According to a new report by Knight Frank, an increased number of international investors are investigating opportunities in African real estate markets, attracted by the continent’s startling economic and demographic growth prospects.
Based on Knight Frank’s Africa Report 2015, the population of Africa will quadruple to over four billion by 2100, with nearly one billion of these people in Nigeria alone. This is arguably the single most important demographic trend that will shape the world over the course of this century.
- By 2100 nearly 40% of the world’s population will live in Africa, with the large majority of these being in the continent’s fast-growing cities
- Nigeria is now the largest economy in Africa with GDP estimated at $594.3bn, followed by South Africa ($341.2bn)
- Sub-Saharan Africa is one of the world’s most rapidly developing economic regions, and it is projected that 13 of 20 fastest-growing global economies over the next five years will be in Africa
- Luanda in Angola has one of the highest prime office rents in the world at US$150 per sq m per month, driven by demand from the oil and gas sector, and an extreme lack of availability
Originally published by World property journal.
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