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THE REAL ESTATE BOOM IN AFRICA.

Africa's population will more than triple over the next 40 years, is the UN-HABITAT observation in its 2010 report on the State of African Cities: Governance, Inequality and land markets.Several studies and statistics on the issue, the African continent will experience indeed a very strong settlement process in the coming decades.A population growth which will inevitably be accompanied by strong urbanization of the cities has already begun elsewhere.Thus, according to the report, 400 million Africans currently live in urban areas, 40% of the population, against 3% it there's 50 and 1.2 billion in 2050, representing 60% of the population.



Africa is so far the continent where urban growth is strongest.The number of city dwellers is increasing (in the order of 5% to 7% per year, a rate twice as fast as its total population).Thus, Cairo (Egypt), with 11 million inhabitants, remains the largest agglomeration.But it will be overtaken by Lagos, Nigeria's capital (12.4 million) this year, and then it was the turn of Kinshasa (DRC), with 12.7 million in 2020.This strong growth ahead, pushes African cities to organize themselves by focusing on certain sectors like real estate, directly related to this future population explosion.




  • Soaring retail space


In trade, the rise in living standards and increased consumer demand contribute to the opening of modern boutiques and shopping centers built on the Western model.In recent years, in countries such as Zambia, Ghana, Kenya or Nigeria, the major cities have seen inaugurate modern shopping centers and the start of construction of ever larger market areas would be expected.Indeed, the demand in this area is continuing, driven by both international retailers by South African chains looking to expand beyond their borders.




  • Office rents are rising
In terms of offices, the study shows that many cities suffer from a lack of suitable areas to the needs of international companies, the technology boom opening new opportunities for economic diversification and attracting many businesses.This shortage has boosted rents, especially in cities where demand comes from oil and gas companies.In fact, rents for high-end buildings in Luanda (Angola) and Lagos (Nigeria) are among the highest in the world.In Luanda, Prime rents remain very high since it takes monthly 150 US dollars per square meter, well above the rates charged in London, New York or Hong Kong.



  • Residential projects upscale
The residential market would know when to him a strong demand for high-end volumes.Many neighborhoods on the outskirts of large cities, are under construction, such as "Eko Atlantic" project in Victoria Island in Nigeria, "Tatu City" in Nairobi and "The River City" in Kinshasa.These projects can, according to Knight Frank, supporting a wave of urban development for Africa."The elevation of living standards of the African middle class aspires demand from the top.Shops and residential housing must comply with quality standards more demanding.If one adds up the foreign firms looking to expand into the African market with the number of African companies growing, we arrive in large cities, a particularly strong need for high-end buildings "observes Matthew Colbourne, Partner and Director of Research Department of Knight Frank in London.


-Frédéric Betta-Akwa
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