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Tuesday, 05 August 2008 00:00 |
The African continent has been identified as the next big emerging market in the international property industry by a major developer.
Dubai-based developer Kensington Real Estate (KRE) said that it plans to complete several future projects in African territories such as Egypt and Morocco, which are full of opportunity, as well as more obscure locations.
Property investors looking for long-term investments might want to consider looking at African markets such as Egypt or Morocco. KRE will have invested $272 million (£139 million) into the continent by the end of the year.
Ashish Thakkar, company director, said: "Africa is where our aggressive focus is. We're looking at hotel and development projects there. It's the next big thing. What India and China were five years ago is what Africa is today.
"The whole of Africa is booming. We're trying to create a brighter, more positive impression of Africa as a whole and we're driving it through the private sector," he added.
Meanwhile, Tamweel PJSC, the largest real estate finance provider in the United Arab Emirates, has announced the commencement of its Egypt operations.
Such large backing for the Egyptian property market is sure to make it an attractive proposition with companies and individual investors alike, and could help to encourage further economic growth in the country. |
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