Cape Town ranked most expensive real estate market

The Cape Town waterfront. [Courtesy]

Cape Town has been named Africa’s most expensive prime real estate market with an average price per square metre of a prime (100 to 200 square metres) apartment in the city going for $5,800 (Sh748,00).

This is according to the recent Africa Wealth Report 2025, published annually by international wealth advisory firm Henley & Partners in collaboration with its global wealth intelligence partner New World Wealth.

The report, which is in its fourth year, shows that private wealth markets across Africa are expanding despite global headwinds underpinned by robust economic growth. Cape Town, also known as ‘Mother City’ is also on track to overtake Johannesburg in total wealth by 2030.

It is followed by Tamarin (Black River) in Mauritius at 4,500, Marrakech in Morocco (3,000), Hermanus and Plettenberg Bay and Franschhoek, both in South Africa, at 2,600, 2,400 and 2,000 per square metre, respectively.

Umhlanga and Ballito and Central Sandton, both in South Africa, are at 1,900 and 1,800 as Tangier in Morocco and Cairo in Egypt close the top ten at 1,700 and 1,600 per square metre, respectively.

Kenya’s Nairobi City average price per square metre for a prime 100 to 200 square meters apartment is about $1,200 (Sh177,360).

The report also said that Africa’s millionaire population is projected to grow by 65 per cent over the next decade.

The continent is home to dollar 25 billionaires, 348 centi-millionaires, and 122,500 millionaires — a transformation from the late 20th century, when there were only a few billionaires and many African economies were in long-term decline

Cape Town was placed second after Johannesburg with 8,500 high-net-worth individuals (HNWI) and emerged as the continent’s leader in centi-millionaires, with 35 super wealthy individuals calling it home.

Cairo ranks third with 6,800 HNWI and has the highest concentration of billionaires in Africa, with five in residence, while Nairobi, in fourth place, has 4,200 millionaires, accounting for almost half of Kenya’s total private wealth.