This house in Cape Town has a R1.5 million monthly bond

A luxurious home in the Cape Town neighbourhood of Clifton has recently gone on the market for R160 million.

Real estate company Seeff said that the home is located on the most sought-after street in Africa – Nettleton road.

“The property features five bedrooms (all en-suite), a chef-worth kitchen fitted with top-of-the-line appliances, multiple open-plan living and dining areas that flow out onto an expansive outside entertainment area with a large infinity pool and one of the best views Cape Town has to offer,” said Seeff.

Seeff notes that the property has four garages, two bedrooms for accommodation and a pool. The property itself sits on 940 square meters of land.

“The property also features a private outside garden that borders onto the mountain, a gym, cinema room, back-up power facility, a four car garage, plus double staff accommodation,” said Seeff.

“Iconic luxury homes of this calibre rarely become available in Nettleton Road – this luxury home has it all.”

The property is the product of SAOTA, an award-winning international architecture firm based in Cape Town. Some of its other developments include residential homes for wealthy Americans in Los Angeles and villas in Switzerland.

Seeff calculates the monthly bond repayment for the property at R1,517,627, calculated over 20 years at 9.75% – with no deposit.

With economists expecting another 50 to 75 basis point rate hike in November, any prospective homeowner for this home would see that payment jump to between R1.57 million and R1.6 million a month.

Meanwhile, for the average middle-class South African who may have a more modest bond of R1,000,000, the latest rate hike in September saw the monthly cost reaching R9,485 (for a 20-year period), with a 50bps and 75bps hike taking that repayment to R9,816 and R9,983, respectively.