Urbanisation and infrastructure development bodes well for Africa's property market
Updated: Nov 18, 2019
Africa's long-term property prospects remain bright, fueled by rapid urbanization, mass transit, and transport development and a growing aging population.
Commercial property development seems to be surging ahead in many African markets, defying the commodity price slump and currency crises.
Speakers at last week’s Africa Property Investment Summit in Johannesburg suggested that concerns about lower commodity prices, China’s slowdown and the currency turbulence in many of the continent’s key economies have not seriously dented long-term plans for large development projects in countries such as Mauritius, Mozambique, Zambia, Nigeria, and others.
The property market provides a barometer for the economic fortunes of a country. The growth of shopping malls and mixed-use developments, as well as associated infrastructure such as warehousing in Africa over the past few years, shows the confidence funders, developers and tenants have in the future of many economies.
Last week, several hundred delegates from throughout Africa, Europe, and the Middle East listened to the bad news about global market turbulence and the challenges of African markets. But speakers were also upbeat about new investment trends, opportunities and quality developments already underway across Africa.