Africa’s Real Estate Market To Attract International Investors

Africa’s Real Estate Market To Attract International Investors

Africa’s Real Estate Market To Attract International Investors

AFRICA’S real estate sector, which has
traditionally lagged behind other more
mature markets, is catching the attention
of participants at leading global real
estate events. PwC, in its report, Real
Estate: Building the future of Africa,
estimates there is a shortfall of 17
million housing units in Nigeria alone,
with a funding requirement of US
$363bn. Among major attractions on the
continent are projects such a new high-
rise hotels and office buildings,
residential homes and apartments, as
well as the Eko Atlantic City in Lagos.
The key global real estate events held this
year so far are Expo Real in Munich,
Germany, and Property Invest in the
United Kingdom. For the first time ever,
a delegation from sub-Saharan Africa
participated in this year’s edition of
Expo Real. Also, Eko Atlantic City,
alongside other major operators in the
Nigerian real estate sector participated
actively in Property Invest, which took
place from October 9 to 10, 2015.
An indication of this new focus on Africa
was the high interest in growth
opportunities available on the continent
that piqued the interest of investors at
the 2015 Real Unite Conference held in
Lagos. Rapid urbanization of Africa’s
population and new technologies driving
changes in lifestyle will combine to alter
the population pattern in many African
countries, expert say.
These factors will lead to the creation of
new cities that will; be a place to live
and work for the majority of the world’s
population, including Africa, says Mark
Bradford, chairman, JLL’s sub-Saharan
Africa business, a financial and
professional services firm specializing in
commercial real estate services and
investment management. The trend
globally is to build efficient and flexible
cities because the rate of urbanization is
not going to slow down. “What we do
now and going forward needs to be well
thought out. Building a city that can
accommodate change is about the
infrastructure that is put in the city to
make it work. For instance, if you are
lucky enough to live and work in Eko
Atlantic City, traffic in Lagos will not be
a problem,” he said.
Eko Atlantic City has participated in a
number of these ongoing real estate
events globally and locally, showcasing
its mega city project. Mr. Ronald
Chagoury Jr, Vice chairman, South
Energx Nigeria Limited (developers of
Eko Atlantic City), at a plenary at the
Real Estate Unite event, highlighted some
of the unique features of the new city.
One of the most significant features of
the Eko Atlantic City, he says, is the
Great Wall that protects the Eko Atlantic
City, Victoria Island and Lekki Phase 1
from the devastating surges of the
Atlantic Ocean. The Great Wall is
designed to withstand the most severe
tidal surges forecast over the next 1,000
years.
Opporunities in the novel projects such
as the Eko Atlantic City and others across
Africa will deepen investment
opportunities in the real estate sector of
the contry