• Wednesday, February 28, 2024
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BusinessDay

9 most expensive African neighbourhoods

9 most expensive African neighbourhoods

Hong Kong ranked as the most expensive neighbourhood in the world, is priced at $28,855.53 (average) per square metre, while Morocco stands out with an average price of $1,612.18 per square metre.

According to the list by Numbeo, “Africa: price rankings by country of price per square meter to buy an apartment in the city centre”, it reflects the most expensive neighbourhoods in Africa. Typically, city centres command higher property values due to their proximity to business districts and cultural amenities.

Africa continues to be the continent with some of the most expensive homes, as reported by BusinessDay.

Here are the top 9 most expensive neighbourhoods in Africa

Morocco

At the top of the list, Morocco stands out as the most expensive neighbourhood, with an average price of $1,612.18 per square meter for city center apartments. Cities like Casablanca and Marrakech are known for their vibrant atmospheres, historical significance, and luxurious living spaces.

Algeria

Algeria follows closely, with an average price of $1,274.45 per square meter. Algeria is witnessing growth in its real estate sector as an emerging market, fueled by a booming economy and urban development initiatives.

Mauritius

Mauritius, known for its picturesque beaches and lush landscapes, ranks third with an average price of $1,209.14 per square meter. The island nation’s real estate market is influenced by its status as a sought-after destination for luxury living and holiday retreats.

South Africa

South Africa, a prominent economic player on the continent, takes the fourth spot with an average price of $997.73 per square meter. Cities like Johannesburg and Cape Town offer diverse real estate options catering to different income groups.

Kenya

Kenya secures the fifth position with an average price of $954.20 per square meter. Nairobi, the capital city, is a hub for business and commerce, driving demand for upscale living spaces.

Tunisia

Tunisia ranks sixth with an average price of $932.29 per square meter. The country’s Mediterranean coastline, historical sites, and cultural richness make it an attractive destination for real estate investment.

Libya

Libya takes the seventh spot with an average price of $817.92 per square meter. After years of political instability, Libya is gradually rebuilding its infrastructure, including the real estate sector.

Egypt

Egypt, with an average price of $523.83 per square meter, represents a more affordable option compared to some of its North African counterparts. The country’s rich historical heritage, combined with a growing urban population, contributes to a steady demand for city center apartments at relatively lower costs.

Nigeria

Nigeria, the economic powerhouse of West Africa, ranks ninth with an average price of $438.26 per square meter. The real estate market in cities like Lagos and Abuja is diverse, offering a range of options for different budgets. Factors such as population growth, economic activities, and government policies influence the variations in property prices.