Home to some of the world’s fastest growing economies, with rapid rates of urbanisation and a burgeoning middle class, Africa is becoming a key target for corporations, developers and investors.
Local, regional and international capital is focusing on West Africa’s real estate potential as investors seek to access the continent’s growth prospects. Professional developers are now responding to the strong demand for modern assets, including shopping centres, offices and hotels however demand outstrips supply by far.
Many multinational corporations are investing in West Africa as an integral part of their growth strategy, but are finding it extremely difficult to secure adequate residential, commercial and industrial property in these markets.
In line with the corporate and urban development taking place in a number of key destinations in West Africa, the hotel landscape is witnessing strong growth, led by upscale international business hotels. However there is an increasing focus on providing budget and mid-tier accommodation to attract local customers with higher spending power.
The growing number of urban consumers is also not going unnoticed by developers and retailers. Increasingly, international retailers are now assessing the opportunities arising from the severe retail demand-supply imbalance across the region.