Africa has some of the world’s most expensive and sought-after real estate markets. This is because, across the continent, there is an increase in pricey real estate largely due to economic growth and urbanization.
“This is already generating significant demand for services and products, and pulling in an increasing number of HNWIs who are finding lucrative opportunities in the communications, financial services, infrastructure, retail, and manufacturing sectors, as well as agriculture, logistics, commodities, and both residential and commercial real estate,” Berry Everitt, CEO of the Chas Everitt International property group, said.
This has increased demand for luxury properties, with South Africa leading the global luxury real estate sector as of December 2023. According to Henley & Partners’ 2024 Africa Wealth Report, Cape Town leads the way when it comes to prime residential spaces valued at USD 5,600 per m2. This is followed by Grand Baie in Mauritius, which charges USD 5,000 per square meter for a prime 200- to 400-square-meter apartment.
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All in all, South Africa has five contenders in Africa’s Top 10 Most Expensive Cities, including Plettenberg Bay (2,400 per m2), Hermanus (2,300 per m2), and Umhlanga (2,000 per m2).
Here are the top 10 most expensive cities in Africa:
- Cape Town, South Africa — USD 5,600/m²
- Grand Baie, Mauritius — USD 5,000/m²
- Plettenberg Bay, South Africa — USD 2,400/m²
- Hermanus, South Africa — USD 2,300/m²
- Marrakech, Morocco — USD 2,200/m²
- Umhlanga, South Africa — USD 2,000/m²
- Sandton (Johannesburg), South Africa — USD 1,800/m²
- Tangier, Morocco — USD 1,600/m²
- Cairo, Egypt — USD 1,500/m²
- Casablanca, Morocco — USD 1,400/m²
Meanwhile, Africa is home to 135,200 high-net-worth individuals (HNWIs) with liquid, investable wealth of $1 million or more.
According to Henley & Partners’ 2024 Africa Wealth Report, there are also 342 centi-millionaires worth $100 million or more, as well as 21 dollar billionaires. The continent’s top five wealth markets—South Africa, Egypt, Nigeria, Kenya, and Morocco—together account for 56% of the continent’s millionaires and over 90% of its billionaires.
At the city level, Johannesburg holds its place as the wealthiest in Africa, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires. Cape Town follows closely with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200) also stand out as key urban wealth hubs.
Also, there are currently 54 African-born billionaires in the world, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent.
