Once the preserve of old money, Cape Town’s Atlantic Seaboard is drawing a new wave of global wealth, due in part to the rise of cryptocurrency and AI.
Buyers on Nettleton Road are willing to pay as much as R500m for a single property, an estate agent said, with two major sales concluded in 2025.
Grammy-winning South African DJ and producer Nkosinathi “Black Coffee” Maphumulo paid R157.5m for The Pentagon luxury villa. Pam Golding Properties sold two vacant plots on the same street for a combined R170m.
Top real estate agent Lance Cohen, who sold the villa to the world-renowned DJ, said there were limited homes on the sought-after road. He said buyers were willing to spend up to half a billion rand to own one of the exclusive addresses there.
A vacant plot on the road is currently on the market for R200m.
“There is not a lot for sale on Nettleton Road at any given time. Buyers are willing to pay R500m, figures that have never been seen in this country, for the right property if it were to become available on Nettleton Road,” said Cohen.
Cohen listed several “magnets” that make Nettleton Road attractive.
“The No 1 draw of Nettleton Road is the incredible view, across the Atlantic Ocean, the Clifton beaches and towards the Twelve Apostles, with Lion’s Head and Table Mountain in your backyard.
“The views here are better than anywhere else in Cape Town, and that is why people pay such prices. The second factor is the prestige. Owning a property on Nettleton Road means you have reached the top of society.”
Cohen said his company was selling a property on the road for about R350m, and the profile of top-end home buyers was getting younger.
“New wealth is being created through cryptocurrency and AI, and we are seeing younger people making significant money in a short time. Many are tech savvy and switched on to AI and crypto, and I think the buyer profile is becoming younger,” said Cohen.
Andrew Golding, Pam Golding Properties group CEO, said the two vacant plots that his company sold were snapped up by a “multinational entity based in various countries”. It intends to build one expansive trophy property to crown Nettleton Road.
“This is one of a few remaining vacant sites in this highly sought-after address, where properties rarely become available, and when they do, opulent, completed residences can be acquired for upwards of R150m,” said Golding.
“Nettleton Road is the most exclusive of all roads in the country, with a limited number of residential properties — large, luxurious, iconic homes — which offer all the elements desired by high-net-worth individuals: an unparalleled lifestyle, exclusivity, privacy and rarity, and above all, the spectacular views which epitomise the essence of the globally acclaimed Atlantic Seaboard.
“Panoramic views from Nettleton Road sweep from the Twelve Apostles mountain range to all four Clifton beaches. This premium location is home to captains of industry and some of the most luxurious designer homes in South Africa.”
Basil Moraitis, head of Pam Golding Properties in the Western Cape, said the Atlantic Seaboard remains in high demand with rising prices and limited stock, while strong investment across all property types highlights the area’s lifestyle appeal and perceived value.
“Nettleton Road is a very small niche of the very top-end of our market. There are fewer than 30 properties in Nettleton Road and only one or two transactions in any decade, so trying to extrapolate trends from two exceptional sales on this road does not create a market. There is indeed much interest and intrigue as this pocket of trophy properties is shrouded in secrecy about who may or may not own these homes, and the recent sale to a South African celebrity has exacerbated this intrigue,” said Moraitis.
“The speculation as to when the R200m mark may be breached is not appropriate, as deeds office records indicate that 399 Ocean View Drive in Bantry Bay was sold for R238m in 2016.”