Angola’s Property Market Picks Up

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Angola’s Property Market Picks Up

May 26, 2017

 Is it possible to sell property in Angola fast at a good price right now? Angola is one African nation that has done very well in recent years. The country has been witnessing a prolonged spell of peace after the conclusion of a 27-year old civil war which left millions dead.

The Angolan economy is one of the fastest growing in Africa. The property market too has kept pace and has thrived in recent years. The capital of Angola, Luanda, has benefited from the discovery of oil around here and has witnessed a big real estate boom.

Even the most basic two-bedroom apartments in Luanda rent for $1,000 a year, which is stunning, considering that Angola is still a poor African nation. This can only be attributed to the large number of expatriates presently working in the Angolan oil industry.

There is a real shortage of modern homes and apartments here. So there is a limited supply of housing stock for foreign workers. This has made the rental market in Angola incredibly profitable, which explains why the real estate here is so expensive.

As Jose Camargo, who heads the Angolan real estate unit of Brazilian construction company Odebrecht, says in an interview with Reuters: "Everyone wants to be here. I predict growth in real estate prices during the next three years."  

Angola competes directly with Nigeria in the race to be the biggest oil producer in Africa. The country is in the middle of a major reconstruction program since the conclusion of the civil war. The country has been buoyed by increasing oil production, billions of dollars in foreign investment from major international oil companies such as Exxon, BP Global, etc.

However, there have been certain roadblocks in Angola’s path, such as the fall in oil prices. Oil prices have fallen steadily across the board since 2013. As of now oil prices have fallen to $50 a barrel because of the inability of OPEC members and other oil producing nations to come to an agreement over cutting down production.

While it is true that the fall in oil prices have been a setback to the Angolan government’s ambitious plans, the country marches on and is certainly a much better place to live than it was a decade and a half ago.

 The Angolan government has completely transformed the Bay of Luanda with a $2 billion investment. New hotels and apartment buildings have come up all over the shoreline. There is a massive construction boom in the country as the government and local businesses race to meet the yawning gap between demand and supply of housing stock.

Helder Bataglia, President of the Portuguese conglomerate Escom, one of the biggest investors in Angola, says, "Angola is one of many places that are moving against the current economic cycle."

 "There is a huge gap between supply and demand and that is the main factor pushing prices," says Nelson Rego, who heads the Angolan real estate consultancy firm Proprime.

That’s why this is as good a time as any to buy real estate in Angola online. Foreign investors are very excited about Angola’s potential.