This city is home to Africa’s priciest property
Property prices in Africa’s most expensive city have surpassed R100 000 per square metre, and the city is attracting an increasing number of millionaires.
Cape Town now holds the title of Africa’s most expensive property market, with prime real estate averaging R102 750 per square metre. Since the 2010 World Cup, property prices in the city have surged by 160%, more than double the growth seen in Johannesburg, South Africa’s financial hub.
Apartments between 100 and 200 square metres in Cape Town now command the highest prices on the continent. The city owes its position to its natural beauty, lifestyle appeal, and increasing number of wealthy international buyers. In 2024, 40% of all property sales above R10 million took place in Cape Town, which also led other major cities with an annual growth rate 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.
The report confirms that South Africa remains the continent’s largest wealth market, hosting 41 000 millionaires and eight billionaires, which make up 34% of Africa’s total millionaire population. Johannesburg still holds the highest concentration of resident wealth, with 11 700 millionaires living mainly in Sandton and the new Waterfall–Midrand area.
CAPE TOWN RISING
Cape Town not only boasts the most expensive property in Africa but also hosts 8 500 millionaires and 35 centi-millionaires ($100 million or more). At its current growth rate, Cape Town will surpass Johannesburg in total private wealth by 2030. So, how are other African cities performing?
- Cairo is third with 6 800 millionaires and five billionaires.
- Nairobi ranks fourth with 4 200 millionaires.