Real Estate: Latest News
Staff, 4:53 pm
Ethiopia’s controversial Gibe III dam got an official inauguration Saturday. UNESCO has condemned it. Human rights groups say it has displaced people in the Omo Valley and will decrease water downstream all the way to Kenya’s Lake Turkana. A far more controversial Ethiopian dam, Africa’s largest ever, is scheduled for completion in 2017. The Grand Renaissance Dam will produce the equivalent electricity of six nuclear reactors.
Dana Sanchez, 2:35 pm
The 26-acre Atlantis Resorts in Hawaii will be similar to the over-the-top Atlantis The Palm Dubai, which has a water park, aquarium, dolphin encounter and more than 20 restaurants. South African-born hotel magnate Sol Kerzner developed some of the country’s top hotel brands and helped put South African tourism on the map. Kerzner sold his stake in Kerzner International to a Dubai firm in 2014 but the company still bears his name. Other owners include investment banker Goldman Sachs and the L.A. investment firm Colony Capital.
Dana Sanchez, 12:13 pm
The Zimbabwean diaspora has a significant interest in property investment in their home country. Although agricultural land is typically state-owned, and rural land communally owned, urban land in Zimbabwe is held under freehold title, and deeds are registered. There are rights to ownership of urban land, and interest and potential for investment in urban land in Zimbabwe. Continued interest in the diaspora has seen increased demand for small-scale, affordable housing in low- and high-density areas.
Dana Sanchez, 9:39 pm
At 17,057 feet, Mount Kenya gets less attention than its taller counterpart, Mount Kilimanjaro, but Africa’s second-highest mountain offers everything its bigger neighbor does, and then some. The area around the foothills is emerging as a hot spot for residential and commercial real estate. The focus of Mount Kenya Wildlife Estate is the wildlife, with houses clustered around waterholes and salt licks, and views of the Mount Kenya. The development consists of 100 holiday homes on 1,000 acres. Most houses have sold for $330,000 each.
Dana Sanchez, 1:39 pm
There is a gap for hospital services in Africa and property investors can benefit from this with healthcare real estate investment trusts, an expert says. A REIT is a company that owns, and in most cases operates, income-producing real estate. Large hospital owners like Netcare or Life Healthcare in South Africa could sell hospitals to a property manager who runs a healthcare REIT. The REIT would then lease them back. REITs provide investors with a liquid stake in real estate, special tax considerations and typically high-dividend yields. In more mature markets, healthcare REITs are often popular investments.
Peter Pedroncelli, 2:33 am AFKI Original
African business leaders make use of social media to communicate with and mentor their followers, dropping pearls of wisdom in under 140 characters. From South Africa to Nigeria, the high profile personalities and multi-millionaires from Africa offer their opinions on many issues while advancing their own agendas through social media. Here are 12 African business leaders worth following on Twitter.
Dana Sanchez, 10:35 am
Naspers owes its fortune to one great investment — a 34% stake in China’s top internet service, Tencent. The stake is worth more than Naspers itself. Investors aren’t impressed with Naspers’ operations in some markets. The mega firm is aggressively selling some assets, buying others and expanding online classifieds in new markets including the U.S., where it hopes to topple Craigslist.
Dana Sanchez, 12:57 pm
More than 70 percent of the world don’t have a street address, and sub-Saharan Africa leads. About 200 million people live in slums — home to the informal economy that is creating jobs. Big box stores like Cape Town-based clothing retailer Foschini Group are tapping in to the economic buying power of informal settlements. They’re coming up with innovative solutions to deliver e-commerce purchases to people who don’t have addresses.
Dana Sanchez, 9:39 pm
South African commercial property continues to present attractive investment opportunities to discerning investors, despite challenging economic conditions. There’s appetite for regional and super-regional malls, which enjoyed low vacancy rates in 2016 — 3 percent and 2 percent respectively — painting a positive picture of the economy. Johannesburg’s office market is a different story.
Dana Sanchez, 12:42 pm
While there is plenty of information available online about Airbnb’s growth in South Africa, not much is available on its progress throughout the rest of the continent. We know that Airbnb has 25,000 listings in South Africa, and more than half are in Cape Town. Marriott, meanwhile, is on track to have 205 hotels and 37,000 rooms in all of Africa after its six new African hotels are built. Three of the six new Marriott properties will be in Cape Town.
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