Regions throughout Africa enjoying international interest in domestic property markets
More and more countries are showing interest in investing in Africa. There are certain countries on the continent where property prices have escalated significantly over the past decade. Currently, the most expensive real estate in Africa can be found in a handful of areas.
There is no doubt that South Africa should head the list of the most expensive properties in Africa. Although the current economic woes of the world have seen real estate prices in the country become more affordable, some of the most expensive properties on the continent, even in the world, can still be found here. Properties recently on the market include a house in Plettenberg Bay for $25m and one on a wine estate near Stellenbosch, in the Western Cape region, for $17.9m. With stunning beaches and lavish homes with sweeping views of the Atlantic Ocean, set against a backdrop of towering cliffs, it is hard to pick up anything here for under $1m.
The natural beauty and abundant wildlife of Zambia makes this is another favourite spot for overseas investors. A home in traditional African style can go for as much as $20m, in fact there was one just like that for sale very recently near the Chaminuka Nature Reserve, outside Lusaka.
The surreal desert beauty of Morocco, combined with lovely beaches, a fascinating cultural diversity and an affordable cost of living has turned this country into a haven for overseas property buyers. Properties at The Palmeraie, near Marrakech, can sell for as much as $10m. For that price it is possible to purchase a virtual castle surrounded by a private jungle. Although prices have skyrocketed during the past decade, there are still fairly nice villas with sea views for under $500,000.
A country often in the news for all the wrong reasons, but readers might be surprised to find that the suburb of Ikoy, in Lagos, has the most expensive real estate in the country and indeed some of the most expensive on the entire African continent. The average new apartment here sells for about $1m. The development began as single residential homes, but now mainly consists of luxury apartments.
It might be hard to believe, but some of the most expensive homes in Africa are to be found in Kenya. In fact a property bubble has inflated house prices to the extent that the average Kenyan now has to work 140 years to be able to buy a very average home. This might not be the perfect place for a property investment though, unless you plan to live there yourself; the rental yields in the country are among the lowest on the continent. Kenya’s housing bubble is ascribed to bad infrastructure, high input prices and very strict government regulations, which combine to make construction costs among the highest in Africa.