SA’s most expensive city

A new report by New World Wealth ranks the most expensive cities for property around the globe, with Cape Town listed as South Africa’s most expensive city.

Property on Africa’s most southern city is charged at US$6,500 per square metre.

In the report, NWW lists cities from across the world by prime residential real estate prices.

London was ranked as the most expensive city, globally, charging US$42,300 per square metre of prime reale estate, followed by Hong Kong (US$36,000) and New York (US$30,600).

“London is the top city in the world for the wealthy with approximately 330,000 millionaires and 4,300 UHNWIs living there permanently,” NWW said.

“In addition, we estimate that another 11,000 UHNWIs have second homes in the city.”

UHNWIs – Ultra high net worth individuals – refer to individuals with net assets of US$30 million or more excluding their primary residences.

Top 10 most expensive cities

City US$ per square meter
London 42,300
Hong Kong 36,000
New York 30,600
Geneva 29,000
Singapore 26,600
Paris 24,600
Zurich 23,600
Tokyo 22,900
Sydney 22,100
Rome 16,500

When it comes to second homes or holiday hotspots, NWW found that UHNWIs were willing to pay as much as US$50,400 per square metre in Monaco.

“The Hamptons, Palm Beach and Monaco come out on top when ranked by the number of UHNWIs with holiday homes in each of these areas,” NWW said.

“During peak holiday season, the Hamptons is home to over 5,000 UHNWIs, Monaco 2,800 UHNWIs and Palm Beach 1,300 UHNWIs.”

In Sub-Saharan Africa, the costliest cities for property were dominated by South African cities, lead by Cape Town, Johannesburg, Durban/Umhlanga.

Most expensive Sub-Saharan African cities

City US$ per square meter
Cape Town 6,500
Johannesburg 2,400
Luanda 2,200
Durban/Umhlanga 2,100
Nairobi 1,600
Lagos 1,200
Accra 1,100

More on property

SEEK takes 25% stake in SA online property site

Online data important for SA property market

Luxury assets on the rise in SA

Must Read

Partner Content

Show comments

Trending Now

Follow Us

SA’s most expensive city