Investing in real estate never disappoints, especially if it’s your passion. But growing your income will highly depend on the place you choose to invest. Africa remains the top continent for increasing your real estate investment. Many global investors are moving in speed to invest in Africa and take advantage of the upcoming opportunities.
The most recent findings indicate that Africa still leads with more than 70 percent of China’s international investors. Other states following the suit include Russia, Turkey, and India. With the alarming growth rate in urban cities, Africa is continuing to pave the way for better opportunities than any other continent. How Africa is lately developing has led to high demand for quality and safe housing, challenging the African government.
There are significant signs of economic growth in real estate currently and in some years to come. We have done thorough research, and here are the various cities in Africa that are recording a significant growth rate.
Nairobi City, Kenya
Being the capital city of Kenya, Nairobi is not an exception when recording the largest economy in Africa. The town is in the third category for its faster-growing economy globally and on Africa’s eastern coast. Besides, the city is well-known for its improved infrastructure, especially the roads. With the busy streets across the town, investing in a real estate venture will yield increasing income now and a double in the future.
Most big African companies such as Google, Coca-Cola, and IBM have made Nairobi the head office. This has contributed to the rise in population, making it hard for the city to meet the housing demand. Here, the tourism sector is robust, resulting in a growing demand for big hotels and guest hubs.
Despite the rapid terrorist attacks experienced some years back, retail tenants’ decline has now turned to a gold rush. Take advantage of the incredible setting in the city and invest now.
Accra city, Ghana
Ghana is among the most stable states in Africa in political matters. This is contributed by fewer interior conflicts and good relationships with the neighboring states. With this in mind, investing in real estate has gone an extra mile to include domestic and international investors.
Accra is the capital city of Ghana much in terms of population growth is being witnessed. The city holds over four million Ghana’s population out of twenty-seven million people. Currently, there is a shortfall of about 100,000 units to meet the housing demand of 150,000 residential units every year. This means that affordable residential housing in Accra is still a challenge.
The excellent setting in Accra city allows foreign investors to own property. Take advantage of an increasingly urban population looking for employment and rentals and invest.
Luanda city in Angola
Global investors are welcomed to invest in the city of Luanda. Being the capital city of Angola, it is ranked fifth for its growing economy. Even with the recent construction of new units, there is still a shortfall in housing units. This has resulted in a rise in demand for both residential and commercial properties.
The Luanda port area has increased the demand for commercial units, especially those connected with the oil company. An increase in warehouse space to cope with the high demand and business growth is still expected. Despite a fall in oil prices, the oil industry remains the primary occupant for domestic real estate investors. The rise of office space rates has attracted global investors per month.
In addition, only a few of the products are locally made, raising the demand for most commodities. Allowing foreign real estate investments is expected to change the entire situation since agricultural products and other products will be produced locally. This will later result in a decrease in rates for food commodities reaching the Luanda market.
Kigali city, Rwanda
The capital city of Rwanda is Kigali. Kigali is top-ranked in matters of size due to the increasing rate of the urban population. Rwanda is among the nations with an increased demand for residential and commercial properties due to the developing business community. But Kigali alone cannot meet the housing demands of over four hundred thousand units by 2022.
But with the increasing domestic and international real estate investments, the demand for residential and commercial properties is expected to double. This is quite encouraging, bearing in mind that the Rwandan Genocide resulted in a standstill in the growth of the annual gross domestic product.
The growing population has led to an increase of both low and medium-rated housing units which best fit the common person. This has also increased government infrastructure hence a rise in the number of overseas investors.
Lagos City, Nigeria
For long, Lagos city has remained the most densely populated city in Nigeria and ranked second in size across the African continent. The town is in fourth place for its growing economy brought by the content’s biggest and busiest seaports.
The most recent findings show Nigeria has the most extensive gross domestic product (GDP) in Africa. The economy here is growing faster than any investor across the globe could imagine. The IMF estimates five years ago show that Nigeria is ranked sixth with a rapidly growing economy.
With Lagos being the biggest city in Nigeria, its population is also not left behind in terms of growth. Lagos is of late recording a tremendous population rate compared to any other city in Africa. This has resulted in an increased demand for highly-valued and medium-rated residential and commercial properties.
With the cities mentioned above, it’s clear that no investor, whether local or foreign, should make a mistake on the best places to invest in Africa. This is an opening call that every investor should focus on investing wisely. You should consider revisiting this content even if you are not planning to invest now. The content will benefit the upcoming years as far as investing in Africa is concerned.