A report by Knight Frank research estimates that Nigeria is likely to be one of the continent’s strongest property markets, stronger even than South Africa as it will be home to a quarter of the total African population. Nigeria’s economy has also rebounded and grew to nearly US$892 billion in 2014.
According to the Knight Frank research, Nigeria’s Lagos, Tanzania’s Dar Es Salaam and Angola’s Luanda are among the fastest developing cities in the world, with strong prospects of a property boom. The report notes that apart from the demographic growth, strong economic growth is another reason why buyers are taking notice of African real estate markets.
African real estate markets are increasingly attracting overseas property investors, but the focus of buyers is shifting from South Africa to real estate markets in the continent’s other countries. The result is that continent is set for a property boom, argues a recent Knight Frank report.
“The inflow of investment from China into Africa has been well publicized, but there is also growing activity involving investors from elsewhere, including the rest of Asia and the Middle East. Meanwhile, an increasingly significant flow of capital has emerged from South Africa into other African markets.”