3 South African Cities That Are The Top Property Hotspots In Africa. Cities in south Africa have taken the three top spots on a list of 15 property hotspots in the African continent for 2019.
Cities in south Africa have taken the three top spots on a list of 15 property hotspots in the African continent for 2019. This was based on a 2019 Africa Wealth Report by AfrAsia Bank and New World Wealth. The two compare prices of 200m2 and 400m2 apartments in dedicated parts of a huge African areas.
Cape Town was the first area on the list with an estimate price of R83 000/m2 in dedicated areas such as Clifton and Bantry Bay. Umhlanga comes in second on the list, especially in Lagoon Drive where it cost an estimate of R41 000/m2 for a luxurious apartment. This is almost 50% of what one would pay for the same type of property in Bantry Bay or Clifton. Sandton came in third with an estimate price of R38 000/m2 for an apartment the same as the last two.
A wealth analyst at the New World Wealth organisation, Andrew Amoils, told Fin24 on Monday that the supposed reasons why areas in Cape Town are expensive may be due to the high class market that was brought by the overseas people that were purchasing property in the 1990s and early 2000s. Cape Town is an area that is a second home for wealthy people around the globe, according to the wealth analyst.
Umhlanga has become the second home for wealthy people from Johannesburg since the 1970s. Andrew Amoils says, “Following the construction of Gateway shopping centre in 2001, Umhlanga has become a major business hub for wealthy residents to live and work. The apartments on Lagoon Drive in Umhlanga are some of the most expensive in the country.” He then said Sandton is a place where most of the wealth for Johannesburg people is focused, with huge corporates, biggest African Banks’ headquarters and the Johannesburg Stock Exchange.
by Alexandra Ramaite