Not many people know that there’s an economic boom in Africa. Africa has a fast rising middle class with higher disposal incomes and there’s a real desire for change.
The demand for homes and apartments in Africa is higher than it has ever been in the past. In this article, we look at the top 5 residential property markets in Africa and tell you what to expect.
South Africa is the richest country in Africa and there are many wonderful real estate opportunities in cities such as Cape Town and Johannesburg. However, there are some concerns over the future of the property market in the country with massive strikes and demonstrations held against the government and corporations becoming a daily affair in the country. Still, properties for sale in Cape Town, South Africa fetch excellent value. There’s a lot of interest in South Africa from international investors and it is a popular overseas property destination.
Kenya has a very young population and an economy that is on the verge of taking off. The people of Kenya are eager to catch up with the rest of the world, which is why there is a huge demand for modern apartments in the country. However, Kenya struggles with typical African problems such as poverty and corruption. The infrastructure in Kenya is still underdeveloped. There is also a concern about terrorism, which cannot be wished away. Are you looking to sell your land in Kenya fast?
Angola is an African country that has done very well over the last 15 years. The rising economy has created a real need for new developments across the country. Cities such as Luanda and Huambo have had a major construction boom. However, Angola still struggles to provide quality residential space for its teeming population. The fall in oil prices has led to a drop in real estate activity lately, but we don’t expect to see any slowdown in the demand for homes and apartments in Angola. Do you have properties for sale in Angola?
Nigeria is the biggest economy in Africa with fast growing cities such as Lagos and Abuja. There’s a lot of interest in Nigeria as the country is rich in oil and other commodities. Chinese companies have a presence across Nigeria and are the biggest buyers of real estate here. Population growth in Nigeria is very high, so there will always be a huge demand for modern apartments for sale in Nigeria.
Egypt is the third biggest economy in Africa. It is also the hottest overseas property destination in Africa, despite the recent political turmoil in the country. Sharm el-Sheikh is a very popular tourist destination and attracts millions of visitors every year. However, Egypt’s economy has suffered greatly because of political instability and corruption. Egypt is still working very hard to get its act together. It’s certainly not a bad time to sell your property in Egypt fast, in case you’re wondering.