Real Estate: Latest News
Keren Mikva, 11:27 am AFKI Original
When the landmark home of the late Dr. Johnny Mosendane — a well known South African figure — sold for 2.5 million rand ($172,484) — it was a record for Soweto residential real estate. This marked a change in the market. More and more suburban Johannesburg residents seek to move back to Soweto. There’s a pent-up desire to return to the vibrancy of the area, and Soweto real estate prices have begun to reflect this.
Dana Sanchez, 3:20 pm AFKI Original
It is possible to monetize being multicultural. Ghana-born entrepreneur Roberta Annan is proof. Part of a family of diplomats, Annan has lived and worked since her teenage years in Asia, Africa, Europe and the U.S., learning along the way to blend cultures to build successful businesses. At 33, Annan is an impact investor, global development consultant and fashion entrepreneur. She advises wealthy people on how to invest in Africa. Anna spoke to AFKInsider about how exposure to different cultures helps young African entrepreneurs improve their businesses in Africa.
Dana Sanchez, 11:38 am
Occupancy at the Victoria Island hotel and casino fell to 42 percent. Sun International isn’t the first South African company to clash with Nigerian authorities. Telecoms group MTN got a record-breaking multi-billion dollar fine. Nigeria is already in recession and it’s going to last a long time, an economist predicts. This month, South Africa reclaimed from Nigeria the title of Africa’s biggest economy due to appreciation of the rand and devaluation of the naira.
Julia Austin, 6:06 pm AFKI Original
A quick look at one of the Realtor sites specializing in wine farms will show you that the lowest price for a Stellenbosch wine farm is around $1.6 million. Some properties have stuck to the old Cape Dutch style architecture of centuries ago. Others combine modern, state-of-the-art architecture with breathtaking natural landscapes. One such property is a mixed-use farm with an all-glass front overlooking Gordon’s Bay.
Ann Brown, 9:53 am AFKI Original
Finding suitable accommodation in Ghana can be difficult. The founders of online platform meQasa claim to make it easier, acting as a sort of go-between for prospective tenants and buyers with owners and sellers. They won the confidence of some deep pockets. The Meltwater school invested $90,000 in the startup. Soon after, classifieds-focused Frontier Digital Ventures invested $500,000 in meQasa.
Dana Sanchez, 3:06 pm
Much of the current real estate investment in Africa is undertaken by private equity funds. Several other investor types are deterred and largely absent due to legislative restrictions, risks around money laundering and the inward-looking nature of African markets. Overseas pension funds, for example, held back because of legislative restrictions and only sought exposure to certain African markets once these were lifted.
Dana Sanchez, 1:03 pm
Copper-rich Democratic Republic of Congo is vying with Zambia to be Africa’s top producer. A new hydropower facility that the DRC government is planning to build could help shape Africa this century. It is one of DRC’s strategies for providing the energy it needs to free its economy. These aren’t the largest or most developed countries in Africa. Some are plagued with corruption and inequality. All have fast-growing economies.
Kevin Mwanza, 2:52 am
Construction of shopping malls in Nigeria, Africa’s largest economy, is on the rise, while in South Africa development of new malls has tremendously declined. Despite its large economy and high population – over 170 million people – the West African oil producing nation has lagged behind on the shopping mall construction craze that hit the continent over the last decade.
Ann Brown, 11:11 am AFKI Original
Amaka Nwaokolo believes innovative building technology can help lower rental rates. Her idea earned her a spot in Obama’s coveted Young African Leaders Initiative. Nwaokolo had 6 weeks of entrepreneurship training at Yale University. She found the leadership sessions particularly empowering and useful back home. “They focused on developing me as an individual,” she told AFKInsider. But sometimes there was a disconnect between U.S. and African realities. “It was shocking to see how little was known of Africa. It felt good changing and shaping perceptions.”
Dana Sanchez, 1:49 pm
Some property developers are rethinking their investment strategies in Mozambique, which is mired in a debt scandal and economic crisis. But a long-delayed offshore gas project could be approved within months, triggering investor confidence. Property fund Mara Delta plans to invest $110 million in Mozambique, acquiring four more properties. It already has six. “There’s definitely been more urgency on the government side to get these gas deals moving,” an industry source said.
- Real Estate