Cape Town’s luxury property market continues to dominate, with homes selling for tens to hundreds of millions of rands,While the general property market often fluctuates due to broader economic factors, the high-end segment remains more stable, consistently attracting ultra-high-net-worth buyers who are less impacted by cost-of-living pressures.
‘Roughly 75% of that wealth is held in residential property, valued at $287.6 trillion by the end of 2022,’ Dart explained. ‘Commercial properties make up about 13%, while agricultural land accounts for 11% of the total.’ The 2024 Africa Wealth Report, compiled with Henley & Partners, reinforces Cape Town’s appeal, identifying it as the top destination for UHNW property investors in Africa. Dart noted that the city’s most prestigious neighborhoods, often referred to as the ‘Prime 7,’ include Clifton, Bantry Bay, Camps Bay, Bishopscourt, Constantia, Llandudno, and St James.
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