Rics continues expansion in africa

The RICS is continuing its expansion in Africa.

The RICS committed to expansion on the continent in November 2013, singling out Ghana, Kenya and South Africa as regional leaders.

Kenya is "seen to be full of potential for foreign investors," says the RICS, also noting that Ghana is experiencing "rapid urbanisation and a growing middle class", which is expected to reach 1.6 million people by 2030, according to projections by Standard Bank.

"This presents obvious opportunities in real estate as the need for housing, retail and commercial space increases," says the RICS.

Even though the number of FDI projects decreased in 2013, overall foreign investment on the continent was up by 13 per cent, according to an EY Attractiveness Survey.

"This shows investor confidence, and the inflow of foreign capital could create greater demand for international benchmarking," comments the RICS. "We at RICS see specific opportunities in deploying international standards in the continent’s property sector."

The RICs is creating "regional RICS hubs" in east, west and south Africa.

"My colleagues at the Ghana Institute of Surveyors (GhIS) are positive about the trajectory their country is taking," says Mark Walley, Regional Managing Director, EMEA (RICS).