A report from HomeUnion Investment Properties indicates that the real estate market in Africa remains to be a hit especially to those investors who are betting all their money on the said continent. There various reasons why it remains to be a good opportunity for investors. Firstly, the cities continues to grow which means there is a continued demand for more high quality real estate properties such as residential and commercial. Secondly, there is an increase demand for retail properties that will cater the demand of middle class which is the result of the spread of shopping malls all over the continent.
With these developments, more and more multinational companies are looking for their very own office space in the middle of the growing cities. Job opportunities are springing up everywhere from the oil and gas industry to the tech hubs installed in different regions. These job vacancies attracted a lot of employees but also created a problem which is the lack of housing for these employees. A recent survey conducted shows that in Africa, Nigeria is one of the countries that ranks high on the list when it comes to investment opportunities offered.
Here are some of countries that ranked high on the survey:
– Angola. The country of Angola place fifth in the rank of countries with highest economy in Africa. Its two major cities are Huambo and Luanda. Even though there have been major construction of real estate in these two cities, especially in Luanda, there is still not enough when it comes to offices and residential properties that are good quality. According to a survey, office spaces that were presented on the market for the year 2014 to 2015 were all sold or preleased before the actual opening.
– Nigeria. This country ranks as the highest when it comes to economy in Africa. Two major cities are Abuja and Lagos. There have been an outpouring of capital for the recent construction in the two cities yet the price of the real estate market for both are still the most expensive.
– Egypt. The country of Egypt ranks as the third when it comes to countries with the largest economy in Africa. Its major cities are composed of Giza, Alexandria and Cairo. Despite not being one of the fastest growing economy in the continent, the real estate market continues to be a hit and it will remain so in the coming years.