Real Estate Development in Africa
Africa could become the next China or India as the driver of global growth. The International Monetary Fund’s (IMF’s) latest World Economic Outlook expects that Africa will grow 5.6% this year and 6.1% next year. If these projections are realised, Africa will surpass Asia as the world’s fastest-growing region next year. During 2012, the house price index for medium-sized houses rose by 8.43%, the highest year-on-year increase since February 2009. House prices increased by 2.99% during the latest quarter.
Real Estate Market in China
In an effort to cool the resurgent property market, two of China’s biggest cities announced that they would put in place a series of new restrictions and penalties on housing sales. Property prices in China have been rising sharply in the last year, with housing prices in many big cities up an average of 4.1 percent, according to a government survey. In many cities, the cost of buying a new home has doubled in the last five years.