With beautiful neighbourhoods such as Camps Bay, Bishopscourt and Bantry Bay, it is no wonder Cape Town has been named as the continent’s prime property hotspot. This finding comes after the latest 2019 Africa Wealth Report AfrAsia Bank and New World Wealth compared Africa’s 15 strongest property markets.
Cape Town landed the number one spot, followed by Umhlanga, a suburb in Durban, and Sandton, Johannesburg.
The Mother City is home to beautiful neighbourhoods many would give their left arm to call home, and is also a second home to many wealthy international travellers.
Umhlanga has been popular with the wealthy since the 1970s, and the construction of the Gateway Shopping Centre has turned the area into a major business hub for the wealthy to live and work.
Apartments on Lagoon Drive in Umhlanga have become known as some of the most expensive in the country.
Most of Johannesburg’s wealth is concentrated in Sandton, which is also home to Africa’s largest stock market, the JSE.
According to the report, there are approximately 140 000 dollar millionaires living in Africa, and each has net assets worth a minimum of $1-million.
There are approximately 23 dollar billionaires on the continent, each with net assets worth a minimum of $1-billion.
These are the top 15 most expensive property hotspots in Africa, with their price per square metre in dollars:
– Cape Town (Clifton, Bantry Bay): $5 600/m²;
– Umhlanga north of Durban (especially Lagoon Drive): $2 800/m²;
– Sandton in Johannesburg (especially central Sandton): $2 600/m²;
– Nairobi: $1 800/m²;
– Marrakesh in Morocco: $1 700/m²;
– Tangier in Morocco: $1 700/m²;
– Casablanca in Morocco: $1 500/m²;
– Luanda in Angola: $1 300/m²;
– Accra in Ghana: $1 200/m²;
– Lagos in Nigeria: $1 100/m²;
– Abidjan in Ivory Coast: $1 000/m²;
– Alexandria in Egypt: $1 000/m²;
– Maputo in Mozambique: $900/m²;
– Cairo in Egypt: $900/m²;
– Kampala in Uganda: $800/m²