Rich South Africans, Germans, and Brits flocking to buy homes in a collapsing coastal town – spending up to R78 million

Knysna - Desperate buyers are snapping up homes in a struggling coastal town, with some spending up to R78 million, as the town's property market surges despite its governance woes. The town's annual property transactions total over R2 billion, with high-end homes fetching astronomical prices, but local authorities' inability to deliver basic services and maintain infrastructure raises questions about the sustainability of this boom.