property
Africa on the real-estate radar
There’s still money to be made in African real estate, but new investment strategies are required
Most SA developers, private equity players and listed property funds that entered the rest of Africa a decade ago, when the continent was still widely punted as the world’s next big growth story, cashed in big time. Back then there was a shortage of formal retail centres and Africa’s rapidly growing and aspiring consumer markets were eager to spend their newfound wealth.
Most of the initial money flow went into building shopping centres, which at the time were well supported by SA and international retailers, which were happy to pay rentals in US dollars. That created a lucrative hard currency income stream for investors. And those that sold on their properties to new entrants earned attractive returns on capital...
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