June 17th, 2022 at 12:43 pm
5 Important Facts To Know About Real Estate in Africa
Real estate in African economies has expanded over the past decades and has drawn the attention of investors from around the globe. Africa in particular has become one of the most sought-after destinations for tourism, commerce, and real estate.
The continent is developing faster, and along with this economic growth, the continent is the second-largest in terms of the population thus, there will be a high demand for housing and retail space. That makes the continent one of the hottest places for investing in property.
Here are some facts to know about real estate in Africa.
1. MOST DEVELOPERS ARE NOT FROM AFRICA
Africa’s real estate economy has been deeply penetrated by foreign investors. Some of these investors come from the Middle East, Asia, and Russia, and to some extent from Africa. The exchange rate and booming tourism industry are what appeal most to these investors. Tourism, however, is not the only attractive business to them, because, there are many business opportunities that have not been explored.
2. THE REAL ESTATE MARKET IS SET TO SERVE THE MIDDLE CLASS
There are only a limited number of Africans that can afford high-end properties. For that matter, most developers are targeting the middle class and the wealthy ones. There is a high demand for office space that is driven by the middle class and this will cause a response from the investors and government.
3. THERE IS GREAT OPPORTUNITY FOR INNOVATIVE CONSTRUCTION
Very few Africans can afford luxury estates or vacation homes. Most Africans prefer affordable housing but comparing the risk involved with affordable housing it is far better to sell one luxury home than to sell several low-cost homes. To even sell these affordable homes, some of your target markets may not even be able to afford them. Yet there is a dire need for these kinds of accommodation in Africa.
4. THE OBSTACLES TO YOUR ACHIEVEMENTS CAN BE GREAT
The property industry is a profitable but risky industry, and therefore being informed and knowing what to expect is important before venturing into it. To make things much easier, select countries that are leading in the property sector. Countries such as South Africa, Angola, Nigeria, Ghana, Kenya, Tanzania, Zambia, and Namibia are good places to start from.
Also, consider countries that make it easy to register in this regard, we will consider Rwanda and Botswana.
5. START A TIGHT BUDGET BUSINESS CONCEPT IN RELATED SECTORS
Africa’s real estate business requires that you have a large capital. However, if your capital is not enough, you can try other shoestring models that can get you into the industry. You could venture into property management, interior design, landscape gardening, or online platforms for real estate buyers.
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