Real Estate: Latest News
Dana Sanchez, 6:15 pm
About 90 percent of land in rural Africa is undocumented or unregistered. Lack of a single ledger increases fraud and impedes foreign investments, according to creators of a U.S. blockchain app. Land that does not have a functional title cannot be used as capital. Securing a mortgage to build or purchase homes is not possible. The app is being used in a pilot project in 28 Ghanaian communities. Bringing clarity to land ownership rights will open up trillions of dollars in locked capital, a stakeholder said.
Staff, 9:03 pm
About 318,000 hectares of farmland was taken from hundreds families at the Kruger National Park after 1913 and 17 claims were filed against the park by locals in 1998. The government wants to keep Kruger Park intact. It’s a major tourist draw and home to many animal species, so the government is compensating with cash instead of allowing communities to resettle in the park’s boundaries. About 8M hectares of farmland have been transferred to black owners since the end of apartheid — a third of the ANC’s 30% target.
Peter Pedroncelli, 6:25 am AFKI Original
South Africa is known for the quantity and quality of shopping malls that are available throughout the country, and last week another highly-anticipated shopping centre opening took place, as the Mall of Africa launched to great fanfare and excitement. We take a look at 8 things you may not know about South Africa’s latest shopping complex offering, the Mall of Africa.
Dana Sanchez, 11:38 am
After a week of sales that exceeded expectations at the first Johannesburg Starbucks, CEO Charles Schultz said he may have underestimated the market. Starbucks plans for 150 stores in South Africa. The best way to boost sales at an independently owned coffeehouse may just be to have Starbucks move in next door. It’s called the Starbucks reverse jinx, aka the Starbucks Effect. Living near a Starbucks has benefited U.S. homeowners. The value of homes within a quarter mile of a Starbucks rise faster than those that aren’t.
Dana Sanchez, 12:42 pm
With the help of agricultural drones, Africa can leapfrog into the quickly advancing area of precision agriculture. There’s limited access to roads, electricity and clean water in a sparsely populated area 275 miles from Nigeria’s capital, but the land is ideal for growing rice. A 3,000-hectare, irrigated rice farm is being planned on land leased from the local government. Most African rice cultivation is rain-fed. Lack of irrigation infrastructure is a major obstacle to increase the continent’s rice production. Thanks to a drone survey, researchers saved money that could have broken the project.
Dana Sanchez, 9:10 pm
Several cities in Africa rank among the world’s most expensive, reflecting high living costs and high prices of goods for expats. Luanda (No. 1) remains the most costly city in Africa and the world, followed by N’Djamena (No. 10), Victoria (No. 17), and Libreville (No. 30). Below we’ve ranked 13 cities in Africa with the lowest cost of living. South Africa made it onto this list twice. No. 1 on this list — the city in Africa with the lowest cost of living — ranked No. 206 out of 207 countries, only slightly more expensive than Bishkek, Kyrgyzstan.
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.
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