Africa’s wealthy are making their way into the affluent suburbs of South Africa, following the footsteps of their British and German counterparts.
This is according to information released by Sandton wealth and intelligence firm New World Wealth, reports Times Live, which found that African dollar millionaires are investing in South Africa, buying homes in the R10-million price range.
The bulk of these millionaires come from Angola, Ghana and Nigeria, explained Andrew Amoils of New World Wealth, who had more insight to give:
Residential property normally constitutes between 25% and 30% of the net assets of an average African high net-worth individual.
Popular properties for them include beachfront villas and homes in residential estates.
Amoils also explained that Jozi’s suburbs making the list include Sandhurst, Hyde Park and Houghton.
When it comes to Cape Town, it’s the usual suspects.
Our own “Big Five” luxury hot spots – you know should definitely know the ones – are Fresnaye, Bantry Bay, Llandudno, Clifton and Camps Bay (and we can only imagine that the latter is a favourite because of Cafe Caprice’s Dreamy Burger).:
Kidding, but still, how good does it look?
Yeah, we know it’s our favourite, too.
Possible drawcards for the wealthy are our “private healthcare system, private schools, luxury residential estates, exclusive shopping malls and high-end food stores”, and we’ll go out on a limb and suggest our restaurants aren’t going to keep them away either.
Jason Shaw, national sales executive for Pam Golding Properties, also puts the increased investment down to the weakness of the rand:
Foreign investment in residential property in South Africa continues to be encouraged by the perceived weakness in the rand, which ensures that foreign buyers, and buyers from the African continent in particular are able to achieve excellent value for money in South Africa.
More traditionally, some high net-worth individuals are purchasing luxury seaside residential properties or other lifestyle properties that not only provide them with a holiday destination or a second or third home, but, given the weak rand, which represent an excellent means of diversifying their wealth portfolios and securing a sound long-term investment.
Tsk tsk, I can only imagine that soon the City will be filled with foreign nationals and seasonal visitors, booting us out to make our homes elsewhere.
That’ll be the day.
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