In almost every corner of the continent, real estate projects are emerging. The biggest attractions are high-rise hotels and office buildings, residential homes and apartments, and shopping malls.
In Nigeria alone, there is a shortfall of 17 million housing units, with a funding requirement of $363 billion.
In Angola’s capital, Luanda, prime office rents are among the highest in the world at US$150 per sq metre per month.
In Mozambique, property prices at the sea ports, particularly for warehouses, are one of Africa’s most expensive.
The key markets for real estate on every investor’s agenda are Angola, Nigeria, Egypt, Mozambique, South Africa and Kenya. All of these countries are experiencing a real estate boom like never before in history.
Africa’s large and youthful population, an expanding middle class, increasing urbanization, influx of expatriates and multinational companies are the key drivers of demand for both commercial and residential real estate.