SA’s swanky suburbs are in demand by wealthy Africans‚ who are following in the footsteps of their British and German counterparts when it comes to luxury real-estate. A report by Sandton wealth intelligence company New World Wealth and AfrAsia Bank has found that a large number of African dollar millionaires are investing in property locally. While UK buyers top the list for high-end real estate in SA‚ followed by Germany‚ the report shows that a large number of Africans are also buying homes in the R10m price range in other African countries‚ most notably SA. The bulk of them come from Angola‚ Ghana and Nigeria. "Residential property normally constitutes between 25% and 30% of the net assets of an average African high-net-worth individual. Popular properties for them include beachfront villas and homes in residential estates‚" said Andrew Amoils of New World Wealth. Sandhurst‚ Hyde Park and Houghton in Johannesburg‚ as well as Cape Town’s "big five" luxury hotspots‚ namely Fresnay...

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