Real Estate: Latest News
Kevin Mwanza, 8:55 am
China Wu Yi, a leading Chinese construction and engineering company, is set to make an unprecedented profit of $85 million from upgrading a 25 kilometer stretch of road, the company revealed in a statement to its directors. The revelation explains in part why many Chinese companies are scrambling for projects in Africa. The profits China Wu Yi expects are over 100 percent of the estimated projects cost and more than the international net margins of about two percent for similar projects
Dana Sanchez, 2:17 pm
Despite doom-and-gloom predictions by economists, this bit of good news for South Africa’s economy augments recent reports that South Africa regained its place as the continent’s biggest economy. Economic growth in the second quarter helped the country escape a predicted recession for the second time in seven years. The surprisingly strong growth mostly reflects a bounce back following the disaster of Q1, an economist said. Few expect the growth to be sustained.
Kevin Mwanza, 5:10 am
A cheap electricity deal that attracted Africa’s richest man to set up a cement plant in Ethiopia could have a big impact on the cement market in East Africa as the Adaberga wereda-based plant start exporting cement at almost 40 percent less than regional manufacturers. To attract Dangote to the East African country, the government offered to supply his company with electricity at a discounted rate
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.
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