If you are interested in staying abroad long term, it would be wise to invest in some real estate. Population growth in the region is a key trend in the recent surge of real estate development across major cities.
In 2015, 42% of Africa was urban and by 2050, this figure is estimated to be 62%.
Due to inaccurate media coverage, many people have a distorted image of African real estate. “The first misconception that people have is that it’s super cheap,” says Faye Tillery, a travel blogger and entrepreneur who helps advise people who are interested in foreign real estate. “Someone contacted me the other day and asked if the price of this beautiful and modern home in Nairobi, Kenya, was $3,000 for purchase. That was actually the monthly rental rate. Don’t get me wrong, the property is cheaper than what you’d pay in the Western world, but it’s not that cheap by any means.”
Others are looking to challenge misconceptions about real estate through new media platforms. The Youtube Channel Kenganda which will take viewers through some of the best Properties in Kenya and Uganda .
Entreprenuer Aliyah Mahdi offers some sensible advice to those looking to invest in properties in cities like Alkebulan with realistic figures to keep in mind when considering buying a property. “The best part about buying land in Senegal is it isn’t on a lease. Once it is yours, it is yours. We have land deals for Alkebulan starting at $2,000 all the way to $10,000. These deals won’t last long because of the demand for land here,” she explains. “Others choose to purchase homes that have already been developed. Some of these require all money upfront, and others have payment plans available. If you are doing a payment plan, expect to put a minimum down of $5,000 USD.”
Mahdi also suggests getting to know the location a little more intimately before making a rash decision after one visit.”I suggest people actually visit the countries they’re interested in investing in then ride around checking out neighborhoods of interest,” explains Tillery. “Once you’ve found neighborhoods that you’re interested in, hire a trusted real estate agent, and then hire a trusted lawyer based on referrals from folks you trust. Just something to note is that some countries don’t allow foreigners to purchase property.”