Africa’s real estate market is experiencing a remarkable surge, driven by rapid urbanization, economic growth, and a rising number of high-net-worth individuals (HNWIs) seeking luxurious properties. This trend is particularly evident in several African cities, where prime real estate prices have reached new heights in 2024. Below, we explore the top 10 most expensive cities in Africa, where the cost of luxury living has skyrocketed.
1. Cape Town, South Africa
– Average Price: USD 5,600/m²
– Cape Town tops the list as Africa’s most expensive city in 2024. Known for its breathtaking landscapes and vibrant cultural scene, the city has become a magnet for wealthy investors. The high demand for prime residential spaces, particularly in neighborhoods like Clifton and Camps Bay, has driven prices to an average of USD 5,600 per square meter.
2. Grand Baie, Mauritius
– Average Price: USD 5,000/m²
– Grand Baie in Mauritius follows closely behind Cape Town. This idyllic coastal city is renowned for its luxury lifestyle and pristine beaches. The city’s appeal to international investors and expatriates has pushed property prices to around USD 5,000 per square meter, making it a prime location for luxury real estate.
3. Plettenberg Bay, South Africa
– Average Price: USD 2,400/m²
– Plettenberg Bay, a picturesque town on South Africa’s Garden Route, is the third most expensive city on the continent. Known for its serene beaches and upscale homes, the city has seen a surge in demand for high-end properties, with prices averaging USD 2,400 per square meter.
4. Hermanus, South Africa
– Average Price: USD 2,300/m²
– Hermanus, famed for its whale-watching spots, ranks fourth on the list. The town’s natural beauty and tranquility attract buyers looking for luxury vacation homes. As a result, property prices have climbed to an average of USD 2,300 per square meter.
5. Marrakech, Morocco
– Average Price: USD 2,200/m²
– Marrakech, with its rich history and vibrant culture, is Morocco’s most expensive city. The blend of traditional Moroccan architecture with modern amenities has made it a desirable location for luxury real estate, with prices averaging USD 2,200 per square meter.
6. Umhlanga, South Africa
– Average Price: USD 2,000/m²
– Umhlanga, a coastal town near Durban, South Africa, is known for its upscale residential complexes and beachfront properties. The town’s appeal to both local and international buyers has led to property prices averaging USD 2,000 per square meter.
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7. Sandton (Johannesburg), South Africa
– Average Price: USD 1,800/m²
– Sandton, often referred to as the “richest square mile in Africa,” is Johannesburg’s most affluent district. As the financial hub of South Africa, Sandton’s luxury apartments and commercial properties are in high demand, with prices reaching USD 1,800 per square meter.
8. Tangier, Morocco
– Average Price: USD 1,600/m²
– Tangier, a historic port city in Morocco, has seen a surge in real estate prices due to its strategic location and growing tourism sector. The city’s blend of European and Moroccan influences has attracted buyers, pushing property prices to USD 1,600 per square meter.
9. Cairo, Egypt
– Average Price: USD 1,500/m²
– Cairo, Egypt’s sprawling capital, is not only a cultural and historical hub but also one of Africa’s most expensive cities. The city’s prime residential areas, such as Zamalek and Maadi, command high prices, with luxury properties averaging USD 1,500 per square meter.
10. Casablanca, Morocco
– Average Price: USD 1,400/m²
– Casablanca, Morocco’s economic capital, rounds out the list of the top 10 most expensive cities in Africa. The city’s thriving business environment and modern infrastructure have made it a hotspot for luxury real estate, with prices averaging USD 1,400 per square meter.
The Growing Wealth Market in Africa
The rise in real estate prices across these cities is closely tied to the increasing number of high-net-worth individuals on the continent. According to the Henley & Partners’ 2024 Africa Wealth Report, Africa is home to 135,200 HNWIs, 342 centi-millionaires, and 21 billionaires. The continent’s top wealth markets—South Africa, Egypt, Nigeria, Kenya, and Morocco—account for the majority of these affluent individuals.
At the city level, Johannesburg stands as the wealthiest in Africa, boasting 12,300 millionaires, 25 centi-millionaires, and 2 billionaires. Cape Town follows with 7,400 millionaires, while Cairo, Nairobi, and Lagos also rank as key urban wealth hubs.
Conclusion
Africa’s real estate market continues to grow, driven by economic development and a rising number of wealthy investors. The cities listed above represent the pinnacle of luxury living on the continent, where prime real estate is not just a status symbol but a reflection of Africa’s burgeoning economic power. As demand for luxury properties continues to rise, these cities are likely to remain at the forefront of Africa’s most expensive real estate markets.
