Africa’s most expensive city for housing plans fixes for R1.2trn market

By Prinesha Naidoo, Bloomberg

Cape Town, Africa’s most expensive city for real estate, plans to make it easier to develop homes as thousands flock to the metropolitan for a better quality of life, putting pressure on its R1.2 trillion ($64 billion) residential property market.

Wedged between the iconic Table Mountain and the sea, and in close proximity to picturesque winelands, South Africa’s second biggest city has long been a favorite base for the wealthy seeking to enjoy warm weather and an outdoor lifestyle. Luxury properties, including on the affluent Atlantic Seaboard region, are among the most in demand on the continent, with prime apartments selling for an average of $5 600 per square meter.

Cape Town, led by the Democratic Alliance since 2006, also ranks as the country’s best-run major city. It’s drawn middle-class families fleeing poorly governed South African metros after remote working became popular during the coronavirus pandemic.

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