If you’re looking to invest in some luxe property, then a recent review by AfrAsia Bank and New World Wealth of the most expensive cities and suburbs on the continent for prime residential property could come in handy.
We already knew that South Africa has some excellent luxury property within its borders, but it’s interesting to see how we match up to the rest of Africa.
TimesSELECT reports that we’re actually holding the “lion’s share of Africa’s plushest homes”.
The rankings, according to the property review are as follows:
Major cities/towns/suburbs ranked by price per square metre:
• Cape Town: R83,414;
• Umhlanga: R41,707;
• Johannesburg (Sandton): R38,728;
• Nairobi: R26,811; and
• Marrakesh: R25,322.
The report states that residential property normally makes up between 25% and 30% of the net assets of an average wealthy person living in Africa. Popular properties include beachfront villas, homes in residential estates, and luxury apartments.
Andrew Amoils of New World Wealth breaks it down:
“These indices refer to the US dollar price of a 200-400-square-metre apartment in the most exclusive part of each city/town. So, for example, in Cape Town the focus would be on the top apartment complexes in Clifton and Bantry Bay, Cape Town’s most exclusive/expensive suburbs,” said Amoils.
In Johannesburg, the properties in high demand are in areas situated close to schools, major arterial roads, and commercial hubs.
“In the last 18 months there were notable sales in the properties priced from R5m upwards in sought-after suburbs which include Atholl, Bryanston, Dunkeld, Hyde Park, Inanda, Illovo, Melrose, Morningside, River Club, Rivonia and Sandown,” he said.
The reports also found that more people are moving to the coast than ever before. We know it as ‘semigration’, a trend that sees more and more people seeking out the simple life in small coastal towns.
Some people are starting to call Umhlanga the ‘property capital’ of South Africa, so it’s no surprise that it made the top five.
Roads and infrastructure are on the up and up, and people are flocking to snap up some prime real estate.
If I ever get to a point where I can afford to buy property, it’s nice to know the best of the best is right here in South Africa.
[source:timesselect]
