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Research

Report

Emerging Beyond the Frontier


Global real estate markets have witnessed a marked increase in liquidity, cross-border capital flows and values in recent years, with competing investor groups flush with capital having to broaden their horizons to seek out new markets and opportunities.

As home to some of the world's fastest-growing city economies, with rapid rates of urbanisation and burgeoning middle classes, Sub- Saharan Africa is now firmly on the radar of an increasing number of multinational corporations, hotel operators and investor groups.

International capital is responding to the opportunities available and beginning to address Sub-Saharan Africa's real estate potential. There has been an acceleration in the number of new real estate fund platforms created to focus on the Sub-Saharan African (SSA) commercial real estate market, and there are also a broad range of new equity sources - including private equity, sovereign wealth and pension funds, REITs and institutions - becoming increasingly available and active.

While the region's rapidly-expanding economies offer a compelling long-term growth story, significant challenges to investing in Sub- Saharan Africa's real estate remain – investment-grade stock is still limited, and the lack of liquidity, low transparency and short-term uncertainties in many markets will deter investors with limited appetite for risk. Nevertheless, there is tangible progress and momentum as developers respond to the urgent need for modern commercial real estate, and political and economic governance continues to selectively improve across the region.

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