This is where South Africa’s billionaires are buying property
In several areas in South Africa, billionaires still have to fork out a substantial amount to own a property.
According to the latest Centi-Millionaire Report by Henley & Partners and New World Wealth, 102 centi-millionaires have investable assets of $100 million (R1.9 billion) or more in South Africa.
Andrew Amoils, Head of Research at New World Wealth, noted that many emerging countries only have a few billionaires – South Africa has five, which makes the centi-millionaire wealth band a far more accurate reflection of the insanely wealth in the country.
Despite not being as expensive as other cities, such as Monaco or New York, there are still several areas that only the incredibly rich in South Africa could afford.
According to the research, five of the ten most expensive cities/areas for centi-millionaires in Africa are found in South Africa when looking at the average square metre price of a prime 200 to 400 square meter apartment.
Cape Town is by far the most expensive city for cent-millionaires, coming out at $5,200/sqm (R100,000/sqm).
Hermans and Plettenberg Bay complete the top three, with both costing $2,200/sqm (R42,000/sqm).
Umhlanga is the fourth most expensive area in South Africa at $2,000/sqm ( R38,000/sqm), whilst the finance hub is fifth at $1,800/sqm (R34,000/sqm).
Below are the 10 most expensive cities for centi-millionaires across Africa:
| Rank | City/Area | Country | PER SQM |
| 1 | Cape Town | South Africa | $5,200 (R100,000) |
| =2 | Hermanus | South Africa | $2,200 (R42,000) |
| =2 | Plettenberg Bay | South Africa | $2,200 (R42,000) |
| =4 | Marrakech | Morocco | $2,000 (R38,000) |
| =4 | Umhlanga | South Africa | $2,000 (R38,000) |
| 6 | Central Sandton | South Africa | $1,800 (R34,000) |
| 7 | Tangier | Morocco | $1,600 (R30,000) |
| =8 | Casablanca | Morocco | $1,200 (R23,000) |
| =8 | Cairo | Egypt | $1,200 (R23,000) |
| =8 | Nairobi | Kenya | $1,200 (R23,000) |
With this in mind, BusinessTech has looked at properties currently on the market where billionaires would have to pay huge amounts to own an apartment in South Africa:
Cape Town
- 4 Bedroom Apartment for Sale in Clifton, Cape Town
- R59 500 000 / 420 sqm
- R141,667 per sqm
Hermanus
- 3 Bedroom Apartment Sale in Westcliff, Hermanus
- R16,000,000 / 213 sqm
- R75,000 per sqm
Plettenberg Bay
- 3 Bedroom Apartment for Sale in Plettenberg Bay Central
- R9,250,000 / 185 sqm
- R50,000 per sqm
Umhlanga
- 3 Bedroom Apartment Sale in Sibaya Precinct, Umhlanga
- R10,499,000 / 270 sqm
- R38,500 per sqm
Sandton Central
- 2 Bedroom Apartment in Sandton Central, Johannesburg
- Price: R5,501,000 / 158 sqm
- 34,572 per sqm
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