remaining vacant sites on this prestigious road, where sales are infrequent and vacant land is almost unheard of,' Hepburn said.
Nettleton Road, perched above Clifton's four beaches and offering sweeping views of the Atlantic Ocean and Twelve Apostles mountain range, is widely regarded as South Africa's most exclusive address.
The street is home to a collection of architect-designed residences, many owned by global business leaders and ultra-high-net-worth individuals.
According to Hepburn, the plots were purchased by a multinational entity that intends to construct a single, ultra-luxurious home on the site.
Although the land has existing planning approval for nine apartments, the buyer is reportedly focused on creating a landmark 'trophy home' to crown the road.
'This location offers a lifestyle that is virtually unmatched – privacy, exclusivity, dramatic natural beauty, and access to Cape Town's best,' Hepburn noted.
'That combination continues to attract discerning global buyers.' Market activity remains strong
The sale comes as property prices in Clifton continue to climb.
The median residential sale price in the suburb has reached R34 million in 2025 – up 29% year-on-year and 136% higher than a decade ago.
Market activity has also remained strong, with 18 sales already recorded in the year to date, surpassing pre-pandemic levels.
While the Atlantic Seaboard has long been a magnet for luxury investment, this latest transaction underscores not just demand for location, but the extreme scarcity of vacant land in South Africa's most elite enclaves.
As developers and private buyers compete for prime space, record-breaking deals like this are likely to become more frequent.
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