South Africa’s most expensive city

Cape Town has once again been ranked as the most expensive city to live in on the African continent, with property going for $5,800/m² (R103,016). 

This is more than double the price of property in any other South African city ranked in the top ten most expensive cities in Africa. 

The top ten list is dominated by South African cities, with coastal areas dominating as semigration results in richer individuals moving to areas with better governance and more relaxed lifestyles. 

This was revealed by Henley & Partners in its Africa Wealth Report 2025, which tracks where dollar millionaires live on the continent. 

Johannesburg remains Africa’s wealthiest city, with the most dollar millionaires inhabiting the City of Gold at 11,700. 

This wealth is highly concentrated in the Sandton CBD and the Waterfall-Midrand area, alongside exclusive estates such as Steyn City, Blue Hills, and Saddlebrook. 

However, the city’s mismanagement over the past few decades has resulted in Cape Town catching up to it as the hub of wealth in Africa. 

The Mother City is set to surpass the City of Gold in 2030 in terms of the number of dollar millionaires, with it already having more centi-millionaires and billionaires. 

Cape Town has regularly ranked as the most expensive city in Africa, with property prices surging across the city since the end of the pandemic. 

Property in Cape Town goes for $5,800/m² according to Henley & Partners, making it the most expensive city to live in on the continent. 

This is largely driven by exclusive suburbs such as Clifton, Bantry Bay, and Constantia, among others. 

The Western Cape, more generally, is a hotspot for luxury property, with Hermanus, Plettenberg Bay, and Franschhoek ranking in the top ten most expensive cities in Africa. Property in these cities ranges between $2,600/m² in Hermanus to $2,000/m² in Franschhoek. 

Umhlanga and Central Sandton also rank among the top ten, with property in these cities going for $1,900/m² and $1,800/m², respectively. 

Outside of South Africa, Mauritius is a hotspot for wealthy Africans to live, with Tamarin (Black River) being second to only Cape Town at $4,500/m². 

Moroccan cities Marrakech and Tangier also find themselves among the top ten, with properties going at $3,000/m² and $1,700/m², respectively. 

Cairo, despite having the most billionaires of any city, is only ranked ninth in terms of property prices in Africa. 

The top ten most expensive cities are listed in the table below.