Cape Town is officially home to the most expensive property in Africa, with prime real estate now averaging R102 750 per square metre. In fact, since the 2010 World Cup, real estate prices in Cape Town have increased by 160%. These values outpace South Africa’s financial hub, Johannesburg, by more than double.
Apartments sized between 100 – 200 square metres in the city are now valued higher than anywhere else on the continent. The most expensive property in Africa is attributed to Cape Town’s natural beauty, lifestyle appeal and growing concentration of wealthy international owners. 40% of all property purchases above R10 million in 2024 were in Cape Town. And Cape Town outperformed other metropoles with an annual growth of 7.4%.
MOST EXPENSIVE PROPERTY IN AFRICA
This is according to a new Africa Wealth Report compiled by Henley & Partners. The aforementioned data tracks wealth trends across the continent, including the most expensive property in Africa. Recently a major international hotelier revealed plans to purchase and repurpose prime land in the CBD for a new hotel.
As such, South Africa remains the largest wealth market on the continent, confirms the report. It is home to 41 000 millionaires and eight billionaires. This accounts for 34% of Africa’s total millionaire population. Interestingly, total resident wealth is still highest in Johannesburg, with 11 700 millionaires calling it home. Specifically, in the Sandton and new Waterfall – Midrand area.
CAPE TOWN RISING
Besides having the most expensive property in Africa, Cape Town is home to 8 500 millionaires and 35 centi-millionaires ($100 million or more). At the current rate of growth, Cape Town will overtake Johannesburg for total private wealth by 2030. But how do other African cities fare?
- Cairo is third with 6 800 millionaires and five billionaires.
- Nairobi ranks fourth with 4 200 millionaires.
ARE YOU SURPRISED TO CAPE TOWN HAS THE MOST EXPENSIVE PROPERTY IN AFRICA?
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