{"id":724880,"date":"2023-10-14T17:00:00","date_gmt":"2023-10-14T15:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=724880"},"modified":"2023-10-13T16:18:11","modified_gmt":"2023-10-13T14:18:11","slug":"this-is-where-south-africas-billionaires-are-buying-property","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/724880\/this-is-where-south-africas-billionaires-are-buying-property\/","title":{"rendered":"This is where South Africa’s billionaires are buying property"},"content":{"rendered":"\n

In several areas in South Africa, billionaires still have to fork out a substantial amount to own a property. <\/p>\n\n\n\n

According to the latest Centi-Millionaire Report by Henley & Partners and New World Wealth, 102 centi-millionaires have investable assets of\u00a0$100\u00a0million (R1.9 billion)\u00a0or more in South Africa. <\/p>\n\n\n\n

Andrew Amoils, Head of Research at New World Wealth, noted that many emerging countries only have a few billionaires – South Africa has five, which makes the centi-millionaire wealth band a far more accurate reflection of the insanely wealth in the country. <\/p>\n\n\n\n

Despite not being as expensive as other cities, such as Monaco or New York, there are still several areas that only the incredibly rich in South Africa could afford. <\/p>\n\n\n\n

According to the research, five of the ten most expensive cities\/areas for centi-millionaires in Africa are found in South Africa when looking at the average square metre price of a prime 200 to 400 square meter apartment. <\/p>\n\n\n\n

Cape Town is by far the most expensive city for cent-millionaires, coming out at $5,200\/sqm (R100,000\/sqm).<\/p>\n\n\n\n

Hermans and Plettenberg Bay complete the top three, with both costing $2,200\/sqm (R42,000\/sqm). <\/p>\n\n\n\n

Umhlanga is the fourth most expensive area in South Africa at $2,000\/sqm ( R38,000\/sqm), whilst the finance hub is fifth at $1,800\/sqm (R34,000\/sqm). <\/p>\n\n\n\n

Below are the 10 most expensive cities for centi-millionaires across Africa:<\/p>\n\n\n\n

Rank<\/strong><\/td>City\/Area<\/strong><\/td>Country<\/strong><\/td>PER<\/strong> SQM<\/strong><\/td><\/tr>
1<\/td>Cape Town<\/strong><\/td>South Africa<\/td>$5,200 (R100,000)<\/td><\/tr>
=2<\/td>Hermanus<\/strong><\/td>South Africa<\/td>$2,200 (R42,000)<\/td><\/tr>
=2<\/td>Plettenberg Bay<\/strong><\/td>South Africa<\/td>$2,200 (R42,000)<\/td><\/tr>
=4<\/td>Marrakech<\/td>Morocco<\/td>$2,000 (R38,000)<\/td><\/tr>
=4<\/td>Umhlanga<\/strong><\/td>South Africa<\/td>$2,000 (R38,000)<\/td><\/tr>
6<\/td>Central Sandton<\/strong><\/td>South Africa<\/td>$1,800 (R34,000)<\/td><\/tr>
7<\/td>Tangier<\/td>Morocco<\/td>$1,600 (R30,000)<\/td><\/tr>
=8<\/td>Casablanca<\/td>Morocco<\/td>$1,200 (R23,000)<\/td><\/tr>
=8<\/td>Cairo<\/td>Egypt<\/td>$1,200 (R23,000)<\/td><\/tr>
=8<\/td>Nairobi<\/td>Kenya<\/td>$1,200 (R23,000)<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n

With this in mind, BusinessTech has looked at properties currently on the market where billionaires would have to pay huge amounts to own an apartment in South Africa: <\/p>\n\n\n\n

\n\n\n\n

Cape Town <\/strong><\/p>\n\n\n\n