Africa is officially one of the fastest emerging continents on the planet, according to the IMF (International Monetary Fund), with 7 out of 10 of the world’s fastest growing economies firmly established and predictions of an increase to 13 out of 20 economies over the next five years.
Perhaps this may come as a surprise to many of you, but I must let you into a little secret. Fund Managers and Private Equity firms alongside the savviest of international property investors have been investing quietly in some of these economies for years.
After investing for more than a decade, we’ve seen growth in commercial property and residential investments push past ‘normal’ boundaries to what people in the West would consider phenomenal rates of return, growing year on year over the last five years. The more adventurous investors with an appetite for risk widened their searches for more fruitful alternatives following the global meltdown and found their fortunes in the ‘forbidden fruit’ that is Africa.
Africa now has seen an emerging middle class that is almost as big as the entire populations of Russia and Brazil combined. Equally, more than 70% of the population are under 35, presenting a fertile environment for an upwardly mobile demographic.
Looking at the way urban development has been approached, it appears global leaders are now clamouring for a piece of the action. With key markets showing significant growth in sectors previously infantile. Nigeria, South Africa and Kenya have broken boundaries in telecoms, technology and urban development. Industrialists have begun fighting to get in and help line their pockets whilst helping to spur economic growth in Africa the last Property Frontier.
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