A study done by New World Wealth, a Johannesburg-based wealth consultancy, has found that Knysna on the Cape Garden Route, tops the list nationally for the highest number of multi-millionaire owned second homes, significantly more than even the Atlantic Seaboard.

According to the report, some 320 such homes are in the town, notably more than in Camps Bay (220), Plettenberg Bay (180), Clifton (160), Bantry Bay (150) and Fresnaye (130).

Knysna currently boasts an average property price of around R3,7m for luxury homes. Lightstone data shows that transactions for the last year topped a significant R1,2bn in value at an average transaction price of R1,8m, the highest of the Garden Route towns including Plettenberg Bay.

Gail Giannone, Seeff MD for the area said that Knysna attracts buyers from across the world and has become a very popular second home destination. More than 60% of buyers are older, generally over the age of forty because it is such a fabulous retirement destination. It is devoid of industry, offers a healthy environment and excellent temperate climate. It is also a good commuter base for anyone who works in the George or Plettenberg Bay area.

Top ten areas with most multi-millionaire second homes

SOURCE: New World Wealth