Real Estate Boom in Africa to Attract Strong Foreign Investment
Knight Frank, a leading global property consultancy, said in its 2015 report that Africa’s rapid population increase coupled by a strong economic growth across several countries on the continent was building a formidable middle class that could prove too attractive for global real estate investors to ignore over the coming decade.
According to the report, Africa’s population is estimated to reach four billion people by the start of the next century, ” with nearly one billion of these people in Nigeria alone”. With sub-Sahara Africa being the world’s fastest growing region in the world, the report estimates that 13 out of 20 fastest growing economies over the next five year will be from the region.
“Large volumes of good quality commercial and residential property are needed to support the continuing African growth story, presenting excellent opportunities for global funds looking to diversify or enter into African markets,” the report said.
Some of the fastest growing cities on the continent according to Knight Frank include Lagos in Nigeria, Luanda in Angola and Dar es Salaam in Tanzania.