Growing africa attracts developers and investors

Africa's prospects for "remarkable economic and demographic growth" are attracting a swarm of developers and investors.

Knight Frank’s Africa Report 2015 highlights the strenght of the continent's property markets, which is fuelled by demographic and economic growth. Indeed. by 2100, nearly 40 per cent of the world’s population will live in Africa, while 13 of the 20 fastest-growing global economies over the next five years are projected to be in Africa.

"Prime office rents in Luanda, Angola, are among the highest 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," says Knight Frank.

The agent also highlights the  retail sector as a hub of recent development, driven by the rise of the urban middle class and the expansion of major South African retailers.

"Modern shopping malls are a relatively new concept in much of Africa, but a spate of new malls has been developed in key cities such as Nairobi, Lagos and Accra," adds the report.