Real Estate: Latest News
Kevin Mwanza, 7:28 am
Hilton Worldiwde plans to double the number of hotels it has across Africa in an expansion strategy aimed at creating a presence in all major cities on the continent. The global luxury hotel chain company see Africa as a key region for growth and plans to double the 38 properties it currently owns across the continent to 76, Travel Market reported. In January Hilton opened a 194-room property in Chad. It also unveiled a new 199-roomed hotel in Alexandria, Egypt, in March.
Lillian Mutiso, 6:55 am AFKI Original
Ethiopia, a landlocked country in the Horn of Africa with a population of about 96 million people, has one of the fastest growing economies in Africa with an average 10.3 percent growth in recent years. Despite this high growth, the world Bank ranks Ethiopia 104th out of 183 countries on its East of Doing Business Index. Regulatory hurdles, legal threats to property, and the time and money spent on registering a business are some of the issues.
Dana Sanchez, 11:58 pm
To pay for the stimulus, the government plans to expand the tax base and reduce the number of government workers and appointed officials. State governors have been told to reduce the number of political appointees and aides as a way of reducing the cost of governance. The focus for expanding the tax base will be on property taxes and consumption taxes — usually in the form of sales taxes or value added tax.
Julia Austin, 9:05 pm AFKI Original
The Marrakesh Country Club sits on a private residential community that has over 300 luxury homes, designed by John Elgin Woolf (worked for Judy Garland, John Wayne, Greta Garbo and other celebrities). The clubhouse enjoys views of the San Jacinto and Santa Rosa Mountains. Built to resemble old-Hollywood venues, the club has a formal dining room complete with a dance floor, a patio for cocktails, and a Kasbah room for private events. The property also boasts 14 outdoor pools and jacuzzis, a health center and tennis courts says Marrakeshcountryclub.com.
Ryan Hoover, 2:51 pm
Historically, Kenya’s KCB bank disbursed 200,000 new loans per year. Then along came mobile banking, and loan applications skyrocketed. The bank made nearly 4 million new loans in 2015. Most borrowers never walked through the bank door. They applied for a loan on their mobile phone. These were small loans — $25-$30. How does KCB manage to administer such small loans profitably?
Lillian Mutiso, 3:11 am AFKI Original
China has risen to become the single largest trade partner to many African countries. It is also a major source of financial support for various development projects being undertaken by African governments. Infrastructure development is a key pillar of the China-Africa relationship. In Africa, infrastructure projects awarded to Chinese companies are financed by their government through loans and grants.
Dana Sanchez, 10:18 am AFKI Original
Real estate companies are struggling with rising vacancies and unpaid rents in South Africa, and rent is relatively cheap. Rents compare favorably with similar properties around the world. There are extra costs you should be aware of. In a South African rental home, you may have to maintain the garden and hire a gardener — around $12 a day plus breakfast and lunch. A live-in maid might be part of the rental contract and that will cost around $154 a month.
Staff, 3:44 am
Today, Africa has the highest rate of urbanisation in the world and, with the share of Africans living in urban areas projected to grow from 36% in 2010 to 50% by 2030 Africa’s mayors have a big task. Additionally, they have to deal with a great deal of constraints in terms of a limited ability to affect change, small budgets, and urban violence. While how best to develop the continent’s cities is explored, there are mayors who are helping set the standard. So, who are these?
Staff, 2:45 am
The inflow of Chinese investments into Africa’s real estate sector has had a positive effect on the continent’s property sector, experts said on Thursday. Peter Welborn, Africa chairman of global real estate consultancy Knight Frank, told Xinhua in Nairobi that in some Africa countries such as Tanzania, there has been a lowering of office rent as a direct result of Chinese built commercial and residential houses. “Chinese investors have increased the supply of buildings and hence reduced the prices for rent,” Welborn said
Dana Sanchez, 4:55 pm
While the level of investment this year in sub-Saharan Africa is unlikely to exceed 2015’s $4.3 billion, private equity companies have been busy. They’re focusing increasingly on the continent’s fast-growing consumer markets and on funding infrastructure projects — especially energy. U.K.-based Enko Capital Managers announced the $83.25 million closing of its private equity Fund which targets late-stage companies across the continent that have the potential to list on local stock exchanges. Here’s a roundup of some of the private equity action so far in Africa in 2016.
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