5 trends that shape real estate in Africa
The real estate market in Africa has emerged and is booming with new trends and innovations. The real estate industry is providing more opportunities for investment. Over the past decade, the continent has seen quick growth in urbanization and this has led to an increase in demand for residential properties.
Again, Africa has seen an unprecedented increase of wealthy individuals who have disposable incomes, and this is attractive to foreign investors. The following article explores some of the trends in real estate on the continent.
MORE PEOPLE CAN BUY HOMES USING MORTGAGE
Most real estate contractors and financial institutions are making it possible for many people to acquire homes by taking a home loan. This will allow many people to be paying up for a property on a monthly basis rather than paying out rightly the entire cost of the house.
URBAN EXPANSION AND AN INCREASE IN SECOND-TIER CITIES
Most emerging economies in Africa are seeing a growth of second-tier cities. This is because more people are being forced to look for a better value because there is a continuous rise in prices in the first-tier cities
Life expectancy today is higher and it is expected that by 2050 the global percentage of people between the ages of 60 and above will exceed those below the ages of 15 for the very first time. The generation of people within the age 60 bracket are more vibrant than those that were before them hence, they will have a different taste when it comes to property requirements for their old age.
Also, those in that same age bracket that desire to be independent of their families will prefer to move to multigenerational communities with amenities like health care.
MILLENNIALS ARE EAGER TO OWN HOMES
More young people are eager to show their independence by leaving their parents’ house and are ready to express their freedom by renting or buying their first home. These home buyers between the ages of 26-35 are not perturbed by the high cost of properties. Many millennials are ready to sign a contract that will make them homeowners.
MORE SELLERS INTO THE REAL ESTATE MARKET
It is expected that most people will be more realtors in the property market. This is because more home buyers complain every year about the prices of the house listing. With more realtors in the system, it will ease the burden of pricing as there will be different options to choose from.
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