10 most expensive cities in Africa in 2024

Across the continent, the increase in pricey real estate stems from several factors. Economic growth and urbanization are key drivers, fueled by increasing incomes and a burgeoning urban populace.

Berry Everitt, CEO of the Chas Everitt International property group explained that in contrast to other major economic blocs, Africa has a mostly young and rapidly growing population, as well as a very fast rate of urbanization.

DON'T MISS THIS: 10 wealthiest countries in Africa

"This is already generating significant demand for services and products and pulling in an increasing number of HNWIs who are finding lucrative opportunities in the communications, financial services, infrastructure, retail, and manufacturing sectors, as well as in agriculture, logistics, commodities, and both residential and commercial real estate," he said.

As a result, there is a surge in demand for luxury properties. According to him, Africa, especially South Africa, is a rising star in the global luxury real estate sector.

According to a Wealth Report by Henley and Partners, when it comes to luxury real estate on the continent, Cape Town continues to lead the way, with prime residential spaces valued at USD 5,600 per m2.

DON'T MISS THIS: Top 10 African countries with the most centi-millionaires in 2024

Grand Baie in Mauritius follows closely at USD 5,000 per square meter for a prime 200 to 400-square-meter apartment. South Africa boasts five contenders in Africa’s top 10 most expensive cities, including Plettenberg Bay (2,400 per square meter), Hermanus (2,300 per square meter), Umhlanga (2,000 per square meter), and Sandton (1,800 per square meter).

Morocco’s Marrakech, Tangier, and Casablanca also secure spots in this exclusive club, alongside Egypt’s capital Cairo, which is one of Africa’s largest cities.