Africa’s Prime real estate markets have recorded mixed performances in the last two years, as the continent readjusts to a decline in global commodity prices according to 2016’s Knight Frank Africa report.
According to data in the international real estate consultants’ report released in Nairobi on Wednesday, real estate demand from oil companies and associated services sector has fallen in all African driven economies.
Francophone countries are, however, enjoying increased tenant demand from growing middle classes.
The Angolan capital Luanda is the worst hit, cities like Cape Town is among the most stable locations, while Nairobi is currently the most sought after location.
The report paints a positive outlook for Sub Saharan Africa’s real estate markets.
It indicates that a growing volume of capital is now targeted at the region’s property sector.
Like all sectors of the continent’s economy a dip in commodity prices is being reflected in Africa’s real estate markets, according to this year’s Knight Frank Africa report.
The Angolan capital Luanda is the most expensive prime office location at $80 per square meter per month, followed by Lagos at $67 and N’Djamena in Chad at $55 per square meter per month.
Kenya according to the report is fast emerging as a hub for real estate investors.
– By SABC