African Property Developers Bounce Back
Viewed against the backdrop of the recent Covid-19 pandemic and its negative economic impact, property developers in Africa have not had it easy but construction in key African cities has slowly been gaining momentum. Africa has made significant progress in the last decade, moving away from the stereotype of a continent where poverty and instability are the norm to a continent where a new narrative is emerging in which Africa is a continent of opportunity. The rise in real estate development across the continent is driving this narrative.
According to Estate Intel, which tracks over 5000 real estate developers and other real estate market players, key cities such as Lagos have seen a marked improvement in the number of pipeline projects when compared to 2021. They predict that real estate markets in cities such as Cairo, Lagos, Accra and Nairobi will continue the growth trend well beyond 2022. Increased demand in all real estate sectors in African countries including Mauritius, Uganda, Ghana and Morocco is predicted to offer developers a range of development opportunities.
African Property Developers Deliver Excellence
The quality of the development opportunities and the high standard of finished projects being delivered across sub-Saharan Africa in the last few years include several premium projects that received industry recognition in Ghana, Kenya, Nigeria, Mozambique, Namibia and Rwanda, cementing these countries as being among the best real estate development locations in Africa.
Gateway Real Estate Africa (GREA) was recognised at the Africa Property Investment (API) Summit this year, as a top property developer in the African real estate market after scooping up several awards, including Greg
Pearson, co-founder and CEO of GREA, being named Top Africa CEO.
Two of GREA’s developments also took top honours in their respective categories. Top Commercial Office development for Adumuah Place in Ghana and Best High-End Residential development going to Rosslyn Grove, a 90-apartment diplomatic housing development in Nairobi on behalf of the US Government’s Overseas Building Operations.
African Property Developers Unlock Opportunity
The burgeoning African real estate market can be attributed to several factors. The significant increase in the number of high net-worth individuals in Africa has created a pool of affluent buyers that can afford upmarket accommodation.
The increase in foreign investment from outside of Africa in recent years has led to improved infrastructure, enabling better economic growth throughout Africa. Opportunities have opened for local and foreign investors in real estate development projects, including hotels, shopping malls, and high-end accommodation across the continent. These opportunities are only feasible in areas where the infrastructure is good and access to transportation routes is easy.
The proliferation of smart devices and the rapid expansion of internet access is allowing marketers to reach an ever-increasing base of African consumers resulting in several African countries having booming economies.
Proven African Development Expertise
Africa’s urban population is predicted to virtually triple by 2050 and most of the population are expected to be housed in megacities. Coping with the needs of the population, including the provision of physical, political, economic, and societal infrastructure will be substantially challenging. The adoption of modern technology and internet connectivity by African youth adds to the development momentum. Property developers on the African continent are being provided with a largely untapped pool of premium development opportunities.
GREA has a long and enviable track record of delivering premium turn-key construction solutions to multinational clients and providing high-yielding US-dollar-denominated rental income streams. They deliver projects that provide excellent ROI and strong growth potential for investors. To access the real estate potential of Africa, contact them today.