Cape Town attracts many well-heeled tourists, but it is also the country’s favoured city among ultra-rich property buyers looking for an African holiday home or residence. That’s according to a new survey on where the world’s wealthiest prefer to buy luxury real estate. The news will not surprise many Capetonians who have long envied the wealthy elite who have been able to live in comfort along the city’s pricey Atlantic Seaboard and on the rump of Table Mountain – areas which allow for breathtaking views of the ocean. While South Africa’s beating economic heart, Johannesburg, is also listed among the ideal property cities, it is further down the rankings along with Brazil’s Sao Paolo, Dublin in Ireland and India’s Mumbai. Johannesburg is also among the world’s top “alpha cities” even though it also has the reputation as being a high-crime city. Estate agents report a trend of Johannesburg residents moving to escape the widespread violence and crime to Cape Town where they can, in order to take advantage of a more laid-back lifestyle amid natural beauty. Nothing beats Cape Town among the country’s asset management companies, with the Mother City the unofficial capital for fund managers – who are among the best-paid professionals and know a thing or two about where to buy their own homes with a view to maximising returns. – Jackie Cameron
By Carin Smith
Cape Town – Cape Town and Johannesburg rank among the top 50 so-called “alpha cities” in the world.
These are cities which are attractive to the ultra-rich when they decide on where to buy luxury real estate in a city, according to the Wealth-X Global Property Handbook. It was compiled in collaboration with Warburg Realty and Barnes International Realty.
The first edition of the handbook reviews the luxury real estate market and explores the buying habits of the world’s wealthiest people. These ultra-high net worth individuals (UHNWs) have a net worth of $30m (about R400m) or more.
The ideal city property must satisfy a range of practical, emotional, and financial considerations.
Cape Town ranks 37th one notch below Dubai (36th). The Mother City’s attractiveness for luxury purchases by the very rich is seen as on a par with Oslo in Norway, Basel in Switzerland and Moscow in Russia.
Johannesburg ranks 46th, just below cities like Sao Paulo in Brazil, Dublin in Ireland, Mumbai in India and Kuwait City in Kuwait, which are collectively in 42nd place.
See also: Picture Story: Cape Town as it was – a trip down memory lane
Johannesburg is seen as on a par with Shenzhen in China and Rio de Janeiro in Brazil. It beats only two cities in the top 50, namely Guangzhou in China and Abu Dhabi in the United Arab Emirates.
Despite Brexit, London ranks first for the ultra-rich when they consider purchasing luxury property. New York comes in second place, Tokyo third, Sydney fourth, Paris 5h, Chicago 6th and San Francisco both 6th along with Osaka i Japan, while Toronto and Washington DC take the 9th spot together.
The report singles out Cuba as the top emerging market for real estate developers. – Fin24
Source: http://www.fin24.com/Economy/two-sa-cities-on-top-property-list-for-rich-and-famous-20170123-2
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