Africa is a treasure trove of opportunities for real estate development and growth. It is a thriving ground for construction activity, cosmopolitan cities and most emerging urban areas. With a growing demand for commercial and residential property a large number of local and international suppliers and investors are pumping millions of dollars into retail property.However, there’s an increased preference towards North Africa for most Solution Providers and Project Holders from the Middle east and Europe who are utilising these regions as a launch pad for their investments. Egypt and Morocco stand out as the largest property markets in North Africa alongside Tunisia and other countries. A host of factors influence the market.
One of the primary reasons why the suppliers from Europe prefer North Africa is because of its favourable geographical proximity to the European continent. Morocco, Algeria, Egypt & Tunisia are accessible to the Middle East as well as European countries via sea and land making it easier for them to invest and supply in the market.Yet another reason why middle eastern suppliers prefer the North African Market is because of no language barriers, as most North African countries speak Arabic which is the most commonly spoken language in the Middle east.
Despite inhibiting operating environment in certain regions of North Africa, in all aspects of governance, the conducive policies of the ruling government has brought stability to the real estate market. Moreover, these regions are buoyed by solid economic growth, sturdy infrastructure, strong regulatory policies and a stable political setting making it favourable for suppliers to export their services and products.
For over a decade now, North Africa has deepened its bonds with Middle east and Southern Europe for exports and imports. The suppliers from EU and Middle east would prefer North Africa primarily because of its trade links and the region’s free-trade agreements aka Laissez-faire, not just with Europe but also with several countries across the world.
The fact that North Africa is influenced heavily by Europe, has enabled the regions to be digitally savvy with the use of latest technology across real estate and other spaces. This also ensures that the last-mile delivery and logistics are digitally bound making it convenient for suppliers and global investors to overcome infrastructure barriers and find cost effective solutions to export their services and products.
Although Tunisia is the smallest country in North Africa, it earns brownie points for its scenic views of the Atlas mountains, Sahara Desert and white beaches leading to an exponential rise in tourism which in turn has led to the construction of several Hotels. Plus, the coast is just a few hours away from Saudi Arabia, Spain, Italy and Paris. This makes it a tourism hotspot attracting suppliers and investors alike to the property market.Get more interesting insights, interact with speakers and learn more about the potential prospects, and the pros & cons of investing in North Africa, at the RED North Africa Summit which is all set to take place on April 25-26, 2019, Hyatt Regency, Casablanca, Morocco.
To Know more, click here www.redevelopmentsummit.com/north-africa