Top 5 cities for real estate investment in Africa
The world has become more connected because of globalization. This makes it easy to invest practically everywhere. If you are a real estate investor with a penchant for travel, we have the perfect excuse for you to start flying. In the real estate business, Africa offers excellent investment opportunities. Coupled with a high return on investment that can be used as a secondary source of income.
People are migrating to large cities in pursuit of greater prospects and higher pay. As a result of the rush, African governments are under pressure to provide high-quality and cheap housing. This rapid increase in housing demand has not been addressed.
This form of urbanization in Africa is accompanied by an increase in the middle and upper classes. This is creating a demand for high-quality, safe homes. Some towns have experienced unusual growth among the 54 countries that make up the continent.
1 . Firstly, LAGOS – NIGERIA
Lagos not only boasts Africa’s largest economy, but also the continent’s sixth-fastest expanding economy. With its ever-increasing population, the need for both high-quality low- to medium-priced residential and commercial units is always strong.
2 . Secondly, ACCRA – GHANA
Accra, Ghana’s capital, has a population of about 4 million people and is rapidly growing. Ghana is one of Africa’s most politically stable countries. It has maintained positive relations with its neighbors, drawing expatriates and international direct investment.
There is a severe lack of affordable housing and business units in Accra. Because foreign property ownership is not only authorized but also strongly wanted by the government, these pressures are increasing in the real estate sector. As a result, this is an excellent moment to invest.
3 . Also, KIGALI – RWANDA
Rwanda’s economy has been booming for the past decade, so it’s no wonder that the real estate market in Kigali, the country’s capital, is exploding. Rwanda is becoming an East African success story 20 years after the massacre.
Kigali is seeing expansion on numerous fronts, including infrastructural investment, foreign direct investment, and population increase. Now is the moment to get in on the real estate hunter games. The demand for low- to mid-priced housing has naturally increased.
4 . Another is NAIROBI – KENYA
Bringing it back to Nairobi, Kenya’s capital. Nairobi has recently been named one of the world’s top three fastest-growing economies. Many African headquarters are in Nairobi, including the United Nations (UN), Google, IBM, and Coca-Cola. The need for rental units to accommodate a growing population has increased.
Kenya has a thriving tourism economy, which is driving up demand for the construction of guest homes and hotels. Following the terrorist attacks, however, demand from potential retail tenants has declined in the last two years. On the other hand, what appears to be a risk now may turn out to be a gold mine in the future.
5 . Last but not least, LUANDA – ANGOLA
Luanda, the capital city of Angola, is Africa’s fifth-largest economy and ranks fifth on this list! Despite government efforts to build additional buildings across the capital, the growing demand for both residential and commercial units in Luanda has not been satisfied. The cost of office space per square meter is said to be among the highest in the world, at $150 per square meter each month. As a result, investment in Luanda, Angola, ensures a high return.
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