The Houghton Elite Living AfricaThe Wealth Report 2016, released by Knight Frank, reveals the world's property hotspots as well as trends in regard to the state of the property market across Africa.

Last year was one of mixed fortunes for property around the world, according to the report, with Monaco, Shanghai, Sydney, San Francisco and Istanbul posting double-digit growth while Lagos saw prices drop 20 per cent, in line with the drop in oil prices. However, positive news for the property market in African cities was also reported in the Prime International Residental Index (PIRI) with increases in prices recorded in Cape Town (6.9 per cent), Johannesburg (four per cent) and Nairobi (2.9 per cent).

For African investors looking for a second home in Europe, there are excellent properties to be had for good prices. Of the 34 locations where prime prices slipped last year, 22 are in Europe. This includes such second-home destinations as Spain, Italy, the Algarve and parts of the Côte d'Azur. At the other end of the spectrum in Europe, PIRI reveals that property prices are growing in Munich (12 per cent), Amsterdam (10 per cent), Monaco (10 per cent) and Berlin (nine per cent). Central London held firm with a one per cent increase despite new property taxes coming into effect.

According to the report, there has been a "sea change in attitudes" towards property investment in sub-Saharan Africa over the past decade. Private intra-Africa investment by UHNWIs are increasing and the big, fast-growing cities, such as Nairobi, Lagos, Dar es Salaam and Luanda offer the clearest investment opportunities. Nairobi has become even more appealing to investors with the first phase of the 33,000 sq m Garden City Mall opening last year. Growth is also expected in getaway locations, such as Lusaka.