SA possesses 3 of Africa’s 6 wealthiest cities
South Africa might be struggling in local perception but the property market remains extremely effective within the African continent. Sought after property assets in the country can be found in Durban, Cape Town and Johannesburg especially.
There’s good news for the South African property market as Durban, Cape Town and Johannesburg are rated as three of Africa’s six wealthiest cities, according to a new report by New World Wealth and AfrAsia Bank in Mauritius. The report also provides comprehensive wealth breakdowns for 17 African countries and 23 African cities and held that individual incomes on the continent were set to rise by 34% over the following decade.
The Kenyan capital Nairobi is East Africa’s wealthiest city and the sixth in Africa after Durban, Cape Town, Cairo, Lagos and Johannesburg, according to the report. Nairobi has become increasingly attractive to high Net Worth Individual (HNWIs) and enjoys cash injections from wealthy billionaires establishing businesses there as they expand into the African market.
While Durban, Cape Town and Johannesburg’s is great news for South Africa’s it also means that prices for houses is steep for locals. Previous reports this year have indicated that most Capetonians, for example, can’t afford the property within their own city, with real estate on the Atlantic Seaboard being far out of reach for many. On the other hand there are tremendous properties elsewhere in the country.
For South Africans themselves a quieter space is often more desirable than the hussle of the three economic centres which draw large business interest. Mpumalanga is increasingly being seen as one of the most beautiful and fairly priced provinces, and Nelspruit shines at its centre. If you’ve already decided to buy a house in Nelspruit then you may be a head of the game in price and lifestyle.
