The Mother City has the most expensive property in Africa
Three South African cities top the list for being the most expensive on the African continent when it comes to residential property.
The AfrAsia Bank Africa Wealth Report 2019 names Cape Town at the top of the list, followed by neighbourhoods in Durban and Johannesburg as the top three.
The report provides a comprehensive review of the wealth sector in Africa and is conducted by a Mauritian bank, AfrAsia Bank Limited.
AfrAsia has its headquarters in the Mauritius International Financial Centre with a representative office in South Africa.
The report lists the Cape Town neighbourhoods of Clifton and Bantry Bay at number one, followed by Umhlanga in the north of Durban in second place and Sandton in Johannesburg ranking third.
Their indices track the square meter valuation of most exclusive apartment complexes in each area.
The top 10 most expensive property hotspots are ranked as followed:
1. Cape Town (Clifton, Bantry Bay): $5 600/m²;
2. Umhlanga north of Durban (especially Lagoon Drive): $2 800/m²;
3. Sandton in Johannesburg (especially central Sandton): $2 600/m²;
4. Nairobi: $1 800/m²;
5. Marrakesh in Morocco: $1 700/m²;
6. Tangier in Morocco: $1 700/m²;
7. Casablanca in Morocco: $1 500/m²;
8. Luanda in Angola: $1 300/m²;
9. Accra in Ghana: $1 200/m²;
10. Lagos in Nigeria: $1 100/m².