Real Estate: Latest News
Dana Sanchez, 1:34 pm
Marriott International, already the largest hotel chain in Africa, is continuing to expand on the continent and plans to build its first hotels in seven African countries between now and 2025. In 2014, Marriott acquired South Africa’s Protea hotels. In January, it said it would merge with competitor Starwood in a $12.2 billion deal that will make the U.S.-based corporation the largest hotel chain in the world. The buyout is expected to be complete in mid-2016.
Kevin Mwanza, 9:19 am
South Africa’s retail space supply is almost tipping over, but more shopping malls are still coming online. With over 2,000 malls, the country has the seventh highest number of shopping centers in the world, covering over 23 million square meters — more than all the countries in Europe, according to Bloomberg. The big question is whether South African can support any more malls. Mall of Africa is set to open in Johannesburg on Thursday when Attacq Ltd. snips the ribbon.
Dana Sanchez, 12:03 am
Johannesburg is still home to the largest percentage of South African millionaires — 44% — but many Joburg millionaires moved to other parts of the country or out of the country between 2007 and 2015, according to New World Wealth. Smaller cities and towns where millionaire numbers are growing include along South Africa’s Wine Route and Garden Route — hubs of agriculture and tourism.
Lillian Mutiso, 6:25 am AFKI Original
The use of technology in Africa is on the rise. In many parts of the continent apps have become a key component of the real estate sector due to the increased use and penetration of mobile phones and internet. These apps have made it possible to search, buy or rent real estate property across the continent, through the internet. It has helped reduce fraud cases that had over the years tarnished the process of purchasing real estate in many African countries.
Staff, 9:03 am
But the troubles of Nairobi’s street vendors are part of a bigger story, which begins with the question why African urban centres have market traders and street vendors – or more broadly, local retail – as their primary economic activity. Africa will need to accommodate almost 900 million new urban dwellers, which is equivalent to what Europe, USA and Japan combined have managed over the past 265 years, data from the Mo Ibrahim Foundation shows.
Ryan Hoover, 11:11 am
Lucky shareholders of the 677-acre Limuru Tea plantation near Nairobi saw the value of their shares rise more than 11-fold this past decade. Rising tea prices didn’t hurt the company’s valuation, but the real impetus behind the stock’s rise is real estate. Limuru’s rolling hills are coveted by property developers. In hindsight, it seems a dreadful decade to have been invested in Kenyan stocks, yet a dozen stocks more than tripled in value. Here’s the NSE’s 10 best performers of the past 10 years.
Kevin Mwanza, 6:49 am
Africa’s richest man, Aliko Dangote, celebrated his 59th birthday commissioning construction of two cement plant worth $1 billion in Nigeria and shrugged off questions raised about his involvement with some four shell companies registered in Panama. The founder and chairman of Dangote Cement, spent Friday at a ground-breaking ceremony in Okpella and Itori in Edo State, where his company plans to build two plants with a total capacity of 12 million metric ton per annum.
Staff, 1:28 pm
When the family’s bankers started severing ties, it was the last straw. Ajay Gupta called a meeting Thursday and told senior executives his family was leaving. The family said it believes its forays into the media industry and coal business touched powerful vested interests in both industries who hounded them out. Ajay Gupta came to South Africa in the mid-1990s. He started out selling shoes and computers from his car. The family leaves South Africa after two decades, and will likely focus on their businesses in China, Dubai and India.
Julia Austin, 5:25 pm AFKI Original
Fine and Country is a global real estate brand that originated in the U.K. but has a large presence in Nigeria. The company specializes in exclusive, high-end properties and through it’s unique “lifestyle” marketing approach has won several awards. Nigeria has been home to one of the fastest growing economies in the world, and while it has seen a slowdown, its industries have grown. So has the need for office space and residential housing. Check out 8 of the top influencers in Nigerian real estate who had a hand in these real estate developments.
Staff, 12:01 pm
Ethiopian authorities scrapped a plan in January to requisition farmland in the Oromia region for development after some of the worst unrest in over a decade. Rights groups say as many as 200 people died. The Ethiopian government promised clemency to protesters and apologized. Despite the promises, an Ethiopian opposition group said 2,627 people have since been arrested and are custody. “It is an act of reprisal,” an opposition leader told Reuters. Ethiopian farmers have often been forced off land and poorly compensated, the opposition said.
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