Investing in real estate can be profitable, but finding the right market is crucial. The African real estate market has gained global attention due to its rapidly growing population, urbanization, and economic development. In this article, we’ll explore the top 6 African real estate markets to watch in 2023, providing valuable insights for seasoned investors and beginners alike. Discover why these markets are worth considering for your investment portfolio and their potential for growth and diversification.
What makes a country the best real estate market in Africa?
Several factors can contribute to making a country the best real estate market in Africa. Some of these factors include:
- Political stability
A country with a stable political climate is more attractive to real estate investors. Political instability can lead to economic uncertainty and negatively impact the real estate market.
- Economic growth
A growing economy creates demand for housing and commercial space, making it an attractive location for real estate investment.
- Infrastructure
Good infrastructure such as roads, airports, and public transport can make a location more attractive to real estate investors.
- Demographics
A growing population and a rising middle class can create demand for new housing and commercial developments.
- Government policies
Government policies that encourage investment in the real estate market, such as tax incentives and relaxed regulations, can make a location more attractive to investors.
- Location
Countries with desirable locations, such as beachfront or city center locations, are often more attractive to real estate investors.
- Legal system
A stable and predictable legal system can help protect the interests of real estate investors and make a location more attractive for investment.
Top 6 African Real Estate Markets to Watch in 2023
1. Lagos, Nigeria
Lagos is the most populous city in Nigeria, and it is quickly becoming a hub for business and real estate investment. With a growing middle class and an increasing demand for commercial and residential space, Lagos is quickly becoming a hot spot for real estate investors. In particular, the Lekki Peninsula area is seeing significant development, with luxury apartment buildings and shopping centers being built to meet the growing demand.
2. Accra, Ghana
Ghana’s economy has been growing steadily over the past few years, and this growth is reflected in the country’s real estate market. Accra, the capital city, is seeing a surge in demand for commercial and residential properties, particularly in areas such as Airport City, Lakeside, East Legon, Osu, and Cantonments. With a stable political climate and a growing economy, Accra is a promising market for real estate investment.
One of the top real estate companies you can find in Ghana is Lakeside Estate. Lakeside Estate is your CIMG Real Estate Company for 2019 and 2021. It has 2, 3, and 4 bedrooms that are gentle on your pocket. There are a lot of amenities one can enjoy while at the estate. Among them is the Lakeside Marina Park around Lake Kalmoni, a playground, and a business center.
If you are looking to invest in real estate in Ghana, Lakeside Estate is your trusted developer. Contact us at +233 (0) 204775043. You can also send us an email via sales@lakesideestate.com. Locate us on the 7th floor, Silver Star Tower, Airport City.
3. Kigali, Rwanda
Kigali, the capital of Rwanda, is quickly becoming a leader in East Africa’s real estate market. The city’s government has invested heavily in infrastructure, making it an attractive location for businesses and investors alike. Kigali’s real estate market is growing rapidly, with new developments popping up all over the city. In particular, the city’s central business district is seeing significant growth, with new office and retail spaces being developed to meet the needs of the growing business community.
4. Johannesburg, South Africa
Johannesburg, the economic hub of South Africa, has a thriving real estate market, with both commercial and residential properties in high demand. While the city’s real estate market has faced some challenges in recent years, it has bounced back and is poised for growth in 2023. Areas such as Sandton and Rosebank are particularly attractive for real estate investment, with a growing number of high-end developments being built to meet the demand.
5. Nairobi, Kenya
Kenya has been experiencing strong economic growth in recent years, driven by a rapidly expanding middle class and increasing demand for housing and commercial properties. The capital city, Nairobi, is a hub for international business and tourism, making it an attractive location for real estate investment. In addition, the government has implemented policies to attract foreign investment, which has helped to boost the real estate market.
6. Luanda, Angola
Angola is a country that has been rebuilding after years of conflict and instability. The government has implemented policies to diversify the economy and attract foreign investment, and the real estate market has been growing steadily as a result. The capital city, Luanda, has been a hot spot for real estate investment due to the increasing demand for housing and commercial properties.
These African real estate markets offer a promising investment opportunity with a high potential for growth and returns. The top 6 markets to watch in 2023 are Nigeria, Ghana, Rwanda, South Africa, Kenya, and Angola. However, investing in real estate requires careful research and a solid strategy. Overall, African real estate can be a lucrative and rewarding venture for investors who take a long-term approach.
