Africa is home to some of the most exclusive, expensive, and sought-after real estate markets across the continent.
South Africa continues to dominate Africa’s top 20 wealthiest cities, with six areas in the top 10.
Affluent individuals are migrating from Gauteng and other northern provinces to the Western Cape, leading to decreased HNWIs in Johannesburg, Pretoria, and Durban/Umhlanga/Ballito area, and increased numbers in Cape Town, Cape Winelands, Garden Route, and Whale Coast.
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“The value of good financial governance and reliable municipal services is also demonstrated by significant regional differences in the average prime property prices. Rising demand has driven this up to USD 5,600 per m2 in Cape Town’s most expensive suburbs, for example, compared to just USD 1,800 per m2 in Johannesburg’s wealthiest areas”. The Africa Wealth Report reads.
Cape Town is one of the world’s most beautiful cities and continues to attract affluent buyers, drawn by the exceptional value proposition of the current rand exchange rate.
With USD 1 million, one can purchase around 178 m2 of prime property in Cape Town, compared to a mere 26 m2 in New York or 29 m2 in London.
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This means buyers can afford luxury oceanfront apartments in exclusive areas like Camps Bay or spacious four-bedroom homes in suburbs like Constantia, offering unparalleled lifestyle opportunities at a fraction of the cost in other global cities.
According to the Africa Wealth Report 2024: Africa’s most expensive cities, here are the most expensive cities in Africa – Prices in USD/m²
1. Cape Town, South Africa — USD 5,600/m²
Cape Town reigns as Africa’s premier real estate destination. The city’s picturesque coastline, framed by Table Mountain, provides a backdrop for prime properties commanding top-dollar prices.
2. Grand Baie, Mauritius — USD 5,000/m²
Mauritius, popular for its azure waters and tropical paradise settings, has Grand Baie as one of its most affluent locales. Luxury apartments in this coastal town offer panoramic views of the Indian Ocean, coupled with world-class amenities and exclusive living experiences.
3. Plettenberg Bay, South Africa — USD 2,400/m²
Plettenberg Bay attracts discerning buyers seeking a calm coastal area. Its pristine beaches, lush forests, and upscale lifestyle make it a coveted destination for luxury real estate investments.
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4. Hermanus, South Africa — USD 2,300/m²
Hermanus, known for its breathtaking whale-watching opportunities, offers a blend of natural beauty and upscale living. Properties in this coastal town provide residents with the perfect balance of serenity and sophistication.
5. Marrakech, Morocco — USD 2,200/m²
Marrakech captivates with its exotic allure and opulent lifestyle offerings. The city’s medina, palaces, and luxury resorts attract high-net-worth individuals seeking a taste of Moroccan luxury living.
6. Umhlanga, South Africa — USD 2,000/m²
Umhlanga, situated along South Africa’s eastern coast, epitomizes coastal chic. The area’s modern infrastructure and vibrant social scene appeal to affluent buyers seeking a laid-back yet luxurious lifestyle.
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7. Sandton (Johannesburg), South Africa — USD 1,800/m²
Sandton has a skyline dotted with towering skyscrapers and luxury condominiums. Its affluent neighbourhoods offer residents unparalleled convenience, upscale shopping, and world-class entertainment options.
8. Tangier, Morocco — USD 1,600/m²
Tangier, a gateway between Europe and Africa, exudes a unique blend of Moroccan charm and Mediterranean sophistication. The city’s strategic location, coupled with its historical significance, attracts investors seeking exclusive properties with international flair.
9. Cairo, Egypt — USD 1,500/m²
Cairo offers a juxtaposition of ancient wonders and modern amenities. Luxury apartments in prestigious neighbourhoods cater to affluent buyers seeking urban sophistication amidst the city’s rich historical tapestry.
10. Casablanca, Morocco — USD 1,400/m²
Casablanca, Morocco’s largest city and economic powerhouse, is filled with opportunity. Its dynamic real estate market features upscale properties in sought-after neighbourhoods, reflecting the city’s status as a cosmopolitan hub.
