{"id":350985,"date":"2019-12-31T18:30:37","date_gmt":"2019-12-31T16:30:37","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=350985"},"modified":"2019-12-12T14:55:00","modified_gmt":"2019-12-12T12:55:00","slug":"umhlanga-is-now-more-expensive-than-sandton","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/350985\/umhlanga-is-now-more-expensive-than-sandton\/","title":{"rendered":"Umhlanga is now more expensive than Sandton"},"content":{"rendered":"<p>AfrAsia Bank and New World Wealth have reviewed the most expensive cities in Africa for prime residential property as part of their<strong> <a href=\"https:\/\/www.afrasiabank.com\/en\/about\/newsroom\/africa-wealth-report-2019\" target=\"_blank\" rel=\"noopener noreferrer\">2019 Africa Wealth Report<\/a><\/strong>.<\/p>\n<p>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 $1 million or more of investable assets.<\/p>\n<p>AfrAsia Bank and New World Wealth measured the most expensive cities\/towns for residential property in Africa by looking at the US$ price per square meter in a 200-400 square metre apartment in the most exclusive part of each city\/town.<\/p>\n<p>For example, in Cape Town, the focus would be on the top apartment complexes in Clifton and Bantry Bay &#8211; the city&#8217;s most exclusive\/expensive suburbs.<\/p>\n<p>Using this metric, Cape Town was ranked as having the most expensive property on the continent at $5,600 per square metre (R82,160).<\/p>\n<p>It is followed by Umhlanga at $2,800 (R41,000) per square metre and Sandton at $2,600 (R38,140).<\/p>\n<p>The most expensive cities\/towns for residential property in Africa are ranked below.<\/p>\n<ul>\n<li>Cape Town: $5,600<\/li>\n<li>Umhlanga: $2,800<\/li>\n<li>Johannesburg (Sandton): $2,600<\/li>\n<li>Nairobi: $1,800<\/li>\n<li>Marrakesh: $1,700<\/li>\n<li>Tangier: $1,700<\/li>\n<li>Casablanca: $1,500<\/li>\n<li>Luanda: $1,300<\/li>\n<li>Accra: $1,200<\/li>\n<li>Lagos: $1,100<\/li>\n<li>Abidjan: $1,000<\/li>\n<li>Alexandria: $1,000<\/li>\n<li>Maputo: $900<\/li>\n<li>Cairo: $900<\/li>\n<li>Kampala: $800<\/li>\n<\/ul>\n<hr \/>\n<p><strong>Read:<a href=\"https:\/\/businesstech.co.za\/news\/wealth\/349771\/a-growing-number-of-south-africans-are-looking-at-mauritius-as-a-plan-b-instead-of-australia-new-zealand-and-the-uk\/\" target=\"_blank\" rel=\"noopener noreferrer\"> More South Africans are looking at Mauritius as a \u2018Plan B\u2019 instead of Australia, New Zealand and the UK<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":10,"featured_media":342387,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[12272,26],"class_list":["post-350985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-afrasia-bank","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/350985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=350985"}],"version-history":[{"count":10,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/350985\/revisions"}],"predecessor-version":[{"id":362068,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/350985\/revisions\/362068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/342387"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=350985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=350985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=350985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}