Real Estate: Latest News
Dana Sanchez, 11:45 am
Africa’s super wealthy have invested heavily in luxury homes, private jets, cars, bonds and equities. They collect wine, art, antiques, jewelry and classic cars, and are expected to do more of that in the coming decade. “Homes comprise an estimated 22 percent of assets owned by Africa’s super wealthy and they have allocated 33 percent of their portfolios to liquid investments such as bonds and equities,” according to a new wealth report.
Kevin Mwanza, 2:51 am
While most sectors of the Nigerian economy are strained under these challenges, the real estate sector is seen by analysts as the one industry that has potential for investors looking for a good return in Nigeria. According to Ruth Obih, chief executive at Lagos-based real estate consultancy firm 3Invest, the economic down turn offers the best opportunity for investors looking to buy in the west African nation.
Kevin Mwanza, 8:14 am
Singapore’s sovereign wealth fund GIC has invested $100 million in two African-focused private equity players, Actis and RMB Westport. This is the first time that GIC, which has investment in the US, Europe and Asia, has invested in Africa. It’s lack of direct presence on the continent could be one of the reasons why it decided to invest indirectly via Actis and RMB Westport, private equity portal PERE said in an exclusive report.
Dana Sanchez, 11:10 pm
Cape Town is a popular place to have a second home because it’s relatively affordable — $1 million could buy you 2,744 square feet of prime residential property in Cape Town compared to 2,185 square feet in Sao Paulo, 1,065 square feet in Mumbai or 1,033 square feet in Berlin. Wealthy individuals can get 10 times more space in Cape Town than New York for the same money, according to the real estate property group Knight Frank’s 2016 Wealth Report.
Staff, 1:35 am
Investors from other African countries continue to show a strong appetite for residential property in South Africa, particularly in Gauteng province. They are from across the continent with most frequent investors originating from Nigeria, Angola, Ghana, Uganda, Gabon, Kenya, Zimbabwe, Congo and Mozambique. Foreign investment in residential property in South Africa continues to be encouraged by the perceived weakness in the currency
Julia Austin, 12:44 pm AFKI Original
Elaborate presidential palaces can become controversial when voters think the money would have been better spent elsewhere. Sudan’s President Omar al-Bashir moved into his new digs in January 2015. The inside of the building is as elaborate as the outside, “dominated by a plush red carpet and bedecked with a magnificent chandelier.” The building was designed by a Chinese architectural firm, provoking protest among some Sudanese. Here are 8 of the most elaborate and impressive African presidential palaces.
Kevin Mwanza, 5:48 am
Tradehold, an offshore investment holding company owned by South African retail magnet Christo Wiese, is planning to by a majority stake in Lusaka Stock Exchange-listed Real Estate Investments Zambia (Reiz). Tradehold said it about to acquire a minimum of 51 percent shareholding in Reiz. The Zamabian real estate firm develops commercial, industrial and retail property, and owns more than 50,000m² of prime property in Lusaka.
Kevin Mwanza, 9:21 am
Over the last decade, China has grown to become one of the largest trade partners with sub-Saharan Africa countries, with the region benefiting from numerous Chinese investments. A recent slowdown in the Chinese economy has however made many analysts to doubt that some mega infrastructure projects that were being funded by the world’s second largest economy would come to fruition.
Kevin Mwanza, 8:42 am
The fall in commodity prices on the international market has left many investors seeking alternative investments in Africa were most economies are supported by the export of metals, oil and agricultural produce such as coffee and cocoa. According to a Reuters report, investors on the continent have now turned their focus to other sectors including retail, financial services, technology and real estate.
Staff, 3:42 am
The Japanese government plans to allocate development assistance for some 60 projects in African countries, centering on infrastructure development but also covering fields as diverse as agriculture and health care, a government source said Thursday. The plan has been formulated in preparation for the sixth Tokyo International Conference on African Development, which Japan co-sponsors with the United Nations and the African Union
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