AfrAsia Bank and New World Wealth have reviewed the most expensive cities in Africa for prime residential property as part of their 2019 Africa Wealth Report.
The report shows that residential property normally constitutes between 25% and 30% of the net assets of an average high net worth individual (HNWI) living in Africa. An HNWI is defined at those with $1 million or more of investable assets.
AfrAsia Bank and New World Wealth measured the most expensive cities/towns for residential property in Africa by looking at the US$ price per square meter in a 200-400 square metre apartment in the most exclusive part of each city/town.
For example, in Cape Town, the focus would be on the top apartment complexes in Clifton and Bantry Bay – the city’s most exclusive/expensive suburbs.
Using this metric, Cape Town was ranked as having the most expensive property on the continent at $5,600 per square metre (R82,160).
It is followed by Umhlanga at $2,800 (R41,000) per square metre and Sandton at $2,600 (R38,140).
The most expensive cities/towns for residential property in Africa are ranked below.
- Cape Town: $5,600
- Umhlanga: $2,800
- Johannesburg (Sandton): $2,600
- Nairobi: $1,800
- Marrakesh: $1,700
- Tangier: $1,700
- Casablanca: $1,500
- Luanda: $1,300
- Accra: $1,200
- Lagos: $1,100
- Abidjan: $1,000
- Alexandria: $1,000
- Maputo: $900
- Cairo: $900
- Kampala: $800