Nairobi has emerged as the sixth most expensive city on the African continent for ultra high net worth individuals looking to buy luxury properties, according to the latest 2023 Centi-Millionaire Report.
The annual report, a collaboration between migration consultancy Henley & Partners and wealth intelligence firm New World Wealth, analyzed property prices in prime neighborhoods across Africa’s major cities.
It found that in Nairobi, located in east Africa’s Kenya, high-end apartments sized between 200 to 400 square meters in affluent sections of the capital city are selling for an average price of $1,200 per square meter as of June.
Nairobi is tied for sixth place with Egypt’s Cairo and Morocco’s Casablanca, where opulent properties command the same price per square meter.
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Overall, the report reveals a significant global increase in the population of centi-millionaires, defined as individuals with a net worth of at least $100 million. There are now 28,420 centi-millionaires worldwide, more than double the number two decades ago and 12% higher than in 2022.
South Africa dominates the top five positions for priciest prime property markets in Africa. Cape Town leads at $5,200 per square meter, followed by the coastal towns of Hermanus and Plettenberg Bay at $2,200. The metropolitan areas of Marrakech in Morocco and Umhlanga in South Africa share third place at $2,000 per square meter.
Central Sandton, part of greater Johannesburg, takes fourth place at $1,800 per square meter. The coastal city of Tangier in Morocco rounds out the top five at $1,600 per square meter.
On a global scale, the United States is home to the largest concentration of centi-millionaires, accounting for 38% of the total. China places second followed by India. Half of all centi-millionaires live in just 50 cities worldwide, with New York City topping the list with 775.
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