#African #Residential #Estate #housing #homes #apartments #land #development #Kenya #Nigeria #RSA #Mauritius #Ghana #Architecture #Architects #Africa
African as a continent is huge, and has vast land available to develop affordable and luxurious Residential Estates on a large scale. The world's population is forever growing and the demand for housing has never been greater than it is today. Especially in the continent of Africa which has the largest housing deficit in the world. Thus Hub Architects have produced a list of the top 5 African countries which are in need of residential developments, as well as having the capability and resources to meet these needs.
1. South Africa
Although South African has the highest competition rate among residential developers; it is still the most prominent to develop in with the second highest GDP in Africa, as well as being the most developed African country in terms of infrastructure and economics. The South African government has estimated a current national shortfall of 2.1 Million homes as of 2019, leaving a huge opportunity to develop affordable residential estates all over South Africa's 9 provinces.
2. Kenya
The housing deficit in Kenya consists of nearly 2 million housing units and continues to grow at a rate of 2 hundred thousand housing units per year. A estimate of 60 % of Kenya's population stays in over crowded rural slumps. With a positive yearly economic growth of 6%, Kenya is definitely a African country to look at.
3. Nigeria
Nigeria has the highest housing deficit sitting at over 20 million Nigerian citizens in need of proper housing. With a GDP of over 410 billion dollars and the largest population in Africa, Nigeria is definitely ready to increase their housing market.
4. Ghana
As of 2018, Ghana had a housing deficit of 1.7 million housing units. To accommodate this problem, the Ghanaian government has invested over 1 billion Ghanaian dollars in mortgage and housing finances. The minister of housing in Ghana has also proposed a annual delivery of 85,000 housing units over the next decade.
5. Mauritius
Ranked as the second highest most developed African country according to the world human index. Mauritius also has a high gross national income per capita compared to other African countries, and is rising annually. Mauritius's fast yearly economic growth shows that the country is stepping up to receive better and bigger housing schemes.
Comments