Africa commercial property on the rise, claims report | 13 February 2013
Residential and commercial property in Africa continues to be in demand thanks to strong economic growth and rising wealth within the continent, reports propertywire.com.
According to research titled ‘Africa Report 2013’ by Knight Frank, strong growth in each sector alongside wealthy populations in Africa’s mega cities – Lagos, Nairobi, Accra, Lusaka and Dar es Salaam to name but a few – are just two of the drivers for Africa’s economic growth.
While Africa as a whole remains a tough place in which to do business, there are certain sections of the continent which can promise ‘high returns and significant growth potential’.
As a result, there is a growing interest in Africa’s commercial and residential property from occupiers, developers and investors.
Matthew Colbourne, associate in commercial research at Knight Frank, believe that as overseas firms look to expand into Africa’s growing market (and as local firms grow themselves) commercial property will remain in high demand.
He commented on Africa’s demand for property on easier.com: “Africa’s impressive economic progress is generating a growing need for the construction of good quality property in major cities across the continent.
“The rising wealth of Africa’s middle class is leading to demand for increasingly sophisticated retail formats and better quality residential property,” he added.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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