On the banks of the Jukskei River just north of Johannesburg in South Africa, lies the exclusive Dainfern Golf Estate. This luxury gated complex, built in 1992, contains over a thousand elite homes that offer residents a sanctuary of security and sophistication close to South Africa's commercial hub. Since its completion it has remained a perennial favourite with wealthy foreign buyers keen to snap up luxurious properties in South Africa, but over the last thirty years it has also counted Zimbabwean billionaire Strive Masiyiwa, Nigerian pastor Chris Oyakhilome and Springboks rugby player Joost van der Westhuizen as residents.
"In areas like Fourways and Midrand, African HNWIs high-net-worth individuals are interested in gated estates for security, lifestyle and convenience," says Andrew Golding, chief executive of the Pam Golding Properties group. "In Johannesburg, luxury homes in leafy Westcliff, Dunkeld and Melrose have evergreen appeal for African buyers."
Johannesburg is the city with the highest concentration of wealth across the whole continent, with wealth primarily concentrated in a few suburbs. Westcliff's abundance of mansions designed by colonial architect Herbert Baker - which contain gardens and panoramic views - is one such enclave.
"While we have always seen demand for luxury residential property among buyers within the African continent, this trend has increased considerably in recent years," says Golding. "We receive strong enquiries out of Kenya, Ghana and Nigeria, and over recent years buyers from Zimbabwe, the DRC, Zambia, Malawi and Angola, have become more prevalent."
As wealth creation diversifies, the number of intra-African buyers of luxury properties is increasing, with significant interest, Golding notes, from other countries, including Zimbabwe, Angola and the DRC. They are as likely to build fortunes in blockchain or crypto as they are in more traditional industries such as oil and mining.