Top African cities with the most expensive price for properties

A recent survey carried out by Numbeo based on the Price to Income Ratio has listed Accra, the capital city of Ghana as the second most expensive city in the world.

Accra has the most expensive prices for new property acquisitions and ranks above Nigeria’s commercial center Lagos, South Africa’s Johannesburg, and Egypt’s capital Cairo, the Numbeo report states.

The survey, according to Numbeo was generally calculated as the ratio of median apartment prices to median familial disposable income, expressed as years of income.

“Price to Income Ratio is the basic measure for apartment purchase affordability (lower is better). It is generally calculated as the ratio of median apartment prices to median familial disposable income, expressed as years of income (although variations are used also elsewhere). Our formula assumes and uses.”

On the global scale, Ghana’s capital city, Accra ranks ahead of Hong Kong in Hong Kong, Shenzhen in China, Moscow in Russia, and Paris in France.

Numbeo’s ranking of the most expensive African cities by property prices :

  1. Accra (Ghana): The price per square meter for an apartment is an average of $1,750.98.
  2. Algiers (Algeria): The price per square meter for an apartment is an average of $1,708.61.
  3. Addis Ababa (Ethiopia): The price per square meter for an apartment is an average of $1,340.05.
  4. Nairobi (Kenya): The price per square meter for an apartment is an average of $3,306.57.
  5. Agadir (Morocco): The price per square meter for an apartment is an average of $1,938.12.
  6. Casablanca (Morocco): The price per square meter for an apartment is an average of $2,018.66.
  7. Tunis (Tunisia): The price per square meter for an apartment is an average of $924.28.
  8. Rabat (Morocco): The price per square meter for an apartment is an average of $1,907.35.
  9. Lagos (Nigeria): The price per square meter for an apartment is an average of $852.78.
  10. Marrakech (Morocco): The price per square meter for an apartment is an average of $1,462.14.
  11. Cairo (Egypt): The price per square meter for an apartment is an average of $880.16.
  12. Cape Town (South Africa): The price per square meter for an apartment is an average of $2,157.89.
  13. Johannesburg (South Africa): The price per square meter for an apartment is an average of $972.12.

Numbeo is a crowd-sourced global database of reported consumer prices, perceived crime rates, quality of healthcare, and other statistics.