Real Estate: Latest News
Kevin Mwanza, 7:11 am
Africa’s leading economies are enjoying a surge in the construction of new hotels despite a slowdown in growth due to a global commodity prices slump, an annual survey by W Hospitality Group Hotel Chain Development showed. According to the report, Angola, Nigeria, Egypt and Kenya have seen their hospitality industries pick up as the hotel construction boom reached the highest since a 2009 peak. It estimated that in 2016, about 64,000 rooms are planned for construction in 365 hotels across Africa.
Kevin Mwanza, 6:08 am
And with this growth came a construction frenzy as old building built by the Portuguese during the colonial era got razed down and replaced with modern skyscrapers and five-star hotels that earned Luanda the name ‘Africa’s Dubai’. For years, Luanda has been effervescent with new constructions, where Chinese laborers worked night and day to give the city a new look. That was until the oil money started drying up in late 2014.
Julia Austin, 9:24 am AFKI Original
Not all of the most expensive buildings in Africa are hotels. Some were built to serve the public. The Chinese Government sponsored the development of the African Union Conference Centre and Office Complex, headquarters of the African Union. The building is just over 327 feet tall making it the tallest building in Addis Ababa, Ethiopia, and one of the most expensive in Africa. With a price tag of $200 million, it was a high-profile move in China’s continuing effort to strengthen bonds in Africa.
Staff, 4:53 am
African countries offer exciting returns for property investors if they do their homework and study each market. South African real estate investment trusts are looking for strong returns offshore and some opportunities may lie in Africa. A panel discussion at the South African Property Owners Assocaition (Sapoa) Convention said that markets outside of South Africa were full of opportunities. The conference was recently held at Sandton Convention Centre in Johannesburg.
Kevin Mwanza, 6:03 am
South African investors have increased their investment in UK properties by nearly 400 percent in the last 18 months as they try to safeguard their future against a volatile rand, Cape Business News reported. Africa’s super rich are know to be big investors in luxury properties in London, but an increase in South Africans buying real estate in the European nation has sparked interest from property specialists.
Dana Sanchez, 8:51 am
The Mauritius government expects foreign direct investment to increase as much as 46 percent in 2016 based on projects that have already been secured. The U.K.’s decision to leave the European Union may hurt or help that projection. The U.K. is the No. 3 source of real estate investment in Mauritius. UAE is No. 2 and France is No. 1. With the renegotiated Mauritius-India tax treaty, Mauritius is still a great holiday destination, just not to dodge taxes in India, an Indian publication reports.
Dana Sanchez, 3:07 pm AFKI Original
When multinational companies expand in Africa, they often send employees there on assignment. How much they pay these employees depends a lot on fluctuations in currency, inflation and accommodation prices. New York City-based human resources consulting firm Mercer has carved out a niche for itself for the last 22 years by compiling data that help big companies decide what to offer by way of expat packages. These are the 10 cheapest places to live out of 209 cities around the world if you’re an expat.
Kevin Mwanza, 5:57 am
London-based private equity firm Actis has raised $500 million for its third Africa real estate fund that will be invested predominantly in prime retail, office and industrial developments in capital cities of seven to eight countries on the continent. Actis focuses on emerging markets has invested more than $3 billion in African businesses spread over 23 countries, more than $570 million of which is invested in the financial services sector.
Staff, 2:02 am
NIGERIA hopes to use a proposed Islamic bonds issuance programme to help fund big infrastructure needs. An official told Reuters that the government aims to tie the transaction to one of its several projects. The country plans to borrow as much as $10 billion from debt markets, with about half of that coming from foreign sources, to help fund a budget deficit worsened by the slump in oil prices that has slashed revenues and weakened the naira.
Peter Pedroncelli, 6:28 am
South African tourism numbers continue to climb versus last year’s stats in the sector, and this has attracted renewed interest from global hotel group Hilton Worldwide for investment in the South African market in the form of a handful of new properties. The announcement of a planned expansion in South Africa, which would include three to five new hotels, was made by Jan van der Putten, the vice-president for Hilton Worldwide in Africa.
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