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ENQUÊTE

RAPPORT
AFRIQUE
2017/18
MARCHÉS DE L’IMMOBILIER DANS UN CONTINENT EN PLEINE CROISSANCE
OFFRANT DE NOMBREUSES OPPORTUNITÉS
RAPPORT AFRIQUE 2017/18 ENQUÊTE

SOMMAIRE
AFRIQUE : L’ÉMERGENCE
03
08
Afrique : l’émergence se poursuit-elle ?
Aperçu des marchés de capitaux
SE POURSUIT-ELLE ?
10 Analyse sectorielle : immobilier Des chocs externes récents ont interrompu la croissance des économies
commercial africaines, mais les perspectives à long terme invitent à l’optimisme.
12 Analyse sectorielle : immobilier Après plusieurs décennies décevantes
GRAPHIQUE 1
en termes de performance, la croissance
logistique PIB africain en dollars
économique africaine a commencé
14 Algérie à s’accélérer à l’aube du XXIe siècle.
Le PIB africain a progressé de 5 % par
15 Angola an en moyenne entre 2000 et 2014. Cette
2 000
Afrique subsaharienne Afrique du Nord
progression a été principalement soutenue
16 Botswana par les économies subsahariennes à forte 1 500
croissance. Durant cette période, le terme

PIB (en milliards USD)


17 Cameroun « Émergence de l’Afrique », popularisé par
18 Tchad des journaux comme The Economist, en est 1 000

venu à désigner cette croissance économique


19 Côte d’Ivoire rapide, ainsi que le regain d’optimisme vis-à-
500
vis des perspectives
20 République démocratique du Congo de croissance de l’Afrique.
0
21 Égypte La croissance économique du continent

1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
africain a toutefois ralenti depuis 2014,
22 Guinée équatoriale principalement à cause de l’exposition des
pays africains à certains facteurs exogènes, Source : Banque Mondiale/Calculs Knight Frank
23 Éthiopie comme l’effondrement des cours des
matières premières et le ralentissement de les taux de croissance des pays importateurs une hausse des niveaux d’endettement
24 Gabon
la croissance chinoise. Le Fonds monétaire de matières premières et ceux des pays et un tarissement des réserves de change.
25 Ghana international (FMI) estime que la croissance exportateurs de matières premières depuis Le Nigeria est entré en récession en 2016
du PIB africain s’est repliée à 3,4 % en 2015 2015. Les principaux exportateurs de et le FMI table sur une croissance nulle
26 Kenya et à 2,1 % en 2016. La croissance de la pétrole ont notamment pâti de la faiblesse de l’économie angolaise sur l’année.
région subsaharienne est estimée à 1,5 % des cours du pétrole. En revanche, les pays Les économies plus petites dépendant
27 Madagascar seulement en 2016. Dans ce contexte, la importateurs de pétrole ont enregistré des du pétrole, comme la Guinée équatoriale
question « l’Afrique est-elle toujours en pleine taux de croissance supérieurs. ou le Gabon, ont également sévèrement
28 Malawi émergence ? » s’est imposée au cœur pâti de la baisse des cours des matières
du débat économique. Le ralentissement de la croissance du PIB
29 Mali de l’Afrique subsaharienne est imputable aux
premières.
trois plus grandes économies de la région : L’Afrique du Sud importe plus de pétrole
30 Mauritanie Un continent africain le Nigeria, l’Afrique du Sud et l’Angola. La qu’elle en exporte, mais le ralentissement
31 Île Maurice à plusieurs vitesses baisse des cours de l’or noir a fait chuter les des secteurs minier et manufacturier et
Les chiffres de la croissance du PIB global revenus pétroliers du Nigeria et de l’Angola, l’impact dramatique de la forte sécheresse
32 Maroc masquent des disparités de plus en plus qui sont les deux plus gros exportateurs de sur la production agricole ont miné la
importantes entre les économies africaines. pétrole d’Afrique, et a conduit, in fine, à une croissance du pays. Le pays a échappé
33 Mozambique Globalement, il existe des divergences entre contraction des dépenses publiques, de peu à la récession en 2016.
34 Namibie
GRAPHIQUE 2 GRAPHIQUE 3
35 Nigeria
Taux de croissance du PIB de Taux de croissance du PIB de l’Afrique subsaharienne
36 Rwanda l’Afrique subsaharienne par décennie
37 Sénégal 6
5,64
10 %

ESTIMATION

PRÉVISION
38 Afrique du Sud 5
8%

39 Tanzanie
Taux de croissance annuel composé (%)

4,06 6%
4 3,79
40 Tunisie 3,33 4%
3
41 Ouganda 2%

2
42 Zambie 1,70
0%
1,01
43 Zimbabwe 1
-2 %
2010 2011 2012 2013 2014 2015 2016 2017
44 Guide du marché locatif commercial 0
1960 1970 1980 1990 2000 2010 Pays exportateurs de pétrole Pays importateurs de pétrole (hors Afrique du Sud) Afrique du Sud
africain Jusqu’à aujourd’hui

47 Knight Frank en Afrique Source : Banque Mondiale/Calculs Knight Frank Source : Fonds monétaire international

2 10 %
3

ATION

VISION
RAPPORT AFRIQUE 2017/18 ENQUÊTE

TAUX DE CROISSANCE DES


En revanche, certains pays importateurs de la transformation des produits alimentaires mobiles et a permis d’améliorer l’inclusion
matières premières d’Afrique de l’Est, dont la et agricoles, la sous-traitance des processus financière de populations souffrant d’un accès
Tanzanie, l’Éthiopie, le Kenya et le Rwanda, opérationnels, les services financiers et la limité aux services bancaires traditionnels.
ont conservé des taux de croissance
largement supérieurs à 5 %. Ces pays ont
profité de la faiblesse des cours du pétrole,
construction. L’industrie manufacturière
africaine recèle également un fort potentiel
de croissance, ce secteur sous-performe
L’Afrique de l’Est est un berceau de
l’innovation en la matière et, selon les données
de Global Findex, le Kenya occupe la première
PIB DES PAYS AFRICAINS, 2016
de l’augmentation de la consommation régulièrement par rapport à ce que l’on peut place du classement mondial, avec 58 % de
privée et des investissements privés. La Côte observer dans les autres marchés émergents. la population du pays possédant des comptes
d’Ivoire et le Sénégal ont également enregistré monétaires mobiles.
Les évolutions technologiques seront
deux des plus forts taux de croissance
au cœur de la croissance et de la Les marchés africains de la téléphonie
du continent, aidés par une plus grande TUNISIE
diversification des économies africaines. mobile sont désormais entrés dans une
stabilité politique, par l’adoption de réformes
Les télécommunications mobiles ont seconde phase de croissance, à l’heure où
économiques et par des investissements
d’ores et déjà entraîné des changements les consommateurs délaissent les téléphones MAROC
d’infrastructure.
socio-économiques majeurs en Afrique, dotés de fonctionnalités basiques au profit
 l’inverse de la tendance générale observée car elles ont permis à des pans importants de smartphones. D’ici 2020, la plupart des
ces dernières années, l’Afrique du Nord de la population d’obtenir directement la Africains devraient posséder un smartphone. ALGÉRIE LIBYE
ÉGYPTE
a vu son PIB progresser plus vite que technologie sans fil sans passer par l’étape L’émergence de technologies mobiles plus
celui de l’Afrique subsaharienne en 2016. des lignes électriques terrestres. Cela a sophistiquées conditionnera en grande partie SAHARA
Cependant, les taux de croissance se sont conduit les consommateurs africains à le comportement des consommateurs et OCCIDENTAL
révélés disparates dans la région et la Libye adopter les services bancaires et de paiement soutiendra la croissance de certains secteurs
et l’Algérie ont souffert de la baisse des prix comme la vente en ligne.
du pétrole.
MAURITANIE MALI SOUDAN ÉRYTHRÉE
GRAPHIQUE 4 CAP VERT
Diversification Principaux pays exportateurs de pétrole d’Afrique
NIGER DJIBOUTI
économique et évolutions TCHAD
technologiques SÉNÉGAL
100 100 GAMBIE BURKINA

Part du pétrole dans le volume total des exportations (%)


Les difficultés actuelles des pays africains FASO ÉTHIOPIE SOMALIE
GUINÉE
Valeur des exportations de pétrole (milliards USD)

producteurs de pétrole montrent qu’une 90 90


BISSAU GUINÉE NIGERIA
diversification économique est nécessaire 80 80 GHANA SOUDAN DU SUD
à l’échelle du continent, de manière à ce que RÉPUBLIQUE DU SUD
70 70
SIERRA CÔTE D’AFRIQUE
les pays africains ne dépendent plus des D’IVOIRE CENTRALE
60 60 LEONE
matières premières ou de toute autre source BÉNIN CAMEROUN
unique de production économique. Mener le 50 50 LIBERIA TOGO OUGANDA
processus de diversification économique à 40 40 GUINÉE KENYA
son terme est une priorité absolue pour de 30 30
ÉQUATORIALE
nombreux gouvernements africains. SÃO GABON
20 20 TOMÉ-ET-PRINCIPE RÉPUBLIQUE RWANDA
Parmi les sources potentielles de croissance 10 10 DÉMOCRATIQUE DU BURUNDI
CONGO
et de diversification économique figurent 0 0 SEYCHELLES
certains secteurs comme la distribution, NIGERIA ANGOLA ALGÉRIE LIBYE ÉGYPTE GUINÉE RÉPUBLIQUE GABON SOUDAN CAMEROUN
ÉQUATORIALE DU CONGO DU SUD TANZANIE
RÉPUBLIQUE
Valeur des exportations de pétrole (milliards USD) Part du pétrole dans le volume total des exportations (%) DU CONGO
COMMORES
Source : Observatoire de la complexité économique (2014)/Calculs Knight Frank
Les données prennent en compte le pétrole brut et le pétrole raffiné ANGOLA
MALAWI
ZAMBIE
GRAPHIQUE 5
Prévisions de croissance du secteur africain de la téléphonie mobile

MOZAMBIQUE ÎLE MAURICE


800 80

700 70 MADAGASCAR
NAMIBIE
CLÉ BOTSWANA
Connexions smartphones (% du total)
Unique mobile subscribers (millions)

600 60 Croissance estimée du PIB, 2016


500 50 SWAZILAND
+ de 6 %
400 40 4,1 % - 6,0 %
2,1 % - 4,0 % LESOTHO
300 30 AFRIQUE DU SUD
0,1 % - 2,0 %
200 20 0 % ou moins
DONNÉES INDISPONIBLES
100 10
PRINCIPAUX PAYS EXPORTATEURS NETS DE PÉTROLE
0 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Souscripteurs mobiles uniques (millions) Smartphone connections (% of total)

Dar es Salaam
Source : GSMA Intelligence Source : Fonds monétaire international

4 5
DENSITÉ DE POPULATION ET
Croissance
démographique et
GRAPHIQUE 6
Prévisions démographiques mondiales
CROISSANCE DÉMOGRAPHIQUE
urbanisation
La croissance économique a ralenti dans 6
Africa Asia Europe Latin America and the Caribbean North America Oceania
DES VILLES AFRICAINES
certaines régions d’Afrique, mais les tendances
démographiques restent favorables au 5
développement du continent sur le long 3.5m 3.2m 3.6m 4.8m 18.8m 5.1m
terme. La population africaine augmente plus 4 CASABLANCA IBADAN KANO ALEXANDRIA CAIRO KHARTOUM

Population (billions)
rapidement que dans n’importe quelle autre
région du monde. Elle est jeune et de plus 3 1.2% 3.1% 3.0% 1.8% 1.8% 2.8%
en plus urbanisée.
2
La population africaine a plus que doublé au
cours des trente dernières années, dépassant 1
le milliard d’habitants. Les Nations Unies 3.2m
0
estiment qu’elle dépassera la barre des 4 ADDIS ABABA
2000

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

2055

2060

2065

2070

2075

2080

2085

2090

2095

2100
milliards d’habitants d’ici 2100 et rassemblera
ainsi environ 40 % de la population mondiale. 3.1%
Les autres régions du monde devraient 3.5m
Source : Division de la Population des Nations Unies
connaître un ralentissement et un vieillissement DAKAR
démographiques dans les prochaines décennies.
L’Afrique est donc vouée à accueillir une part
des mégapoles de plus de 10 millions
économiques plus complexes et plus stimulantes, 3.8% 1.9m
d’habitants. Les projections réalisées par le
de plus en plus importante de la main-d’œuvre à l’heure où le contexte géopolitique global apparaît KAMPALA
Global Cities Institute suggèrent que Lagos,
mondiale. McKinsey prévoit que, d’ici 2034, de plus en plus fragmenté. Les dernières tendances
la population africaine en âge de travailler
Kinshasa et Dar es Salaam seront les trois villes
les plus peuplées du monde à la fin du siècle.
de croissance ont révélé la nature diversifiée des 4.2%
atteindra 1,1 milliard d’individus, un chiffre économies africaines et les écarts importants entre
La partie du littoral ultra urbanisée qui s’étend
supérieur à ceux observés en Chine et en Inde. les taux de croissance subsisteront, notamment si
de Lagos à Abidjan, couvrant la majeure partie
les cours du pétrole ne parviennent pas à se rétablir
L’exode rural concourt à augmenter les des 1000 km séparant les deux villes, pourrait
taux de croissance démographique dans constituer la base d’une future mégalopole
à des niveaux plus soutenables pour les pays 3.9m
africains exportateurs de pétrole.
de nombreuses villes d’Afrique. À l’heure mondiale. 4.9m NAIROBI
actuelle, la population urbaine africaine Les perspectives de croissance pour 2017 et au-
augmente de plus de 15 millions de personnes
La croissance rapide de la population créera
delà sont ternies par des inquiétudes globales plus
ABIDJAN
4.0%
par an et les Nations Unies pensent que le
des défis pour les autorités publiques locales
et mettra à rude épreuve les infrastructures
larges. Les observateurs focaliseront leur attention 3.4%
taux d’urbanisation global passera de 40 % sur les conséquences de la présidence Trump sur
urbaines. Elles favoriseront également le
actuellement à plus de 50 % d’ici 2040. l’Afrique et s’efforceront de savoir, entre autres,
développement foncier dans la mesure où les
Les villes d’Afrique enregistrant les taux de villes africaines devront investir massivement
si le mandat du nouveau président compromettra 2.3m 2.4m 5.1m
l’avenir de l’accord commercial conclu entre les
croissance démographiques les plus élevés dans le bâti pour pouvoir faire face à la pression ACCRA ABUJA DAR ES SALAAM
États-Unis et l’Afrique, connu sous le nom de Loi
se situent presque toutes dans la région de la croissance démographique.
subsaharienne, à l’exception de quelques
sur la croissance et les possibilités économiques
en Afrique. Toutefois, il se pourrait que les accords
2.0% 5.5% 5.5%
villes en Afrique du Sud. Des villes comme
Kampala, Lusaka et Nairobi enregistrent des
Des perspectives de l’OPEP limitant la production de pétrole profitent
aux pays africains exportateurs de pétrole et
taux de croissance démographique supérieurs complexes, mais entraînent un rebond de la croissance plus marqué 13.1m 11.6m
à 4 % par an et il y a fort à parier qu’au cours
des prochaines décennies, plusieurs villes
prometteuses que prévu dans ces économies.
LAGOS KINSHASA
L’Afrique fait désormais face à des perspectives La croissance économique de l’Afrique
subsahariennes viendront gonfler les rangs
subsaharienne devrait légèrement rebondir 4.2% 4.0%
en 2017 et le FMI table sur une croissance du PIB
GRAPHIQUE 7 régional de plus de 4 % d’ici 2019. À long terme, de
Prévisions d’urbanisation sur le continent africain nombreux facteurs ayant soutenu la croissance de
l’Afrique au début du siècle continueront à stimuler
5.5m
l’activité économique africaine et la population jeune LUANDA
et urbaine de l’Afrique pourrait se révéler être l’atout
1,400 70
principal du continent dans un monde vieillissant. 4.3%
1,200 60 Nombre d’habitants au km2
Les événements récents ont montré à quel point il
Urbanisation rate (%)

1,000 50 est important pour les investisseurs ciblant l’Afrique


Urban population (millions)

de bien comprendre les marchés locaux et de bien


3.7m 9.4m 2.2m
800 40
programmer leur entrée sur ces marchés. L’Afrique <1 >1000 CAPE TOWN JOHANNESBURG LUSAKA
600 30 continue à offrir des opportunités formidables aux
investisseurs capables de se positionner sur les
1.1% 2.0% 4.7%
KEY
400 20
marchés de manière astucieuse et dans une optique
200 10 de long terme.

0 0 Population (urban agglomerations, 2015)


2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050
Urban population (millions) Urbanisation rate (%) Annual growth rates (2015-2020 projections)

Source : Division de la Population des Nations Unies Source : Socioeconomic Data and Applications Center (SEDAC)/Division de la Population des Nations Unies/Knight Frank

6 7
RAPPORT AFRIQUE 2017/18 ENQUÊTE

APERÇU DES MARCHÉS DE CAPITAUX La création de Mara Delta en 2016 est un


autre événement majeur. Il s’agit d’un fonds
subsaharienne figure le projet Century City
de la société des Émirats arabes unis Eagle
ne rémunèrent pas suffisamment les risques
auxquels ils s’exposent en se positionnant sur
immobilier panafricain né de la fusion de Delta Hills, à Abuja, capitale du Nigeria. Les groupes les marchés africains. Ces rendements élevés
Les capitaux investis dans le développement immobilier de l’Afrique subsaharienne Africa et de Mara Diversified Property Holdings. du Moyen-Orient manifestent également un s’expliquent par la forte demande pour les
En 2016, Mara Delta a été l’un des acheteurs intérêt prononcé pour le secteur africain de actifs de qualité institutionnelle, disponibles en
sont de plus en plus importants. les plus actifs du marché de l’immobilier dans l’immobilier hôtelier. quantité très limitée sur le marché, et il est fort
la région, étoffant un portefeuille qui contient probable que cette tendance se poursuive
Parmi les investisseurs asiatiques, les groupes
actuellement des actifs au Kenya, sur l’Île alors que les véhicules d’investissement créés
chinois sont les plus actifs en Afrique, et ce
Le caractère attractif des investissements à des marchés émergents, Actis, a annoncé par Actis, clôturés en 2006 et 2012, ont Maurice, au Maroc, au Mozambique et en récemment s’efforcent d’augmenter leur actif.
même si le gouvernement japonais a pris
long terme en Afrique subsaharienne incite de avoir levé 500 millions de dollars américains participé au développement de certains des Zambie.
des mesures importantes pour encourager Les projets de développement financés par
plus en plus d’investisseurs internationaux à pour son troisième fonds d’investissement projets d’immobilier commercial les plus
Les activités des investisseurs sud-africains l’investissement en Afrique. Les établissements Actis et RMB Westport contribueront à étoffer
chercher des opportunités dans la région, et immobilier africain, Actis Africa Real Estate récents d’Afrique subsaharienne, au Ghana,
dans le reste de l’Afrique s’inscrivent dans chinois participent largement au financement de manière substantielle le portefeuille d’actifs
ce malgré une faible activité due au nombre Fund 3. Il s’agit de la troisième plus grosse au Kenya, au Nigeria et en Tanzanie. Ces
une tendance plus générale selon laquelle et à la construction d’importants projets immobiliers de l’Afrique subsaharienne
limité de titres « investment grade » et à levée de fonds de l’histoire pour un fonds dernières années, Actis s’est désengagé d’un
ils se positionnent de plus en plus sur les d’infrastructure sur le continent africain, mais au cours des cinq prochaines années,
l’opacité des marchés en dehors de l’Afrique d’investissement immobilier privé ciblant grand nombre des investissements initiaux,
marchés des changes pour se protéger contre les projets purement immobiliers auxquels ce qui entraînera une augmentation du
du Sud. L’intérêt pour le secteur reste vif, l’Afrique subsaharienne en dehors de l’Afrique vendant ses participations dans certains actifs
la faiblesse du rand et contre les effets d’une participent des entreprises chinoises sont plus nombre d’actifs disponibles répondant aux
malgré le ralentissement des économies du Sud et cette levée de fonds va de pair comme le centre commercial d’Accra, la zone
économie intérieure en berne. Cela a également rares. Parmi les projets de développement exigences des investisseurs institutionnels
subsahariennes ces deux dernières années. avec un engagement du fonds Singapour d’activité professionnelle de Nairobi et le centre
conduit les investisseurs sud-africains à investir de grande ampleur auxquels participent des internationaux. Cependant, les investisseurs
Government of Singapore Investment commercial d’Ikeja.
L’intérêt des investisseurs pour l’immobilier massivement en Europe centrale et de l’Est, investisseurs chinois figure la Modderfontein qui souhaitent pénétrer les marchés africains
Corporation (GIC).
subsaharien n’a jamais été aussi manifeste Lorsque Actis a lancé son premier fonds en attirés par les rendements relativement élevés New City de Shanghai Zendai, près de peuvent penser qu’il est prudent de suivre
qu’en 2016, lorsque le spécialiste britannique Les deux fonds précédemment créés Afrique subsaharienne il y a plus de dix ans, qu’offre cette région. En 2016, les investisseurs Johannesbourg. Parallèlement, l’entreprise la voie empruntée par le GIC et Grosvenor,
il s’agissait d’une première dans un marché sud-africains comme Hyprop, Redefine et publique chinoise AVIC a investi massivement laquelle consiste à investir dans des fonds
largement inexploité par les fonds immobiliers Tower ont acquis pour 2,1 milliards de dollars dans le projet de développement à usages créés par des investisseurs bien établis dans
internationaux. Toutefois, le troisième fonds du de biens immobiliers sur les marchés de multiples Two Rivers, à Nairobi. la région, plutôt que d’investir directement
GRAPHIQUE 7
groupe opèrera dans un marché sensiblement l’Europe centrale et de l’Est. dans des actifs immobiliers. Lors de leurs
Rendements des actifs immobiliers africains prime Les derniers chiffres montrent que les actifs
prochaines levées de fonds, la dernière
plus fréquenté, dans la mesure où de
La forte demande en immobilier africain « investment grade » situés dans les marchés
nombreux véhicules d’investissement ciblant génération de fonds immobiliers subsahariens
provient des investisseurs du Moyen-Orient, subsahariens les plus attractifs produisent un
le marché immobilier subsaharien ont vu le jour essaiera d’exploiter la demande croissante
qui préfèrent généralement les projets de rendement généralement compris entre 7 %
ces dernières années. Un grand nombre de des investisseurs internationaux cherchant
développement de grande ampleur aux et 9 %. Il existe quelques rares régions du
ADDIS ABABA 6.00% ses fonds sont contrôlés par des groupes sud- à se positionner en Afrique subsaharienne.
investissements immobiliers directs. Parmi monde où l’immobilier prime peut produire
HARARE 8.00% africains, quand bien même ils sont souvent
les projets de développement financés par des rendements similaires, mais certains
NAIROBI 8.00% immatriculés ou cotés à l’étranger
des investisseurs du Moyen-Orient en Afrique investisseurs estiment que ces rendements
sur le territoire de l’Île Maurice.
GABORONE 8.25%
CASABLANCA 8.50% RMB Westport en est une illustration parfaite :
JOHANNESBURG 8.50% il s’agit d’une coentreprise entre Rand
Merchant Bank et Westport Property Group Sélection d’investissements immobiliers en Afrique subsaharienne, 2015/2016
PORT LOUIS 8.50%
créée en 2008. Ses projets de développement
WINDHOEK 8.50% actuels incluent le Wings Office Complex Date Bien immobilier Emplacement Secteur Vendeur Acquéreur Prix Rendement
estimé déclaré
ABIDJAN 9.00% de Lagos et le centre commercial Muxima (en millions
ACCRA 9.00% à Luanda. Le deuxième fonds de RMB USD)
Westport, qui cible une collecte de
CAPE TOWN 9.00% T4 2015 Ikeja City Mall Lagos, Nigeria Commerces Actis/RMB Hyprop (75 %)/ 91,0 >8,00 %
450 millions de dollars américains, s’est assuré
DAR ES SALAAM 9.00% Westport/Paragon Attacq (25 %)
les engagements du GIC et de l’investisseur
LAGOS 9.00% britannique Grosvenor. T2 2015 Développement du complexe Nairobi, Kenya Utilisation Centum Aviation 70,0 S/O
Two Rivers (participation de mixte Industry
ABUJA 9.50% Parmi les autres véhicules d’investissement 39 %) Corporation of
BLANTYRE 9.75% immobilier ayant vu le jour au cours des deux China (AVIC)
dernières années figurent une coentreprise T4 2015 East Park Mall, Acacia Lusaka & Ndola, Commerces/ Casilli Group SA Corporate 49,6 8,68 %
ALGIERS 10.00% panafricaine créée par Growthpoint et Office Park & Jacaranda Zambie Bureaux
DAKAR 10.00% Investec, dont l’objectif est de lever 500 Mall (participations de 50 %)
millions de dollars. Momentum Global
DOUALA 10.00% T3 2015 Développement du complexe Lagos, Nigeria Bureaux RMB Westport Pivotal 49,0 S/O
Investment Management et Eris Property Wings Oando (participation
KAMPALA 10.00% Group ont également formé une coentreprise de 37,1 %)
au capital de 250 millions de dollars,
LUSAKA 10.00% T2 2015 Immeuble Vodacom Maputo, Mozambique Bureaux Sociedade De Delta 46,0 6,63 %
Momentum Africa Real Estate Fund. Le fonds
MAPUTO 10.00% Construçoes (désormais
a investi dans des projets de développement
Catemba Mara Delta)
CAIRO 10.50% au Ghana et au Nigeria.
T4 2016 Cosmopolitan Mall Lusaka, Zambie Commerces Rockcastle Mara Delta 37,1 7,75 %
TUNIS 10.50% Le groupe anglo-sud-africain Old Mutual a fait (participation de 50 %)
part de son intention de renforcer sa présence
KIGALI 11.00% T4 2015 Bagatelle – Mall of Mauritius Bagatelle, Mauritius Commerces Atterbury Ascencia 28,9 env. 7,00 %
en Afrique en annonçant un partenariat avec la (participation de 34,9 %)
Nigerian Sovereign Investment Authority durant
KINSHASA 12.00% T4 2015 Makuba Mall & Kafubu Mall Kitwe & Ndola, Zambie Commerces Rockcastle Delta 21,6 7,75 %
le second semestre 2016. Cette coentreprise
(participations de 50 %) (désormais
LUANDA 14.00% entend lever 500 millions de dollars pour
Mara Delta)
le compte d’un fonds d’investissement
immobilier et 200 millions de dollars pour T4 2015 Greenspan Mall Nairobi, Kenya Utilisation Greenspan Stanlib Kenya 20,0 8,10 %
un fonds d’investissement agricole. mixte Mall Limited Fahari I-REIT
T1 2016 Barclays House Ebene, Île Maurice Bureaux Jade Group Delta 13,4 8,30 %
Source : Knight Frank Research
(désormais
Mara Delta)

Source : Knight Frank Research/Real Capital Analytics/Rapports et états financiers d’entreprises


8 9
RAPPORT AFRIQUE 2017/18 ENQUÊTE

ANALYSE SECTORIELLE :
IMMOBILIER COMMERCIAL OUVERTURES DE CENTRES COMMERCIAUX
Le parc moderne d’immobilier commercial continue
2015 - T1 2017
à croître et à gagner en qualité.
Le développement Le secteur de l’immobilier commercial est
au cœur du développement économique de
Le Two Rivers Mall, qui s’étend sur une
surface de 67 000 m2 et est désormais
de centres l’Afrique depuis dix ans, facilitant l’ancrage
du concept de centre commercial dans
le plus grand centre commercial du Kenya,
a ouvert en février 2017.
commerciaux un nombre croissant de villes africaines
Ailleurs, des promoteurs comme Atterbury,
modernes modifie de premier plan. Le développement est
soutenu par la croissance des marchés de
Novare, Resilient et RMB Westport ont
tous mené à bien des projets de centres
le paysage urbain consommation du continent et par l’essor
des distributeurs locaux et internationaux,
commerciaux modernes au cours des
20 000 15 000 14 000 12 000
de l’Afrique notamment les principales chaînes de
deux dernières années, renforçant ainsi le
parc d’immobilier commercial courant des
m2 m2 m2 m2
supermarchés sud-africaines comme
subsaharienne Shoprite, Pick n Pay et Game.
pays comme le Ghana et le Nigeria. Les
PLAYCE MARCORY
Abidjan, Cote d’Ivoire
ACHIMOTA RETAIL CENTRE
Accra, Ghana
DELTA MALL
Warri, Nigeria
ONITSHA MALL
Onitsha, Nigeria
perspectives de croissance encourageantes
L’Afrique du Sud est de loin le marché de de la Côte d’Ivoire et du Sénégal ont aiguisé Date d’inauguration T4 2015 Date d’inauguration T4 2015 Date d’inauguration T2 2015 Date d’inauguration T2 2016
Promoteur/investisseur Promoteur/investisseur Promoteur/investisseur Promoteur/investisseur
la distribution le plus important et le plus l’intérêt des investisseurs pour ces pays, qui Atterbury/Delico Resilient Africa African Capital Alliance
CFAO
développé de la région subsaharienne, n’avaient connu qu’un faible développement Locataire principal Locataire principal Locataire principal Locataire principal
avec des centres commerciaux couvrant de l’immobilier commercial moderne jusqu’à Carrefour Shoprite, Palace Shoprite Shoprite
une surface d’environ 23 millions de présent. Il convient de mentionner l’ouverture
mètres carrés, contre 3 millions de mètres du PlaYce Marcory de CFAO à Abidjan :
carrés seulement dans le reste de l’Afrique il s’agit du premier projet d’une série de
subsaharienne. Le marché sud-africain centres commerciaux,
350 dont Carrefour est
a poursuivi sa croissance en 2016, en l'enseigne majeure, destinés à être construits
particulier avec l’achèvement du Mall of Africa en Afrique de300 l’Ouest et en Afrique centrale.
d’Atterbury, d’une surface de 131 000 mètres
D’importants 250
projets d’immobilier commercial
carrés : il s’agit du plus grand centre
moderne sont prévus un peu partout en
commercial réalisé en une phase en Afrique
Afrique subsaharienne,
200 mais le ralentissement 25 000 22 000 22 000
subsaharienne.
des économies dépendantes du pétrole m2 m2 m2
En dehors de l’Afrique du Sud, la capitale 150
a incité les promoteurs à repousser ou à JABI LAKE MALL NOVARE LEKKI MALL XYAMI SHOPPING NOVA VIDA
du Kenya, Nairobi, héberge la plus grande réduire ces projets dans ces pays. La plupart Abuja, Nigeria Lagos, Nigeria Luanda, Angola
100
surface de centres commerciaux modernes des grandes villes de la région hébergent Date d’inauguration T2 2015 Date d’inauguration T3 2016 Date d’inauguration T4 2015
d’Afrique subsaharienne et elle reste un désormais au moins
50 un centre commercial Promoteur/investisseur Promoteur/investisseur Promoteur/investisseur
foyer de développement. La ville a assisté à moderne. Les promoteurs ciblent donc de Actis/Laurus/Duval Properties Novare/Urshday Zahara Imobiliária
l’achèvement de la première phase du Garden plus en plus les 0villes de taille moyenne afin Locataire principal Locataire principal Locataire principal
City Mall d’Actis (33 500 m2) en 2015, puis d’y profiter de l’avantage du précurseur. Shoprite, Game Shoprite, Game Kero
l’inauguration de The Hub (30 000 m2) dans Certains signes montrent que les promoteurs
la banlieue animée de Karen en 2016. pragmatiques privilégient désormais la
construction de centres commerciaux
et de services de petite et moyenne taille
GRAPHIQUE 8 bien situés au détriment des méga centres
Centres commerciaux achevés situés dans des villes d’Afrique subsaharienne commerciaux régionaux.

500,000 À mesure que le secteur croît et que la


compétition s’intensifie entre les distributeurs,
500000
450,000
les promoteurs s’efforceront de différencier
400,000 450000
leurs centres commerciaux en offrant un
350,000 400000
accès à des marques internationales, à des 131 000 67 000 33 500 30 000 26 000
loisirs et à des expériences client plus haut de
350000 m2 m2 m2 m2 m2
300,000
gamme. Choisir les bons emplacements sera
250,000
300000 MALL OF AFRICA TWO RIVERS MALL GARDEN CITY MALL (PHASE UNE) THE HUB KAREN COSMOPOLITAN MALL
essentiel au succès des nouveaux centres,
250000 Guateng, Afrique du Sud Nairobi, Kenya Nairobi, Kenya Nairobi, Kenya Lusaka, Zambie
200,000 notamment dans les villes qui hébergent
Date d’inauguration T2 2016 Date d’inauguration T1 2017 Date d’inauguration T2 2015 Date d’inauguration T1 2016 Date d’inauguration T1 2016
150,000
déjà des centres commerciaux fréquentés.
200000
Promoteur/investisseur
Promoteur/investisseur Promoteur/investisseur Promoteur/investisseur Promoteur/investisseur
Le développement de centres commerciaux
150000 Attacq/Atterbury Centum/Athena Properties Actis/Aspire/Mentor Management Azalea Holdings Rockcastle
100,000
modernes jouera un rôle majeur dans Locataire principal Locataire principal Locataire principal Locataire principal Locataire principal
100000
50,000 l’aménagement urbain des villes africaines Edgars, Woolworths, Game, Carrefour, LC Waikiki Game, Nakumatt Carrefour Shoprite, Game
en50000
pleine croissance démographique. Checkers Hyper
0
0
I

NE

RE

AM

JA
LA

KA

DA
K
OB

LI

SA
GO

CR
OE

GW
AB
UT

KA
JA
U
PA

RA

GA
SA
RO

AN

LA
IR

HA
AB
DH

AC
LA

AP
ID

AB

DA
M
NA

HA

KI
LU

ON
BO

LU

SA

NS
AB
KA
IN

IS
GA

LIL
W

ES

KI
D
AD
R
DA

Completed GLA (sq m)

Source : Knight Frank Research


Le graphique ne tient pas compte des villes d’Afrique du Sud
Les estimations des surfaces exploitables prennent en compte les projets dont la surface locative brute atteint au moins 5000 m2.

10 11
RAPPORT AFRIQUE 2017/18 ENQUÊTE

ANALYSE SECTORIELLE : LOGISTIQUE PROJETS DE DÉVELOPPEMENT


Le secteur de l’immobilier logistique occupe une place de plus en plus importante LOGISTIQUE
dans les nouveaux projets de développement. Africa Logistics
Properties
Nairobi, Kenya

Africa Logistics Properties (ALP) est un


Au cours de la dernière décennie, le également des points attractifs pour les Tunisie véhicule d’investissement adossé au
développement de l’immobilier commercial promoteurs logistiques. La dépendance Maroc groupe Maris, basé en Afrique de l’Est.
moderne en Afrique subsaharienne de l’Afrique en matière de transport maritime ALP souhaite lever 65-70 millions USD,
s’est principalement concentré sur les pour le commerce international signifie comprenant un investissement proposé
secteurs de la distribution et des bureaux, en effet que ses ports représentent des Algérie par la branche International Finance
le développement du secteur logistique emplacements cruciaux dans les réseaux Libye Corporation de la Banque mondiale,
demeurant plus limité. Cependant, la pénurie logistiques des entreprises. DP World à Égypte et ce afin de développer des parcs
d’espaces logistiques modernes dans les Dubaï est particulièrement actif dans le logistiques situés aux abords de Nairobi.
principales villes de la région est de plus en développement et les opérations portuaires
plus reconnue. L’activité de développement et dans l’immobilier logistique qui y est
est en pleine expansion, soutenue par une associé en Afrique. CoastDryport
demande pour des espaces de grande qualité
L’avenir des marchés africains d’immobilier Soga, Tanzanie
de la part des distributeurs et des fabricants Mauritanie
logistique sera défini par l’impact des
de biens de consommation cherchant La société américaine BlackIvy Group
technologies de rupture. Par exemple, les Mali
des relais de croissance en Afrique et projette de construire un port sec et un
drones peuvent potentiellement aider les Niger
l’amélioration des réseaux de distribution parc logistique intermodal dans le village
opérateurs logistiques à surmonter les
et des chaînes d’approvisionnement. de Soga, à l’ouest de Dar es Salaam.
insuffisances des infrastructures de transport Sénégal
Les nouveaux projets engagés en 2016 en Afrique, et ce en permettant la circulation Tchad Le site de 500 acres sera desservi par
incluent le parc commercial de York dans de marchandises vers des lieux ne disposant Burkina Faso deux lignes de chemin de fer dédiées.
la capitale zambienne de Lusaka et le parc pas de réseaux routiers fiables. Un système Guinée Bénin
logistique Agility dans le port de Tema au présenté comme le premier service au monde Ghana
Ghana. Chaque projet offre des unités de livraison par drone a été inauguré au Côte d’Ivoire
Nigeria
Éthiopie
Plateforme logistique
construites sur mesure d’une qualité Rwanda en 2016 par la société américaine
République d’Afrique
Soudan du Sud de Kigali
auparavant inaccessible sur ces marchés. Zipline. centrale Kigali, Rwanda
Le projet ghanéen est le premier d’une Cameroun
Dorénavant, la montée de la distribution en
série de parcs logistiques que le promoteur DP World s’est vu octroyer l’autorisation
ligne redéfinira également les marchés de
koweïtien Agility prévoit de construire en Somalie d’une concession afin de développer et
l’immobilier logistique. Bien que de taille
Afrique, avec l’Angola, la Côte d’Ivoire, d’opérer un nouveau centre logistique à
réduite à l’échelle globale, le secteur africain République
le Mozambique, le Nigeria et la Tanzanie du Ouganda Kigali. La première phase sera construite
de la distribution en ligne poursuit une Congo
parmi ses marchés cibles. Gabon sur 90 000 m² de terrain et inclura un
croissance rapide, principalement portée par République
Plusieurs parcs logistiques et industriels l’augmentation de la pénétration des appareils démocratique du Rwanda Kenya terminal à conteneurs de 12 000 m² et
Congo une installation de stockage de 19 600 m².
majeurs sont en préparation dans le cadre mobiles intelligents. Des distributeurs en
de développements urbains plus importants, ligne novateurs, tels que Jumia et Konga
tels que le projet Tatu City de Rendeavour au Nigeria, établissent des réseaux de Zone franche de Dakar
près de Nairobi et le parc Roma à Lusaka. distribution qui nécessiteront de plus Dakar, Sénégal Tanzanie
Parc Industriel Tatu
Les surfaces à proximité des ports constituent en plus d’espaces logistiques sophistiqués. Nairobi, Kenya
DP World a convenu avec le
gouvernement sénégalais de développer Faisant partie du projet de
une zone franche logistique dans le Angola développement urbain de Tatu City,
nouvel aéroport international Blaise Malawi le parc industriel Tatu comprend 450
Diagne à la périphérie du Sénégal. Zambie acres de terrain aménagé adapté aux
Le groupe exploite déjà le terminal usages industriels légers, au stockage et
à conteneurs du port de Dakar. à la logistique. Unilever a signé un accord
Mozambique Madagascar d’acquisition de 70 acres de terrain dans
Zimbabwe ce parc.
Namibie
ParclogistiqueAgility
Botswana
Tema, Accra, Ghana Parc commercial de York
En octobre 2016, Agility a lancé le
Lusaka, Zambie
premier volet d’un parc logistique bâti sur
Actis, conjointement avec le promoteur
un site de 45 acres dans la zone franche
sud-africain Improvon, construit
de Tema, à l’est d’Accra. Lorsqu’il sera
actuellement un parc logistique moderne
entièrement terminé, le parc devrait
au sud de Lusaka. La phase initiale
compter 100 000 m² d’espace de Afrique du Sud
du parc a été achevée début 2016.
Port du Cap
stockage.

12 13
Gambia
Guinea Chad Sudan
Bissau
Guinea
Sierra
RAPPORT
Benin AFRIQUE 2017/18 ENQUÊTE Soma
Leone Togo Nigeria
Ivory Ethiopia
Liberia Coast Ghana
Central Africa Republic
Camaroon

ALGERIA Equatorial
Guinea
ANGOLA
Uganda
Kenya
Gabon Congo
Oran
Rwanda
Key facts Key facts
Alger Democratic
Constantine Republic of
Tunisia Population 39.7 million Population 25.0 million
the Congo Tanzania
Major cities: Major cities:
Morocco Algiers 2.6 million Luanda 5.5 million
Oran 0.9 million Huambo 1.3 million Luanda
Constantine 0.5 million Official languages Portuguese
ALGERIA Libya
Official languages Arabic Total area 1,246,700 sq km ANGOLA
Total area
Egypt 2,381,741 sq km Huambo
GDP growth (2016) 0.0%
Zambia Malawi
n GDP growth (2016) 3.6% Key export Petroleum
Key export Petroleum Currency Kwanza (AOA)
Currency Algerian Dinar (DZD) EIU country risk D
Mauritania EIU country risk D rating (E=most risky) Zimbabwe
rating (E=most risky) World Bank Doing 182
Mali World Bank Doing 156 Business rank Namibia
Niger Business rank (out of 190 countries) Botswana
Office market Industrial market (out of 190 countries) Eritrea Office market Industrial market
Senegal Sudan
The traditional office locations in Algiers of Algeria’s oil-dependent economy Chadis currently Falling oil prices have had a dramatic impact Luanda’s main industrial and warehousing
Gambia Hydra and the city centre generally remain the depressed and attempts to diversify the Luanda prime rents and yields on Angola’s oil-dependent economy and the locations are in and around the port
prime areas for local businesses. However,
Guineainternational corporate occupiers with larger
economic base have had only limited Algiers prime rents and yields Djibouti real estate sector. Office demand in Luanda area and Viana to the east of the city.
Guinea Benin success. It is anticipated that the government Prime rents Prime has virtually ground to a halt and supply has Historically, it has been very difficult to
Bissau
requirements have tendedCôteto shift eastwards
Togo willNigeria
increase taxes and subsidised fuel Prime rents Prime yields increased, causing vacancy rates for new Southfind
Africa
good quality warehousing in Luanda,
Sierra
towards the airport d’Ivoire
and the new commercial prices in 2017, targeting businesses more Ethiopia yields buildings to rise above 20%, with further but the drop in demand from the oil sector
Leone Offices US$80/sq m/month 14%
districts of Bab Ezzouar and Alger Medina. than individuals. This will negatively impact South Sudan increases expected in 2017. Luanda still and an increase in supply has caused the
Central African Offices US$30/sq m/month 10% Retail US$60/sq m/month 12%
Banking,Liberia
in particular, is largelyGhana
no longer Algeria’s appeal as a manufacturing location has the highest office rents in Africa, but market to become more balanced. Rents
Republic Retail US$33/sq m/month 9%
headquartered in the city centre, with Natixis, and discourage
Camerooninternational investment, Industrial US$10/sq m/month 14% Grade A rents have almost halved in the and values have fallen by 30-50% in the
BNP Paribas, Citi and HSBC all now out to the which is already deterred by restrictions on Industrial US$9.50/sq m/month 13% Residential US$15,000/month* 11% last three years. The market has also been last couple of years. In the short-term, the
east. Trust Bank and Al Baraka Bank also have foreign ownership. There are several major Somalia affected by recently-introduced legislation market is expected to remain stable, but
Equatorial Residential Uganda
US$4,500/month* 7.5% Source: Knight Frank LLP
new headquarters under construction in Bab industrial
Guineazones around Algiers including prohibiting real estate rents from being set values should increase once the economy
Ezzouar. The office market has been subdued Rouïba, Ouled Fayet, Congo Birtouta and Dar El Source: Knight Frank LLP Kenya *4 bedroom executive house – prime location
in, or linked to, a foreign currency. This recovers and government initiatives to
*4 bedroom executive house – prime location
over the last year as a result of economic Beïda/OuedGabon Smar; these are all practically has badly impacted landlords who have promote diversified industries have an
uncertainty and many of the largest construction Democratic
full and it is difficult to find good quality typically borrowed in US dollars but are now effect.
Rwanda
projects have made slow progress. However, real estate. There is a pharmaceutical/Republic Contacts receiving their revenues in kwanza.
of the Congo Burundi
prime rents have been stable, as the availability biotechnology cluster at Sidi Abdallah,
Contact Peter Welborn, Managing Director, Africa Residential market
of space suitable for international occupiers 30 km south west of Algiers, where Sanofi is
Peter Welborn, Managing Director, Africa +44 20 7861 1200 Retail market As is the case in other real estate sectors,
remains limited. building a factory. Tanzania peter.welborn@knightfrank.com
+44 20 7861 1200 The retail sector in Luanda remains at a high-end residential apartments and villas
peter.welborn@knightfrank.com Tim Ware, Managing Director, Zambia nascent stage of development, with the in Luanda are the most expensive in Africa,
Retail market Residential market +260 211 250 538/250 683 majority of activity being either informal despite a 30-50% fall in prices in recent
The informal retail sector is still predominant The prime residential area of Algiers is Hydra, +260 211 255 992-3 trading or in standalone units. International years. Unlike other sectors, residential
in Algeria, but a series of modern retail which is also the main area of the city for the tim.ware@zm.knightfrank.com retailers, who were looking at the market values were already in decline before the
developments have emerged over the last diplomatic sector. The upmarket
Angola housing in 2013-14, have all but disappeared. drop in oil prices, due to increased levels
decade. The first of these was Sidar’s Al Qods market has slowed in the last two years and Malawi However, local investors have promoted of new supply in 2013-14. The prime
Zambia
in Chéraga, which has since been joined by rents have fallen, with the potential for further the expansion of the mall operator Xyami, residential market is dominated by the
SCCA’s Centre Commercial Bab Ezzouar, decreases which is rolling out retail centres in expatriate community, who generally look
Arcofina’s Ardis-Medina Center and Chaïbi/ due to the depressed economic conditions. Luanda and other Angolan cities. There to rent rather than buy. A four-bedroom
Asicom’s City Center. These shopping centres Lease renewals are being agreed without Mozambique are currently fourteen shopping centres in villa on one of the most sought-after
are all performing well in terms of occupancy review or at discounts to previous levels. Zimbabwe Greater Luanda, mainly concentrated in compounds in Talatona can still fetch
and footfall, although Algeria’s current The Finance Act 2017 has Namibia
raised taxes on Madagascar the downtown and Talatona, where many US$15,000 per month, but in 2014 the
economic challenges are likely to slow further landlords’ rental incomes, impacting the Mauritius expatriates live. There has been a lack of same villa would have achieved US$25,000
development. Carrefour has recently re-entered attractiveness of residential investment.Botswana open market transactions, but anecdotal per month. Despite the weaker rental
Algeria but the requirement to form a joint There is strong potential demand for evidence suggests that rents have fallen by market, yields have actually hardened
venture with local partners is an inhibitor to the affordable housing and government initiatives around 50% since 2014. slightly, as investors have bought real
market entry of other international retailers. have attempted to encourage investment in estate to hedge against inflation and the
this sector. devaluation of the kwanza.
South Africa

Bab Ezzouar Mall, Algiers BESA Headquarters, Luanda

14 15
of the Congo
Burundi

Tanzania Mauritania RAPPORT AFRIQUE 2017/18 ENQUÊTE

Mali
Niger

BOTSWANA Angola
Malawi
Senegal CAMEROON
Chad
Su
Zambia
Gambia

Key facts Key facts


Mozambique Guinea
Bissau Guinea Benin
Population 2.3 million Population 23.3 million
Zimbabwe
Major cities: Major Côte
cities:
Namibia Madagascar Togo Nigeria
Francistown Gaborone 0.2 million Yaoundé
d’Ivoire 3.1 million
Francistown 0.1 million Sierra Douala 2.9 million
Mauritius Leone
Official languages English Official languages French, English
BOTSWANA Total area 581,730 sq km Total area 475,440 sq km Central African So
Liberia Ghana Republic
Gaborone GDP growth (2016) 3.1% GDP growth (2016) 4.8%
Key export Diamonds Key export Petroleum CAMEROON
Currency Pula (BWP) Currency 
Central African Douala
CFA Franc (XAF) Yaoundé
EIU country risk B Democratic Republic
South Africa rating (E=most risky) EIU country risk D of the Congo
World Bank Doing 71 rating (E=most risky)
Business rank World Bank Doing 166 Congo
(out of 190 countries) Business rank Equatorial Guinea
Office market The lack of strict planning controls within
(out of 190 countries) Office market scale agriculture including rubber, palm
industrial areas has enabled this trend. For new
Office supply continues to outstrip demand Gabon oil and coffee. The stability of the local
warehouses under 200 sq m, rents are now Cameroon has some significant advantages,
in Gaborone and this imbalance is likely to currency, which is pegged to the Euro, is an
as high as 50 pula/sq m/month, close to half having a good education system that
worsen for secondary space. With several the level of fully-fledged offices. Demand for
Gaborone prime rents and yields Cameroon prime rents and yields advantage, as is Cameroon’s geographical
produces high quality employees and being position and the potential to sell into the
large CBD office towers due for completion larger space is dominated by quasi-retailers both English and French speaking. However, landlocked countries of Chad and the Central
in 2017 and government departments set Prime rents Prime DOUALA
seeking prominent properties with good visitor a challenging business environment has held
on moving to new CBD buildings, older and yields African Republic. However, road networks
parking. With Botswana reaching 50 years of Prime rents Prime back the development of its office market.
poorly located offices will be left empty with yields are relatively poor, which creates distribution
independence in 2016, many 50-year Fixed Offices US$11.50/sq m/month 8.25% There are hardly any good quality office challenges, and there are persistent delays
little expectation that they will be taken up Period State Grant (FPSG) leases are nearing Retail US$26.50/sq m/month 7.5% Offices US$26/sq m/month 10% buildings and rents are flat. Douala is the main and other issues associated with moving
by the private sector. Fairgrounds Office expiration and industrial property owners are
Retail US$46.50/sq m/month 8.75% commercial city, while the capital Yaoundé products through the port.
Park remains the decentralised location of Industrial US$4.75/sq m/month 9%
anxious to see how the state treats requests to has a much smaller corporate market which
choice, with rents around 20% lower than in renew FPSG leases. Residential US$1,900/month* 6% Industrial US$4.50/sq m/month 12% generally accommodates businesses that
the CBD. Despite the perceived oversupply,
Source: Knight Frank LLP Residential US$2,800/month* 7.5% need access to government departments.
Residential market
several occupiers with requirements for 500-
1,000 sq m are unable to secure appropriate Residential market *4 bedroom executive house – prime location
Office development has tended to be by Almost half of Cameroon’s population lives
YAOUNDÉ local individuals and businesses and is below in informal dwellings, and there is a housing
accommodation in the new CBD buildings, Gaborone has a diminishing supply of low-to-
Prime rents Prime the standards required by global corporate supply deficit estimated to be the equivalent
and many high-rise towers with smaller floor middle income housing, with most people on yields of 100,000 units per year. This will be
plates do not suit corporate occupiers. average incomes finding it difficult to locate occupiers.
Contacts compounded in future years as the middle
affordable housing or finance their own self- Offices US$22/sq m/month 10%
Curtis Matobolo, Managing Director class swells and due to diaspora demand.
Retail market build homes. The drift to smaller and cheaper
+267 395 3950 Retail US$22/sq m/month 9% Retail market It is very difficult to get financing unless you
properties has been reinforced by an increased Angola
The retail sector continues to see new curtis.matobolo@bw.knightfrank.com Industrial US$2/sq m/month 15% There are only a small number of international are a government employee, with funding
number of single-family households due to
development, but demand for space has Residential US$2,800/month* 7.5% retailers present in Cameroon and most of mainly available through the government
David Watson, Director
agency, Credit Foncier de Cameroun. WithZambia
growing student and elderly populations. Many
waned, with few new market entrants and +267 395 3950 these, such as Casino and City Sport, are
residential buy-to-let investors are struggling Source: Knight Frank LLP
existing businesses contracting in response david.watson@bw.knightfrank.com operated as franchises. Until recently, there supply lagging demand, house prices are
to find tenants, particularly as expatriate *4 bedroom executive house – prime location
to weak consumer spending. Historically, were no malls in Cameroon but Douala has increasing, particularly at the mid-to-top
workers have found it difficult to renew work
mall developers have targeted South African lately seen the opening of L’Atrium, anchored end of the market where financing is a less
permits. Demand for multi-residential housing
chains, who were able to obtain exemptions by Spar, and Kadji Square, which has a Super important consideration. The best residential
has increased and developers are increasingly Contact U hypermarket. The largest retail spaces in zones in Douala are Akwa, Bonapriso and
to legislation that limits the granting of tailoring schemes to the demands of average
certain trading licenses to local businesses. Peter Welborn, Managing Director, Africa Yaoundé are mostly supermarkets or general Bonamoussadi. In Yaoundé, the prime areas
local buyers and tenants. Sales at the high end +44 20 7861 1200
However, a hardening of the government’s stores such as Casino, Mahima and DOVV. are mainly around Centre Ville, Quartier du
of the market are far less frequent and likely to Zim
stance meant that South African retailers peter.welborn@knightfrank.com CFAO/Carrefour have targeted both cities, and Lac and Bastos/Golf.
stay muted for some time.
were unable to obtain exemptions are most likely to open first in Douala, possibly Namibia
throughout 2016. If this situation persists, as a standalone supermarket rather than a
it will deter the development of new malls mall-with-supermarket format.
and landlords will have to target Botswana-
based tenants, who generally occupy Industrial market Botswana
smaller shops of less than 200 sq m.
As the location of Cameroon’s main port,
Douala is the country’s principal industrial
Industrial market centre. However, there is also significant
Demand for industrial space is focused on development activity further south around
units of less than 500 sq m, as tenants have Kribi, where a new deep-water port is
started to use newly built business space under construction. The country is rich in
Zambezi Towers, Gaborone New office development, Yaoundé
as cheaper quasi-offices or showrooms. natural resources with significant industrial-

South Africa

16 17
Algeria
Mediterranean Sea
RAPPORT AFRIQUE 2017/18 ENQUÊTE
co
Tunisia Western
Sahara

CÔTE D’IVOIRE
Algeria
CHAD Libya Egypt Mauritania

Key facts Key facts


Senegal Niger
Population 14.0 million Population 22.7 million
Mali Mali
Major cities: Major cities:
N’Djamena 1.3 million Abidjan 4.9 million
Niger Eritrea
Moundou 0.1 million Bouaké 0.8 million Guinea
Yamoussoukro 0.3 million Bissau Guinea Benin
CHAD Sudan Official languages French, Arabic
Official languages French
N’Djamena
Total area 1,284,000 sq km
Sierra
CÔTE Togo Nigeria
GDP growth (2016) -1.1%
Total area 322,463 sq km
Leone D’IVOIRE
Benin Somalia GDP growth (2016) 8.0%
Key export Petroleum Bouaké
Moundou Key export Cocoa Liberia Ghana
Togo Nigeria Ethiopia
Currency 
Central African CFA Yamoussoukro
South Sudan Franc (XAF) Currency 
West African CFA
Ghana
Central African Franc (XOF) Abidjan Came
EIU country risk D
Republic rating (E=most risky) EIU country risk C
Cameroon World Bank Doing 180
rating (E=most risky) Equatori
Business rank World Bank Doing 142
Office market Industrial market Office market Industrial market
Equatorial Uganda (out of 190 countries) Business rank
(out of 190 countries) The leasing of Green Buro in Cocody Much of Abidjan’s industrial activity is
Guinea
Recent construction activity in N’Djamena Chad is consistently ranked as one of the Kenya
has largely related toGuinea
hotels and ministries, most challenging countries in the world Ambassades in early 2016, to tenants located in areas to the south of the lagoon near Gabo
Gabon Congo including GE, Pfizer and ExxonMobil, the port, such as Vridi, Zones 3 and 4, and
rather than commercial offices. There is in which to do business. As a landlocked
a large area of the city which has been Rwanda
country with a relatively small and low-income N’Djamena prime rents and yields Abidjan prime rents and yields established a new benchmark for prime rents Koumassi. These traditional industrial areas are
designated as the Cité Internationale des Zaire
population, Chad is not a target market for in Abidjan of XOF17,000/sq m/month. This essentially at full capacity. Occupiers are either
Affaires, but it is unclear if this will present international manufacturers, and activity Prime rents Prime Prime rents Prime confirmed Abidjan as the market with the in legacy real estate
opportunities to corporate occupiers and, mainly involves local businesses involved yields yields fastest rental growth in Africa over recent or need fast access to the port for import/export
if it does, this will not happen for several with agri-processing. In N’Djamena, Tanzania
industrial years. Several new office developments activity. To the north of the lagoon,
years. The city’s office market is basic, activity is mostly concentrated around Farcha Offices US$55/sq m/month 10% Offices US$32/sq m/month 9% have been announced by international the most important industrial zone is Yopougon,
and purpose-built offices are generally not where some of the oil companies have bases. Retail US$46.50/sq m/month 9.5% Retail US$46.50/sq m/month 8.75% developers, notably Actis’ Renaissance Plaza where the majority of
suitable for international companies. As There is significant oil activity in the south and Industrial US$3.75/sq m/month 13% Industrial US$6.50/sq m/month 12% project in Plateau, but no significant new businesses are larger users processing
a result, such operations often work out of west of the country, where ExxonMobil has supply will come to the market until at least local products. International companies in this
Residential US$4,600/month* 8% Residential US$3,700/month* 8% 2018, putting further upward pressure on location include Nestlé and Cargill. Further
hotels and apartments where rents can be large operations. However, the government
very high at XAF30,000/sq m/month-plus. has a history of tense relations with foreign Source: Knight Frank LLP Source: Knight Frank LLP rents. Development tends to be focused on north, Heineken and CFAO are building a new
*4 bedroom executive house – prime location *4 bedroom executive house – prime location
However, the local rate for offices is aroundAngola oil companies and it recently imposed on Plateau, which is the established CBD where brewery on the road to Yamoussoukro, which
one-third, or less, of this. The US Embassy’s ExxonMobil a fine equivalent to seven Malawi
times skyscraper construction is permitted, but will open in 2017
relocation to Dembé/Chagoua is likely to
Zambia
the country’s GDP for the alleged non- many international companies prefer Marcory and give some critical mass to the proposed
spur the movement of other administrative payment of taxes. and Cocody. PPP-funded PK24 industrial zone.
functions to this area of Contact Contact
the city. Residential market Mozambique Peter Welborn, Managing Director, Africa Peter Welborn, Managing Director, Africa Retail market Residential market
+44 20 7861 1200 +44 20 7861 1200
Zimbabwe
N’Djamena saw a surge in the development peter.welborn@knightfrank.com The opening of CFAO/Carrefour’s PlaYce Upmarket residential development tends
Retail market Namibia of high-end villas and hotels in the run-up Madagascar peter.welborn@knightfrank.com
Marcory in December 2015 gave Abidjan to focus on Zone 4/Bietry to the south, and
There are no international retailers in to the 2015 African Union summit, including its first investment-grade mall, along with a Cocody and the Rivieras to the north. Recent
N’Djamena, and the formal retail market a 60-villa compound at Sabangali, and Mauritius variety of new and mainly-French retail brands. years have seen the development of a significant
largely comprises small supermarkets
Botswana
a residential development alongside the The same group is developing a second mall volume of luxury apartment buildings, and this
selling imported products. Supermarket Ledger Plaza hotel. However, the summit to the north of the lagoon, known as PlaYce trend is continuing. The market was boosted by
brands include Modern Market, Alimentation was cancelled due to the country’s economic Palmeraie, which is progressing quickly and the return of the African Development Bank to
Générale and Alimentation La Tchadienne. crisis and, since then, construction activity will open in 2017. The nearby Abidjan Mall Abidjan in 2014, but with the bank now starting
The most significant retail and commercial has almost entirely halted. At the top end of opened in August 2016, adding further to a process of “decentralisation”, high-end
street in the city is Avenue Charles de the market, property is generally developed the recent rapid growth of Abidjan’s mall residential demand may be negatively impacted.
for owner-occupation sector, which is now significantly ahead of Increased development outside of Abidjan is
Gaulle. In early 2016, N’Djamena’s first mall South Africa or for leasing to being encouraged by improvements to roads
opened opposite the Cité Internationale des expatriates. The expatriate leasing market is other markets in Francophone Africa. In the
Affaires, anchored by a 2,600 sq m Modern currently dominated by the diplomatic sector immediate future, any further construction and other infrastructure. Most of this is at the
Market. However, this is still a fairly basic as oil companies have downsized operations. activity is likely to comprise the upgrading of affordable end of the market, with small plots
development by international standards, Prime residential rents are around XAF1.75- older centres and new development in more being bought for the construction of owner-
being essentially ground floor space 2.5 million/month, which is slightly down peripheral locations such as Yopougon. occupied housing, but there has also been
under apartments. on a year ago, and the market is generally a significant amount of speculative activity.
stagnant.

New housing next to Ledger Plaza, N’Djamena PlaYce Marcory, Abidjan

18 19
Mali RAPPORT AFRIQUE 2017/18 ENQUÊTE
Niger
Sudan Eritrea
Chad

Djibouti

DEMOCRATIC REPUBLIC OF THE CONGO EGYPT


Benin
Togo Nigeria
Central African Ethiopia
Republic South Sudan
Ghana
Tunisia
Cameroon Key facts Morocco Key facts Alexandrie
Uganda Somalia
Equatorial
Republic
DEMOCRATIC Kenya Population 77.3 million Population 91.5 million Giza
Le Caire
Guinea
of the REPUBLIC OF Major cities: Major cities:
Gabon Congo THE CONGO Kinshasa 11.6 million Cairo 18.8 million
Rwanda Lubumbashi 2.1 million Alexandria Algeria 4.8 million
Mbuji-Mayi 2.0 million Giza 3.6 million
Burundi Kananga
Western
1.2 million Libya EGYPT
Official languages Arabic
Kinshasa Kananga
Official languages
Sahara
French
Mbuji-Mayi Tanzania Total area 1,001,450 sq km
Total area 2,344,858 sq km GDP growth (2016) 3.8%
GDP growth (2016) 3.9% Key export Petroleum
Lubumbashi Key export Copper Currency 
Egyptian Pound
Currency  Mauritania
Congolese Franc (EGP)
Angola (CDF) EIU country risk C
EIU country risk D rating (E=most risky)
Mali
Zambia Malawi rating (E=most risky) World Bank Doing 122
Office market Industrial marketMozambique World Bank Doing
Senegal
177 Business rank Office market Industrial market
Niger Eritrea
Office development accelerated after the Historically, prime industrial property has Business rank (out of 190 countries) A major issue affecting all property market The Industrial Development Authority
Zimbabwe Gambia
presidential elections in 2011, Namibia
but market been located in the city centre and Gombe, (out of 190 countries)
Madagascar sectors is the floating of the Egyptian pound, continues to control and promote new
activity has more recently slowed due to resulting in relatively high rents. However, Guinea which happenedChad in November 2016 and led industrial activity in Egypt. It owns significant
Sudan
uncertainty caused by the postponement of more recent development has generally Mauritius to a sharp devaluation against the US dollar. areas of land which are available for sale or
the next elections from 2016 to 2017. New Botswana
occurred in the east of the city, in areas As a result, where rents are payable by local lease. Land in outlying areas such as Upper
rentsGuinea
Bissau
Kinshasa prime and yields Cairo prime rents and yields companies at a dollar equivalent rate, they Egypt may even be offered free, while in
occupiers entering the Kinshasa market between the port and the international
are rare, resulting in weak demand for the airport. Industrial property is clustered around have effectively doubled in local currency other areas land is available at discounted
Prime rents Sierra Prime Benin Prime rents Prime
space that is currently available. The prime the Route des Poids Lourds, particularly terms. Some landlords have been forced to rates. Rents for industrial buildings are in
yields yields
area for offices is in the north of the city, with in Kingabwa and Limete. Medium and Nigeria cap the rate at which their rents are converted the region of US$2/sq m/month, and for
Togo
many of the most prominent buildings beingSouthlarge Africa
industrial properties are generally Offices US$25/sq m/month
Leone 12% Ivory Offices US$35/sq m/month 10.5% to the local currency and it is likely to be some warehousing are in the range of Ethiopia
along Boulevard du 30 Juin. International owner-occupied, there is little speculative Retail US$25/sq m/month Liberia
12% Ghana
Retail US$70/sq m/month 8.5% time before the market stabilises. Cairo’s US$3-3.50/sq m/month.
companies with a presence include Ericsson, development, and the leasing market Coast main office areas are Downtown and New
Industrial US$15/sq m/month 15% Industrial US$3.50/sq m/month 12%
Orange, Citibank, Elf, Vodacom, Nestlé and mostly comprises basic second-hand units.
Residential US$10,000/month* 12% Residential US$3,500/month* 7.5%
Cairo to the east of Africa
Central the city. The latter offers
Republic Residential market
Alcatel-Lucent. Most of these have offices Industrial rents in the newer areas drop by as commercial and residential accommodation
Camaroon in a less congested environment than the city Developers have reported good take-up
in Gombe, which is regarded as the most much as 50% compared with the city centre. Source: Knight Frank LLP Source: Knight Frank LLP
centre and a number of major companies of residential units in high quality new
secure area. Office buildings in Kinshasa are Much of the centrally-located industrial space *4 bedroom executive house – prime location *4 bedroom executive house – prime location
and bank headquarters are now located in developments, although to some extent this
generally of a poor standard and many lack can be expected to be gradually converted to
air conditioning or elevators. office or residential use. Equatorial this area. The government appears to be reflects the Uganda
release of a decreased number
pressing ahead with plans to create a new of units to the market. High-end residential
development is primarily focused Kenya
on 6th of
Retail market Residential market Contact Contact Guinea administrative capital to the east of New
Congo
Cairo which may cause a further shift in focus October City and New Cairo. The devaluation
Tim Ware, Managing Director, Zambia Peter Welborn, Managing Director, Africa Gabon
The Kinshasa retail market has shown limited With security concerns becoming more away from the city centre. Prime city centre of the Egyptian pound will create issues in
+260 211 250 538/250 683 +44 20 7861 1200
progress in recent years. The 10,000 sq m Le acute, residential values have risen office rents are in the region of US$30-35/sq this sector as developers face increased
Rwanda
+260 211 255 992-3 peter.welborn@knightfrank.com
Premier Shopping Mall opened on Avenue de dramatically in the parts of Kinshasa m/month, and drop toZairearound US$25/sq m/ costs in local currency terms and, as a result,
tim.ware@zm.knightfrank.com
la Justice in 2016, while Conimmo has plans regarded as being safe. There has month in New Cairo, albeit prime schemes may seek to increase local currency prices.
to build the 32,000 sq m City Mall in Gombe. been a significant volume of apartment such as Cairo Festival City quote higher rates.
However, the massive and unfinished Gare development, but the availability of
Centrale mixed-use development provides standalone houses in good, secure locations Tanzania
a reminder of the difficulties of developing remains limited. The best residential areas Retail Market
in Kinshasa. Shoprite is the only major are generally in the north of the city and The floating of the local currency has caused
international retailer in Kinshasa, having a include Gombe, Kintambo, Binza, Lingwala additional issues for retailers, as they have
supermarket on Avenue de l’OUA. Rents for and Barumbu. A number of relatively small not just seen rents rise in local currency
ground floor retail space are at a similar level developments targeting expatriates have terms, but the cost of imported goods has
to office rents, highlighting the immaturity of been completed in recent years, and these also increased. There is further uncertainty
the sector as a higher value is attached have been successfully leased. Prime rents over the impact that the currency devaluation
to ground floor retail units in more advanced are in the region of US$10,000/month, but will have ANGOLA
on consumer spending. No new
markets. drop off dramatically outside of the safe malls were delivered to the Cairo market in
areas. 2016, and the opening of the massive Mall of Malawi
Egypt (165,000 sq m GLA) was put back to Zambia
2017. Prime rents for small retail units can be
in excess of US$100/sq m/month, but rates
for larger units are typically in the order of
Immeuble Tilapia, Kinshasa Maadi Technology Park, Cairo
US$50-70/sq m/month.

Zimbabwe

20 21
Namibia
Algeria
Mali RAPPORT AFRIQUE 2017/18 ENQUÊTE
Niger Western
Libya Egypt

Sudan Eritrea
Chad Sahara

EQUATORIAL GUINEA Mauritania


Djibouti ÉTHIOPIE
Mali
Côte Benin
Niger
Key facts
Key facts
Senegal Ethiopia Sudan
Eritrea
’Ivoire Togo Chad
Gambia
Population
South Sudan
0.8 million Population 99.4 million
Ghana Central African Major cities: Major cities:
Guinea
Malabo 0.2 million Addis Ababa 3.2 million Djibouti
Nigeria Republic Benin
Cameroon
GuineaSpanish, French
Official languages
Dire Dawa 0.4 million
Côte Addis
Bissau
Total area Sierra 28,051 sq km Togo Nigeria
Official languages Amharic Abeba Dire Dawa
Malabo
-9.9% d’Ivoire
Total area Somalia 1,104,300 sq km
ETHIOPIA
GDP growth (2016)
Leone
Liberia
Uganda Ghana GDP growth (2016) Central
6.5% African South Sudan
EQUATORIAL Key export Petroleum
KenyaKey export Cameroon
Coffee
Republic of Republic
GUINEA the Congo
Currency 
Central African CFA
Franc (XAF) Currency Birr (ETB)
Gabon EIU country risk Somalia
EIU country risk D Equatorial C Uganda
rating (E=most risky)
Democratic Rwanda rating (E=most risky)
Kenya
World Bank Doing
Republic 178 World Bank Guinea
Doing 159
Congo
Business
of the Congorank
(out of 190 countries)
Burundi Business rank
Gabon
(out of 190 countries) Democratic
Office market Industrial market Office market Rwanda Industrial market
Office demand in Equatorial Guinea has Equatorial Guinea was one of the fastest- Republic Burundicompanies,
As a location for international There is a growing market for consumer
historically been primarily driven by the
construction and energy sectors. The
growing economies in the world in the first
decade of the 2000s, with its success resting
Malabo prime rents and yields Tanzania Addis Ababa prime rents and yields
of
Ethiopia is restricted by its investment code,
thewhich
Congo
products in Ethiopia which has encouraged
the market entry in recent years of firms such
prohibits foreign investment in the
country has a history of big “statement” on a string of oil and gas discoveries. Almost
Prime rents Prime Prime rents Prime banking, telecoms and financial Tanzania
services Diageo, Heineken, SAB Miller, Duet Group,
infrastructure projects such as the Malabo II all industrial activity relates to the oil and gas yields Tiger Brands and Unilever. However, the
yields sectors. Nonetheless, office demand is
urban corridor and the Sipopo luxury resort, sector and, to a lesser extent, agriculture
relatively strong in Addis Ababa and buildings manufacturing real estate market is not well
and timber. Industrial activity is focused Offices US$37/sq m/month 11% Offices US$25/sq m/month 6%
and work has begun on the construction of generally have high occupancy rates. Most developed. The most developed areas and
around KM5, a purpose-built transit-port for Retail US$37/sq m/month 11% Retail US$33/sq m/month 6%
a new capital city at Oyala on the mainland. offices are in mixed-use buildings, few of locations with future growth potential are
oil-related cargo, and the massive liquefied
The construction industry has been hit by Industrial US$11/sq m/month 14% Industrial US$7.50/sq m/month 10% generally found within 100 km of Addis Ababa,
natural gas (LNG) facility at Punta Europa. which would meet the quality or health and
reduced government spending resulting from
Angola
There has been a drive to relocate some Residential US$6,500/month* 9% Angola
Residential US$6,000/month* 8% safety standards required by international to the south of the city and along the new
lower oil revenues. The oil and gas sector Malawi
has also contracted, generating muted office
oil and gas activity across Bioko Island to
Lonrho’s Luba Freeport, where there has been
Source: Knight Frank LLP

Zambia
*4 bedroom executive house – prime location Malawi Source: Knight Frank LLP
*4 bedroom executive house – prime location
Zambia
corporate occupiers. The traditional locations
for upscale offices in Addis Ababa are in Bole
Addis Ababa-Djibouti railway. The only two
major new industrial parks are at Bole Lemi,
demand. However, the market’s few major significant purpose-built construction and real which is mainly used for clothing production,
Road, Bole Medhanealem/Cameroon Street,
office landlords are debt-free and able to estate speculation. and Dukem/EIZ. While it is possible to
cope with vacancies, so rents are likely to Kazanchis and La Gare/Mexico. Investment
yields can be very low as there isMozambique
strong construct on a standalone basis, this
decrease less rapidly than would be expected Residential market demand fromZimbabwe
generally has to be in locations without good
in other markets with similar supply/demand
dynamics.
Equatorial Guinea has the highest GDP per Contact Mozambique Contact Namibia
wealthy locals who are subject
to restrictions on the transfer of money Madagascar
infrastructure and requiring land purchases
capita in Africa, but its wealth belongs to a Peter Welborn, Managing Director, Africa from multiple parties. However, Heineken has
very small section of the population. Wealthy +44 20 7861 1200 Zimbabwe Peter Welborn, Managing Director, Africa
+44 20 7861 1200
outside Ethiopia and have few alternative
successfully achieved this at AkakiMauritius
Kality.
Retail market
Namibia
individuals have channelled a significant peter.welborn@knightfrank.com Madagascar
peter.welborn@knightfrank.com investments available.
Botswana
The retail market in Equatorial Guinea is amount of capital into residential real estate Residential market
development and there are some good Retail market
limited in size, reflecting the country’s small
population, much of whom live in extreme quality apartment blocks to the west and Mauritius The best locations in Addis Ababa for high-
poverty with wealth being concentrated in centre of Malabo. The oil and gas sector Botswana The Ethiopian retail market has significant
growth potential but its development is
end apartments are in Bole and Kazanchis.
drives expatriate demand, and recent falls in Old Airport is also a good residential area,
the hands of a very small minority. There are fundamentally restricted by the fact that
oil prices have thus had a significant impact which mainly comprises villas. The market
medium-sized supermarkets alongside local
on activity. There does, though, remain a
South Africa
foreign investment is not permitted in this
markets and street trading. Supermarkets has been buoyant, with high-end apartments
reasonable market for serviced apartments sector. Modern retailing in Addis Ababa is still mainly being sold off-plan and during their
used by expatriates in Malabo include EGTC,
and compounds catering for oil workers in the early stages of development compared construction periods. Most schemes have
Martínez Hermanos, Supermercado Santy in transit to and from offshore operations. with other countries in the region. The most been on a relatively small scale, but there are
and Supermercado Muankaban. These stores There has been some mass house building at prominent supermarkets, such as Shoa now also some decentralised mega-schemes
are well stocked with international goods
but are very expensive, as almost everything
developments such as Buena Esperanza on
the outskirts of Malabo, but it is debatable ifSouth Africa and Bambis, are local companies operating
from medium-sized stores. Addis Ababa
such as Poli Lotus and Royal Garden. While
has to be imported. There are plans for the this is truly affordable to most locals. availability is likely to increase and the market
construction of larger retail developments has several small and medium-sized malls, is expected to slow a little, a flight to quality is
including the 12,000 sq m Sipopo Mall. including Zefmesh Grand Mall, Medhanealem anticipated and the prime market will remain
Mall and Friendship City Centre, which strong. At the top end of the apartment
all generally operate at around 100% market, purchases are mainly made for
occupancy. investment.
Ibis Hotel, Malabo II Zefmesh Grand Mall, Addis Ababa

22 23
Mauritania

Mali
Niger RAPPORT AFRIQUE 2017/18 ENQUÊTE
Eritrea
Sudan
Chad

Senegal

GABON GHANA
Djibouti
Benin
Niger
Togo Nigeria Gambia Mali
e Ethiopia
South Sudan
Central African Key facts Key facts
Ghana Guinea
Republic
Population 1.7 million Bissau
Population 27.4 million Benin
Cameroon Major cities:
Major cities:
Equatorial Libreville
Uganda 0.7 million Somalia Accra 2.3 million
Guinea GHANA Nigeria
Port-Gentil 0.1 million Kumasi Sierra
2.1 million Côte
Guinea d’Ivoire
Republic Official languages
Kenya
French
Sekondi-Takoradi Leone
0.6 million
Togo
Libreville of the Official languages English
Total area 267,667 sq km
Port-Gentil GABON Congo
Democratic Republic GDP growth (2016)
Rwanda 3.2%
Total area 238,533 sq km
of the Congo Key export Petroleum
GDP growth (2016) 3.3%
Kumasi
Burundi
Currency 
Central African CFA
Key export Petroleum Liberia
Franc (XAF) Currency Cedi (GHC) Accra
Sekondi-Takoradi
Came
EIU country risk C EIU country risk C
Tanzania
rating (E=most risky) rating (E=most risky)
Angola World Bank Doing 164 World Bank Doing 108
Business rank Business rank
Office market Industrial market (out of 190 countries) (out of 190 countries) Office market Industrial market Equatorial
Across all sectors, the property market in With the industrial market being impacted The recent downturn in the Ghanaian Guinea
The industrial property market has faced
Gabon has been affected by economic and by the slowdown in oil-related activity, Accra prime rents and yields economy has reduced office space demand challenges stemming from power supply
Libreville prime rents and yields in Accra. Several new office properties have issues, taxation changes, high borrowing
political uncertainty over the last 12 months. future growth may depend on the success
Declining oil reserves and depressed oil prices of the government’s drive to expand been completed in the CBD and Airport Area, costs and the collapse of the cedi. There
MalawiPrime rents Prime Prime rents Prime
have led to reduced government spending and non-oil industries. However, the business
Zambia yields with the largest new office building to enter has been some rationing of power which
yields
an increased focus on the non-oil economy. environment in Gabon is challenging and the the market in 2016 being Dream Realty’s has resulted in several businesses having
The results of presidential elections in August government’s diversification strategy has so Offices US$35/sq m/month 9% Offices US$35/sq m/month 9% The Octagon (36,000 sq m). A number of to stop production and lay off staff to
2016 were disputed leading to political far been based on the granting of specific Retail US$45/sq m/month 9% Retail US$40/sq m/month 8.75% the new developments due in the medium- reduce costs. The key industrial locations
unrest. Office rents in Libreville are currently incentives to foreign investors. There is a term are for owner-occupation, but these in Accra include North Industrial Area,
Industrial Mozambique
US$8/sq m/month 14% Industrial US$10/sq m/month 12%
will still result in the release of a significant South Industrial Area, Spintex Road and
coming under downward pressure, primarily special economic zone at Nkok, about 30 km
due to significant volumes of new space Residential US$6,000/month* 8%
east of Libreville, which was established as Zimbabwe
a Residential US$4,500/month* 8% amount of second-hand space. Asking Tema, while Kpone and Accra-Aflao Road
being either recently completed or close to partnership between the government and the Madagascar rents remain relatively high but are coming are emerging submarkets where land is
Namibia Source: Knight Frank LLP readily available. Demand for space has
completion in and around the city centre. Singaporean agri-business Olam. Much of Source: Knight Frank LLP under downward pressure due to rising
*4 bedroom executive house – prime location vacancy rates and the limited number of eased in recent years and there is some
These new developments have mostly been the country’s oil-related industry is based in *4 bedroom executive house – prime location
Mauritius vacancy, with more development to come
built by Lebanese or Chinese developers and the city of Port-Gentil, which is currently only tenants seeking space. The Accra market is
Botswana expected to remain balanced in the tenant’s at Rendeavour’s Appolonia project and LMI
investors, and are entering the market when accessible via air and sea. However,
demand for new space is subdued. the first road link to the city, involving favour for the next few years. Holdings’ Dawa Industrial City.
the construction of several bridges, Contact Contact
Retail Market is being built by the China Road Peter Welborn, Managing Director, Africa Peter Welborn, Managing Director, Africa
Retail market Residential market
and Bridge Corporation. +44 20 7861 1200
While the retail market in Gabon remains +44 20 7861 1200 While the Ghanaian retail market is still Ghanaian housing has traditionally taken
dominated by small-scale and informal peter.welborn@knightfrank.com peter.welborn@knightfrank.com predominantly informal, there are some the form of low-rise accommodation
retailing, more modern and larger scale Residential market
South Africa major malls, particularly in Accra. A number but in larger cities such as Accra, where
operations have steadily been introduced As with the office sector, the prime residential of international retailers, largely from South land prices have increased substantially
to the country. There are few international market is seeing new developments coming Africa, have a presence in the market. in recent years, there are an increasing
retailers in Libreville although a franchise of the on line at a time when demand is limited. Accra’s first Grade A shopping centre was number of townhouses and apartment
French supermarket Géant Casino operates at Properties that would have previously been the 20,000 sq m Accra Mall, which is now blocks. The trend to construct apartment
Centre Commercial Mbolo. expected to re-lease easily once being ten years old. Subsequent openings have buildings has been driven by the mid-to-
The main market in Libreville, Marché de Mont- vacated are now becoming much harder included West Hills Mall (27,000 sq m) and high income groups in Ghana, with this
Bouët, is due to be replaced by the Grand to lease and landlords are experiencing The Junction Shopping Centre (11,500 sq type of property being seen as a good
Marché de Libreville which will provide better void periods. There is a shortfall of lower m), while pipeline projects include Actis/ investment vehicle. The economic boom
quality market stalls alongside more modern income housing, which the government has Mabani’s mixed-use The Exchange. There earlier in the decade encouraged high
retail units, but work on the new facility has attempted to address by developing new are concerns that the Accra retail market is levels of development, and the market
not yet commenced. Gabon is among eight units, but the number of units completed to close to reaching saturation point, and new now suffers from oversupply. Prices are
African countries identified as targets for date is well behind initial targets. developments will be entering a challenging generally falling, but good quality product
development by CFAO/Carrefour. economic environment. In the short-to- priced at a level that provides developers
medium term, retail development is likely to with a reasonable profit margin will still sell
focus on secondary cities such as Takoradi well.
and Kumasi.

Abayak Buildings, Malabo Immeuble Premium, Libreville Immeubles desAccra


Stanbic Heights, Nations Unies, Accra

24 25
Uganda
Kenya
Guinea Congo
Gabon
RAPPORT
Rwanda AFRIQUE 2017/18 ENQUÊTE
Eritrea
Democratic Republic
ad Sudan Tanzania
of the Congo
KENYA Somalia MADAGASCAR
South Atlantic Ocean
Ethiopia Key facts Key facts
al Africa South Sudan Angola
Malawi
Population 46.0 million Population
Zambia
24.2 million
ublic Major cities: Major cities: Mozambique
Nairobi 3.9 million Antananarivo 2.6 million
Mombasa 1.1 million Official languages French, Malagasy
Uganda
KENYA
Kisumu 1.0 million
Total area 587,041 sq km MADAGASCAR
Official languages English, Kiswahili
Kisumu GDP growth (2016) 4.1% Zimbabwe Antananarivo
Total area 580,367 sq km Namibia
Key export Nickel
Rwanda Nairobi GDP growth (2016) 6.0%
Currency 
Malagasy Ariary Mauritius
Key export Tea
Mombasa
(MGA) Botswana
Currency 
Kenyan Shilling EIU country risk C
(KES) rating (E=most risky)
Tanzania EIU country risk C World Bank Doing 167
rating (E=most risky) Business rank
World Bank Doing 92 (out of 190 countries)
Office market Industrial market Business rank Office market Industrial market
Approximately 300,000 sq m of commercial Most of the stock in the established (out of 190 countries) South Africa The office market in Madagascar deteriorated The main industrial areas are located in the
office space was delivered to the Nairobi Indian
industrial zones of Nairobi andOcean
other major after the coup in 2009, but greater stability south of Antananarivo. There is a mixed-use
market in 2016, compared with an average Kenyan cities remains outdated and of followed the presidential elections of 2013, area to the south of the city centre which
Antananarivo prime rents
ola of 150,000 sq m in recent years. The poor quality, and industrial areas suffer Nairobi prime rents and yields and yields
leading to a period of steady growth. The mainly contains lower quality buildings,
Malawi
high levels of new supply have negatively
Zambia
from heavy traffic congestion. Modern preferred office locations for multinationals Madagascan businesses and airline
companies. As it forms the main arterial route
affected rental levels and occupancy well-configured logistics space is currently are the areas to the north of the city centre
Prime rents Prime Prime rents Prime
rates. This situation has been exacerbated scarce in spite of growing demand for high yields such as Andraharo, Tana Waterfront, Ivandry south of the city, the road in this area can
yields
further by external events that have caused specification facilities, and this has led and Ankorondrano. The last of these is become very congested. About 5 km to the
some multinationals, particularly in the oil to some occupiers developing their own Offices US$16/sq m/month 8% Offices US$15/sq m/month 14% home to Antananarivo’s tallest building, the south of the city centre, the Zone Industrielle
Mozambique
industry, to downsize their operations in space. Rising demand in this sector has Retail US$48/sq m/month 8% Retail US$15/sq m/month 13% 33-storey Tour Orange, which was completed Forello is the location of some of the heavier
Kenya. The take-up of new prime offices in prompted the emergence of several master in 2013. The areas to the north are favoured industries. Nearby is the Zone Industrielle
Zimbabwe
Nairobi remains steady, however, with the planned industrial parks, particularly on
Industrial US$4.70/sq m/month 8.5% Industrial US$4.50/sq m/month 18%
over the city centre, as congestion and a Filatex Ankadimbahoaka, which is one of
ia city continuing to be the preferred location
Madagascar
the outskirts of Nairobi where developers Residential US$4,100/month* 5% Residential US$1,250/month* 12% lack of car parking make it unattractive to Madagascar’s first free zones. There is also
for global corporates looking to establish are taking advantage of new infrastructure Source: Knight Frank LLP Source: Knight Frank LLP most companies. However, the majority of a small amount of light industrial activity just
regional hubs serving East Africa’s 150 developments, but construction is yet toMauritius*4 bedroom executive house – prime location *4 bedroom executive house – prime location government and banking occupiers remain in south of the airport.
Botswana
million-plus population. commence on a large scale. the city centre.
Residential market
Retail market Residential market Retail market The relatively low household income in
Approximately 100,000 sq m of formal The residential sector remained stable Contact Contact The retail sector is largely informal, and Madagascar means that most people cannot
retail space was delivered to the market throughout 2016, due to steady Ben Woodhams, Managing Director Antananarivo is home to markets including afford to purchase housing. The development
Peter Welborn, Managing Director, Africa
in 2016, up from about 50,000 sq m in macroeconomic conditions and minimal +254 20 4239000 +44 20 7861 1200 the Andravoahangy craft market, the Petite that does take place is generally focused
2015. As a result of this new supply, it impact from external shocks. Luxury home ben.woodhams@ke.knightfrank.com peter.welborn@knightfrank.com Vitesse food market and the Analakely on the prime end of the market and the
South Africa
has taken longer for space to be let and sales prices increased marginally, but prime covered market. The areas around Avenue expatriate sector. These parts of the market
prime rents have stagnated. Retailers rental prices declined as a result of a slight de L’Independence are the main focus for were badly affected by the political instability
from outside Africa are taking a growing oversupply, which was partly attributable to retail activity. As a relatively poor country, up until 2013 but have since shown signs of
interest in Kenya, with the most high profile the exodus of a large number of expatriates Madagascar offers limited opportunities recovery. Most high-end residential areas are
recent market entrant being the French following the downsizing of Kenya’s oil for formal retailing, although there are in and around Ivandry to the north of the city
supermarket chain Carrefour, which has extraction industry. The Kenyan government supermarket chains including Shoprite, centre, where many of the embassies
stores at both The Hub estimates that there is a shortage of Jumbo Score and Leader Price. The most are located.
and Two Rivers Mall. However, the sudden approximately 200,000 units per annum modern shopping centre in Antananarivo
rise in supply has stretched the capacity of and is addressing the situation through is the Shoprite-anchored La City which
local retailers to occupy the new space. measures such as slum upgrading opened in Ivandry in 2012, while development
and the provision of tax incentives projects include Filatex’s Alhambra Gallery.
for major developers. Many international brands, including Gap,
Ralph Lauren and Zara, manufacture clothing
in Madagascar, and this could open up
opportunities for international retailers to
enter the market. The island’s location and
history would suggest that these would most
probably come from South Africa or France.

Abayak Buildings, Malabo Britam Tower (under construction), Nairobi Antananarivo

26 27
Rwanda RAPPORT AFRIQUE 2017/18 ENQUÊTE

Burundi
Tunisia
Morocco

MALAWI Algeria
Libya
Western
Democratic Tanzania Key facts Key facts Sahara
Republic
of the Congo Population 17.2 million Population 17.6 million
Major cities: Major cities: Mauritania
Blantyre 1.1 million Bamako 2.5 million
Lilongwe 1.1 million Official languages French MALI
Niger
Mozambique Official languages English Total area 1,240,192 sq km
Lilongwe Total area 118,484 sq km GDP growth (2016) 5.3%
Senegal Chad
Bamako
Zambia GDP growth (2016) 2.7% Key export Cotton
MALAWI Key export Tobacco Currency 
West African CFA Guinea Guinea Benin
Currency 
Malawian Kwacha Franc (XOF) Bissau
Blantyre
(MWK) Sierra Côte Togo Nigeria
EIU country risk C d’Ivoire
EIU country risk D rating (E=most risky) Leone
Zimbabwe Central A
rating (E=most risky) World Bank Doing 141 Liberia Ghana
Madagascar
World Bank Doing 133 Business rank Cameroon Repub
Business rank (out of 190 countries)
Office market Industrial market (out of 190 countries) Office market Industrial marketEquatorial
The rental market has seen rising Electricity blackouts and water shortages In the five years since the coup d’état of 2012, The industrial market continues to be
the Bamako office market has struggled to
Guinea
based around local tradesmen, with noCongo
demand for small office space, but have worsened to the extent that industrial Bamako prime rents and yields
Malawi prime rents and yields grow and the supply of quality offices remains
Gabon
international manufacturers in the city. De
there has been a decrease in demand production is now estimated to be at
for larger offices. There is a general less than 50% of its capacity. However,
Mauritius very limited. The initial improvements in the The main industrial zone is to the east of
LILONGWE Prime rents Prime R
Botswana
move towards modular office space demand for warehouses continues to be Prime rents Prime yields economic, political and security environment the commercial centre, and the availability
that allows occupiers to downsize or relatively strong, and is dominated by yields immediately after the coup d’état were short of good quality storage and logistics
increase space as the need arises. industrial users requiring logistics and Offices US$19/sq m/month 12% lived. There are significant risks to the outlook, warehousing is minimal. As much as 80% of t
Annual rental escalations of 20% or more storage space. Warehousing rents have Offices US$11/sq m/month 12% Retail US$19/sq m/month 12% most notably Mali’s fragile security situation. of the Malian workforce is employed in
are common, in line with Malawi’s high thus maintained comparatively high levels. Retail US$18/sq m/month 10% Setbacks to the country’s improving security, agriculture, with cotton being one of the
Industrial US$5/sq m/month 16%
inflation rate. Lilongwe city centre has Investment transactions in this sector are especially in Bamako, may dampen any country’s largest exports. Mining is also
Industrial US$5/sq m/month 12.5% Residential US$1,000/month* 10%
a shortage of high quality office space negligible. economic recovery and further stifle office an important sector, and both areas have
and no construction has taken place in Residential US$2,500/month* 8% Source: Knight Frank LLP demand and new supply. What little demand potential for growth should political stability
recent years as a lack of infrastructure Residential market *4 bedroom executive house – prime location there is for offices comes from the banking, be achieved. If the market stabilises, Angola
inhibits the development of vacant sites BLANTYRE telecommunications, government and NGO there should be opportunities for logistics
Although there is still a disparity between Prime rents Prime sectors. Prime rents are currently stable at companies and developers, particularly
in central areas. However, five new office
South Africa are under construction and will
buildings
the cities of Blantyre and Lilongwe in terms yields US$19/sq m/month, but rental levels fall away where they hold land in inner city zones,
be ready for occupation within two years,
of both rental and market values, this gap Contact dramatically outside the CBD to around US$6/ as the continued expansion of Bamako is
is being reduced by the indexation of rents Offices US$5.50/sq m/month 9.75%
in parts of the city where infrastructure is Peter Welborn, Managing Director, Africa sq m/month. resulting in higher land values in central
to the US dollar, especially for high quality Retail US$9/sq m/month 8.5% areas.
in place. Office development and sales +44 20 7861 1200
properties. Lilongwe now has a surplus of Namibia
in Blantyre are both at a standstill due to
representational residential properties, for
Industrial US$4/sq m/month 10% peter.welborn@knightfrank.com Retail market
the high cost of finance.
which rents are quoted in dollars, due to a Residential US$2,500/month* 8% The continued high security risk has hindered Residential market
reduction in demand from the international Source: Knight Frank LLP the development of the Bamako retail market. The high-end residential market has
Retail market donor and business communities. Other *4 bedroom executive house – prime location Mali has fallen well behind other West African been hit hard over the last two years.
Demand for high quality retail space is tenants are moving into smaller and less countries such as Côte d’Ivoire, Ghana and The continued security woes have led to
tapering off due to the low purchasing expensive accommodation in medium Senegal, where modern retail malls have been lower demand from NGOs and company
power of consumers. The Gateway Mall density areas where rents are quoted in Contact developed in recent years. Retail activity in executives, resulting in a significant
in Lilongwe opened in December 2014 the local currency. Residential sales have Don Whayo, Managing Director Bamako continues to be generally informal downturn in rental levels. Property So
but it is not yet fully occupied. The mall slowed down due to the difficult economic +265 1 823 577 and based around street trading, with the owners have had to compete to attract
was developed by MPICO Limited and environment. don.whayo@mw.knightfrank.com Marché Rose and Street Market in the city interest from the diminishing number of
is anchored by Shoprite. Lilongwe now centre being key locations. The most modern occupiers in the market for high quality
has two large modern shopping malls retail provision is to the west at ACI 2000, residences. There is stronger demand for
and Blantyre has one, although several where there are also a number of showrooms. lower value housing, particularly because
smaller malls have appeared in the past Bamako is growing at a fast pace as
two years. Generally, the traditional high many rural Malians are choosing to move
street retailers continue to thrive. to the relative safety of the city. This
increased demand for houses is largely
being satisfied by the public sector, with
government-built housing units significantly
outnumbering those built by private
developers.

Immeubles Abayak, Malabo The Gateway Mall, Lilongwe Tour BCEAO, Bamako

28 29
Democratic Republic
of the Congo
Tanzania RAPPORT AFRIQUE 2017/18 ENQUÊTE

MAURITANIAMorocco South Atlantic Tunisia


Ocean
MAURITIUS
Angola
Malawi
Algeria Key facts Zambia
Key facts

Population Libya 4.1 million Egypt Population 1.3 million


Western Major cities:
Major cities:
Sahara Port Louis 0.2 million
Nouakchott 1.0 million
Official languages Arabic Official languages English Madagascar
Total area 1,030,700 sq km Zimbabwe2,040 sq km
Total area
GDP growth (2016) 3.2%Namibia GDP growth (2016) 3.5%
Port Louis
MAURITANIA Key export Iron ore Key export Textiles
Nouakchott
Mali Niger
Currency Ouguiya (MRO) Currency 
Mauritian Rupee MAURITIUS
EIU country risk D Botswana (MUR)
rating (E=most risky) Sudan Eritrea
EIU country risk B
Senegal
World Bank Doing Chad
rating (E=most risky)
160
The Gambia World Bank Doing 49
Business rank
(out of 190 countries) Business rank
Guinea (out of 190 countries) Djibouti
Guinea Benin Office market Industrial market
Office market Industrial market
Aside from theBissau
Côte Togofor having an Nigeria
Sierra
diplomatic sector, the oil Mauritania’s reputation opaque
Ethiopia
The traditional CBD of Port Louis centres on Due to the nature of the Mauritian economy,
and mining industry has historically been tax and import/export regime has inhibited locations such as the Waterfront, Edith Cavell demand for industrial and warehousing
d’Ivoire Nouakchott prime rents and yields Port Louis prime rents and yields
the main source of international Leone
demand in the entry of international businesses. The Central African South
South SudanAfrica Street, Pope Hennessy Street, La Chaussée facilities is relatively low. Most of the existing
the Nouakchott office market. However, Liberia
the country is Ghana
commodity-rich being Africa’s
Prime rents Prime Prime rents Prime
and Royal Road. The Waterfront, which stock is either owner-occupied or leased
market is currently quiet with oil and mining second largest exporter of iron ore and with includes Barkly Wharf, commands the highest
companies putting expansion plans on hold good reserves of oil. However, the collapse
Cameroon
Republic yields yields
office rents, at nearly double the level of other
in small units. The Mauritian government
continues to promote industries away from
Offices US$12/sq m/month 11% Offices US$15/sq m/month 8.5% parts of the CBD. Mauritius’ second major
and cutting costs due to low commodity of global commodity prices has caused Somalia traditional sectors such as fishing, sugar
prices. Glencore abandoned its Askaf iron these sectors to contract. In Nouakchott, Equatorial
Retail US$14/sq m/month 10% UgandaRetail US$45/sq m/month 7.5% office location is the relatively new Cyber cane, mining and cement production. It has
City business park at Ebene, about 10 km to
ore project in 2015 while Kinross has scaled the main industrial zone closest to the city
Industrial US$2/sq m/month 15% Kenya
Industrial US$8/sq m/month 10% further developed warehousing and freeport
back its plans for the Tasiast gold mine. is at El Mina, which mainly comprises local Guinea Congo the south east of Port Louis. Office rents in facilities around Port Louis and the airport.
Residential US$2,000/month* 7.5% Residential US$3,500/month* 4% this location are at similar levels to the CBD,
Some international businesses operating in businesses operating out of older, owner- Gabon Democratic but in newer buildings with better parking
Private developers have taken advantage of
Mauritania, including Kinross, have based occupied facilities. Further out of the city, Source: Knight Frank LLP land released around Riche Terre to construct
themselves offshore in the Canary Islands. there is heavier industry including cement Source: Knight Frank LLP Rwanda *4 bedroom executive house – prime location availability. The government is following the warehousing, although to date most of this has
It is difficult to find good quality offices in production, at the Zone Industrielle du Republic
*4 bedroom executive house – prime location
Burundi lead of the private sector, by relocating many been offered on a build-to-suit basis. Prices
Nouakchott, and Al Khaima City Center Wharf and Port de l’Amitié. Assisted by the of its downtown offices to Ebene. This may have shown little movement over the last
remains arguably the city’s best commercial World Bank, a free zone has been created at of the Congo cause supply to increase in Port Louis, while couple of years.
building, approximately ten years after the port in Nouadhibou.
Contact Tanzania
Contact
availability falls in Ebene, pushing rents in the
completion.
Peter Welborn, Managing Director, Africa
two locations in opposite directions. Residential market
Residential market +44 20 7861 1200
Ben Woodhams, Managing Director, Kenya
The residential real estate market in Mauritius
Retail market The ambitious Ribat Al Bahr urban peter.welborn@knightfrank.com
+254 20 4239000
ben.woodhams@ke.knightfrank.com
Retail market continues to attract high levels of investment,
As a sparsely-populated country of around development project north of Nouakchott, Mauritius has a well-developed retail although foreign ownership is restricted
four million people, Mauritania is not an which was first announced in 2010 as market, which includes both small local to government-approved developments.
obvious target for international retailers. capable of housing 50,000 people, remains High-end developers targeting wealthy
However, a large ATAC supermarket, unbuilt. Nonetheless, future development
Angola strip malls and larger regional malls. These

a brand of the French retail group Auchan, at the top end of the market is likely to Zambia Malawi include Grand Baie La Croisette, Cascavelle foreign buyers need to ensure that their
Shopping Mall, Trianon Shopping Park and schemes are approved under the Property
opened in 2015 operating under franchise. be concentrated on areas to the north of Development Scheme (PDS), which has
Phoenix Les Halles. The largest shopping
The main shopping malls in Nouakchott are the city. The upmarket expatriate housing replaced the previous Real Estate Scheme
at the Al Khaima Center and Mauricenter, but area of Tevrah Zeina is located in the north mall is the Bagatelle Mall of Mauritius, which
(RES) and Integrated Resort Scheme (IRS).
these are relatively small and basic. Other of Nouakchott and, beyond this, there is Mozambique is located south of Port Louis on the M1 Mauritian nationals are well served by multiple
near Ebene and is anchored by Monoprix,
supermarkets around an area of former green belt land where Zimbabwe developments across the island and many
the city include Sky Rim and Salam. development has been encouraged in part
Namibia Madagascar Intermart, Woolworths and Food Lovers of the former sugar plantations offer large
The large supermarket unit fronting the Ribat by the opening of the new University of Market. Since opening in 2011, it has been tracts of land for master planned residential
Al Bahr development to the north Science, Technology and Medicine and Mauritius
expanded from 130 to 155 stores, and it also schemes. An increase in supply, combined
of the city has never opened for business. Oumtounsy International Airport. Botswana includes a hotel and cinema. with a slower global economy, has caused the
The prime high street retail location is the market to see little growth in rents or prices
Avenue du General de Gaulle, while the over the last few years. However, the open,
largest market for local shopping is the busy stable, low-tax environment means that
Marché Capitale. the island continues to attract expatriates and
investors.
South Africa
Abayak Buildings, Malabo Al Khaima City Center, Nouakchott Barkly Wharf, Port Louis

30 31
d’Ivoire South Sudan
Leone Central African
Liberia Ghana
Cameroon Republic
RAPPORT AFRIQUE 2017/18
Equatorial
ENQUÊTE Somalia
Uganda
Kenya
Guinea Congo
Gabon Democratic
Rwanda
Republic Burundi
MOROCCO of the Congo MOZAMBIQUE
Tanzania

Tangier Key facts Key facts


Fès Angola
Population 34.4 million Population 28.0 million
Casablanca Rabat Tunisia Zambia Malawi
Major cities: Major cities:
Casablanca 3.5 million Maputo 1.2 million
MOROCCO Fès 1.2 million Official languages Portuguese
Marrakech Rabat 2.0 million
Total area 799,380 sq km
Zimbabwe
Official languages Arabic, Berber
GDP growth (2016) 4.5% Namibia MOZAMBIQUE
Total area 446,550 sq km
Algeria Key export Aluminium
GDP growth (2016) 1.8% Botswana Maurit
Currency Metical (MZM) Madagascar
Western Key export Libya Insulated wire
EIU country risk C
Sahara Currency 
Moroccan Dirham Egypt
rating (E=most risky) Maputo
(MAD)
Mauritania World Bank Doing 137 South Africa
EIU country risk C Business rank
rating (E=most risky) (out of 190 countries)
World Bank Doing 68
Office market Industrial market Business rank Office market Industrial market
Casablanca is Morocco’s main business Morocco’s relatively diversified economic (out of 190 countries) The new Downtown area of Maputo is now The discovery of natural gas off the
location and its largest office market. The base and advantageous geographic Maputo prime rents and yields seen as the city’s CBD and is the main coast of Mozambique has yet to have
principal office districts are downtown, Sidi location make it well-positioned to focus for office development. Demand its anticipated positive impact on the
Maârouf and areas around the port including become a major manufacturing centre for Prime rents Prime for space has been negatively impacted industrial sector. Over the medium-term,
the massive Casablanca Marina development. exporting to Europe and the rest of Africa. Morocco prime rents and yields yields by the recent downturn in the economy, revenues from the production of liquefied
An important emerging area is Casablanca The government has been successful in
Mali Offices US$27.50/sq m/month 10%
which deepened in 2016 when the IMF natural gas (LNG) should start to flow
Finance City (CFC), on the site of the former attracting foreign investment and interest CASABLANCA withdrew aid to Mozambique following the to the government, although plans to
Casa-Anfa airport. Although there have has been encouraged by a new investment Niger Prime rents Prime Retail US$28/sq m/month 10% discovery of approximately US$1.4 billion process the gas offshore may mean that
been delays to its physical construction, law introduced in 2016 creating free zones yields
Industrial Eritrea 13%
US$5.50/sq m/month of previously undisclosed government limited additional demand is generated for
Senegal
international businesses such as Ford, AIG across the country. Currently, industrial Sudan debt. Low occupier demand combined with industrial property. Historically, industrial
Offices US$20.50/sq m/month
Chad 8.5% Residential US$5,500/month* 7%
and BNP Paribas have been attracted by the activity is concentrated in the Casablanca- increased supply has led to prime rents rents in Maputo have been relatively
Gambia
incentives offered to companies granted CFC Tangier axis, particularly in the regions of Retail US$25/sq m/month 8.25% Source: Knight Frank LLP
slipping from US$37.50/sq m/month in high, reflecting the fact that many of the
status. Office developments in the capital Casablanca-Settat and Rabat-Salé-Kénitra, Industrial US$5.50/sq m/month 12% *4 bedroom executive house – prime location
2015 to the current level of US$27.50/sq m/ traditional industrial areas are in central
Rabat are generally Grade B low-rise buildings and around the port of Tanger-Med. About Residential US$5,000/month* 8% month.Djibouti
Prime rents are expected to remain locations or near the port, but rents have
Guinea 30 km from the port, Renault
with little street setback. Office areas in Rabat
Bissau Guinea Beninhas the largest around this level over the medium-term. fallen over the last two years. The decline in
include the city centre, Agdal and Hay Ryad, car factory in Africa. A new port is under RABAT the economy and delays to LNG production
where a notable current development is Côte construction atTogo
Safi on the Atlantic coast,Nigeria Prime rents Prime
Contacts
Sierra
Foncière Chellah’s Mahaj Ryad Center. d’Ivoirewhich will provide a major new coal terminal yields
Retail market have also depressed the industrial markets
Ben Woodhams, Managing Director,Ethiopia
Kenya in the port cities of Nacala and Pemba.
Leone and phosphate hub. +254 20 4239000 Despite economic headwinds,
Offices US$17/sq m/month 9% Mozambique’s retail sector has continued to
Retail market Retail Central
US$22/sq m/month African
8.5%
ben.woodhams@ke.knightfrank.com
South Sudan show steady growth over the last two years, Residential market
Liberiaretail space
There was practically no modern Residential
Ghana market Republic Peter Welborn, Managing Director, Africa driven by the expansion of the middle class The residential market has been heavily
Industrial US$5/sq m/month 13% +44 20 7861 1200
in the country until the opening of the Morocco Figures from the Bank Al-Maghrib and coupled with an historic under-provision of impacted by the economic downturn. The
Mall (70,000 sq m) in 2011, and AnfaPlace Moroccan Land Registry show a significant Cameroon
Residential US$4,500/month* 8% peter.welborn@knightfrank.com
formal retail space. In 2016, the Portuguese rental apartment sector has been most
Shopping Center (31,000 sq m) in 2013. A increase in the number of residential Source: Knight Frank LLP retail group Sonae in partnership with affected due to a significant reduction
significant number of international brands transactions in 2016. This was driven by *4 bedroom executive house – prime location Somalia
private fund Satya Capital bought the Extra in expatriate demand as a result of
have since entered the market, including a rise in activity at the low-to-mid end of Equatorial Uganda supermarket chain, which had been owned companies cutting their overheads. Rents
H&M, McDonald’s and Marks & Spencer. IKEA the market, supported by the increased Guinea by South Africa’s Pick n Pay until 2013. for mid-to-high end apartments have
opened its first Moroccan store in 2016, at availability of mortgage finance. The Contact Kenya
Pipeline developments include Novare fallen by more than 40% and are unlikely
Zenata on the outskirts of Casablanca. The government has attempted to stimulate Congo
Peter Welborn, Managing Director, Africa Matola Mall (19,500 sq m, phase one) and to recover in the medium-term as there is
development pipeline includes Aksal’s planned the construction of social housing by Gabon
+44 20 7861 1200 Marginal Mall (30,500 sq m) which will a large volume of new units due to come
Mall of Rabat at Wessal Bouregreg. To support providing tax breaks and cheap land to peter.welborn@knightfrank.com Democratic expand the site of the existing Game store to the market. Rental villas at the top end
further retail development, the European developers. Despite this, Morocco has a Republic Rwanda on Avenida da Marginal into a fully-fledged of the market have been less severely
Bank for Reconstruction and Development shortfall of housing and there are several of the Congo shopping centre. Demand for retail space affected and currently lease for US$4,500-
has invested €45 million in Vecteur LV, the real master planned new cities at varying stages Burundi
is stable and well-located units are usually 5,500/month, although rents drop to
estate vehicle of Label’Vie, which operates the of development including Zenata Eco-City, readily leased at prime rents in the region of around 35-45% of this level on the local
Carrefour franchise in Morocco. Victoria City at Bouskoura and Tamesna US$28/sq m/month. mass market.
near Rabat.
Tanzania

Abayak Buildings, Malabo Maroc Telecom Headquarters, Rabat Edificio 24, Maputo

Angola
32 33
Malawi
Zambia
Gabon Congo
Rwanda Western Libya E
Algeria
Democratic Republic Sahara RAPPORT AFRIQUE 2017/18 ENQUÊTE
of the Congo Tanzania

Mauritania

NAMIBIA
Angola
Indian Ocean
Senegal Mali NIGERIA
Malawi
Niger
Gambia
Zambia Key facts Guinea
Key facts
Bissau Chad
Mozambique Population 2.5 million Population Guinea
182.2 million
Kano
Zimbabwe Major cities: Major cities:
Benin
NAMIBIA Madagascar
Windhoek 0.3 million Lagos Sierra
13.1 million
Abuja
Abuja 2.4 million
Official languages English Togo
Mauritius Official languages Leone
English NIGERIA
Swakopmund
Walvis Bay
Botswana Total area 824,292 sq km
Total area
Liberia
923,768 sq km Ghana
Ibadan
Benin
GDP growth (2016) 4.2% City
Windhoek GDP growth (2016) -1.7% Central African
Key export Lagos
Diamonds Warri Republic
Key export Petroleum Cameroon
Currency 
Namibian Dollar
(NAD) Currency Naira (NGN) Port
Harcourt
EIU country risk B EIU country risk D
rating (E=most risky) rating (E=most risky) Equatorial
South Africa Guinea
World Bank Doing 108 World Bank Doing 169
Business rank Business rank
(out of 190 countries) (out of 190 countries) Gabon
Office market Industrial market Office market Industrial market
Windhoek is a relatively small office market Windhoek has well-established industrial There is an oversupply of recently-constructed The industrial sector has been hard hit
with steady demand for space. There is zones at the Northern Industrial Area, Nigeria prime rents and yields good quality office space in both Lagos by the rapid depreciation of the naira.
an ongoing shift in activity away from the Southern Industrial Area, Prosperita and
Windhoek prime rents and yields and Abuja. Grade A rents have fallen in Democratic Repub
Several multinationals have to some extent
CBD towards less central areas, where Lafrenz. Development is also taking place at ABUJA recent years, but there is pent-up demand retrenched on previous growth plans,
Prime rents Prime
more modern offices with better parking are Shali Industrial Estate, north of Windhoek. yields
Prime rents

Prime
yields
partly resulting from companies’ delayed of the Congo
postponed capital projects or sought to
available. Popular non-CBD office locations Logistics is identified as a priority sector decision-making, and this finally appears sublease warehousing space. Major industrial
include Mandume Park in the south of by the government’s Fourth National Offices US$14/sq m/month 8.5% Offices US$33/sq m/month 9.5% to be strengthening activity in Lagos. Two development is almost entirely restricted
the city. Office rents have shown steady Development Plan (NDP4), and the country’s Retail US$25/sq m/month 7.75% recently-completed projects are RMB to the south west of Nigeria in and around
Retail US$58/sq m/month 9%
growth in recent years, but continued geographical location gives it the potential Westport’s Wings Office Complex (26,000 sq Lagos and neighbouring Ogun State. There
Industrial US$6/sq m/month 10% Industrial US$12/sq m/month 12%
new development may lead to downward to be a trade gateway for neighbouring m) where Ericsson has acquired space and are plans for the expansion of the market-
pressure, especially for space in older countries including landlocked Botswana, Residential US$2,900/month* 6% Residential US$6,500/month* 7% Heritage Place (16,000 sq m). Additionally, the leading Agbara Estate, while Lekki Free
buildings. In the office investment market, Zambia and Zimbabwe. The Namibian Source: Knight Frank LLP first office building at the huge Eko Atlantic Trade Zone’s viability as an industrial location
LAGOS
demand from South African investors has authorities are keen for Walvis Bay to *4 bedroom executive house – prime location
Prime rents Prime development is now complete and available Angola
should be enhanced by the development
helped to drive yield compression and become the preferred port location on the yields for lease, having been purpose-built for the of a new gas pipeline. Rendeavour has
capital value growth. west coast of Africa serving the Southern
Offices US$67/sq m/month 9%
now-defunct Afren oil company. Within Abuja, recently acquired a site of approximately Zam
African Development Community area, the recent completion of the World Trade 10,000 hectares in the free trade zone.
Contact Retail US$83/sq m/month 8.5% Center office tower has added to the supply
Retail market and a port expansion is currently under

Despite having a relatively small population


construction by China Harbour and Curtis Matobolo, Industrial US$10/sq m/month 12% surplus. Residential market
Engineering Company. Managing Director, Botswana Residential US$6,000/month* 8%
of just over 300,000, Windhoek has a +267 395 3950 There is a surplus of high-end residential
significant volume of modern mall space. curtis.matobolo@bw.knightfrank.com
Source: Knight Frank LLP Retail market space in Lagos, as a result of over-
The largest shopping centres are Grove Residential market *4 bedroom executive house – prime location
The slowdown in the Nigerian economy has construction in the previous development
Mall (52,000 sq m), Maerua Mall (51,000 sq Figures from FNB Namibia suggest that
Peter Welborn, Managing Director, Africa not detracted from the huge opportunities cycle. The traditionalNamibia
high-end residential
+44 20 7861 1200 areas of Ikoyi, Victoria Island and Banana
m) and Wernhil Park (38,000 sq m). With average house prices in Namibia have more that its burgeoning middle class are creating
peter.welborn@knightfrank.com Contacts Island have also seen increased competition
for retail development. Nigeria has continued
Windhoek being well-supplied for retail
space, developers have been encouraged
than doubled since 2010, but there are signs
that the market is now cooling with demand Peter Welborn, Managing Director, Africa to transition from informal market trading from Lekki to the east. Although Lekki Botswana
to build large-scale malls in other towns; for impacted by weakening economic growth. +44 20 7861 1200 to more modern retail formats. Major remains heavily congested, master planned
example, Safari Development’s Platz Am At the prime end of the market, the most peter.welborn@knightfrank.com developments planned or underway include communities such as Victoria Garden City
Meer (27,000 sq m) opened in Swakopmund desirable locations in Windhoek include Albert Orizu, Senior Partner the Eko Mall within Eko Atlantic which would have grown rapidly. Within the luxury sector,
in 2016, while Atterbury’s Dunes Mall the suburbs of Eros, Ludwigsdorf and Klein +234 80 2224 1450 potentially be the largest in West Africa, and Eko Atlantic had its first residents in 2016, at
(25,000 sq m) in Walvis Bay is due for Windhoek. High sales prices and rents are info@ng.knightfrank.com Actis’ proposed Twin Lakes Mall (50,000 sq the Eko Pearl Towers, while the World Trade
completion in 2017. Demand for larger retail also commanded by luxury housing in the m). The latter is rumoured to have Carrefour Center residential tower in Abuja also began
units primarily stems from South African coastal resort of Swakopmund. Namibia as its anchor tenant, thus breaking Shoprite’s to be occupied. Despite the slowdown in
chains such as Spar, Pick n Pay, Edgars has a shortage of affordable housing and near-monopoly on the anchoring of Nigeria’s the sector, a significant number of luxury South Afri
and Foschini, while the most prominent serviced land, which is exacerbated by high modern malls. Developers have also targeted developments are planned, including
Namibian-owned supermarket operator levels of rural-to-urban migration. second-tier cities, with locations such as Gracefield Island and Orange Island.
is Woermann Brock. Onitsha, Ibadan and Warri seeing recent mall
developments.

Abayak Buildings, Malabo Bank of Namibia Building, Windhoek Heritage Place, Lagos

34 35
Somalia
RAPPORT AFRIQUE 2017/18 ENQUÊTE

Kenya

RWANDA SENEGAL
Key facts Key facts Mauritania
Uganda
Population 11.6 million Population 15.1 milion
Major cities: Major cities:
Kigali 1.3 million Dakar 3.5 million
RWANDA Official languages Kinyarwanda, Official languages French Dakar SENEGAL
Kigali French, English Total area 196,722 sq km
Democratic Total area 26,338 sq km Mali
Republic GDP growth (2016) 6.6%
The
of the Congo GDP growth (2016) 6.0% Key export Gold Gambia
Key export Tin ore Currency 
West African CFA
Currency 
Rwandan Franc Franc (XOF)
Burundi (RWF)
Guinea
EIU country risk C Bissau
Tanzania EIU country risk C rating (E=most risky) Guinea
rating (E=most risky) World Bank Doing 147
World Bank Doing 56 Business rank
Business rank (out of 190 countries)
Office market Industrial market Côte
Office market Industrial market (out of 190 countries)
Sierra
d’Ivoire
In Dakar, businesses tend to prefer Compared with many other West African
The supply of office space in Kigali has Rwanda has only a small industrial base, Leone
either Plateau or the areas to the north at cities, the industrial market in Dakar is
outstripped demand for the last few years. but the government has ambitions to turn it
Les Almadies and Point E. In general, office fairly stagnant. Over the past five years,
Over 50,000 sq m of new office space came to into a regional centre for trade, logistics and Kigali prime rents and yields Dakar prime rents and yields market activity has shown a shift northwards, there has been little interest in Dakar from
the market in the past year, with an additional manufacturing. A major part of these plans is
particularly when involving international
Liberia
international manufacturers and many of the
70,000 sq m in the pipeline for the next two the Kigali Logistics Platform, a dry port which Prime rents Prime Prime rents Prime companies. However, demand is relatively international businesses that are in the city
years. The take-up of space is relatively slow, is due to be developed on a site at Masaka yields yields
flat, and international requirements tend have been scaling back their operations.
and the excess supply is putting downward near Kigali. DP World has been granted a 25-
Offices US$20/sq m/month 11% Offices US$19/sq m/month 10% to be small, typically 400 sq m. Larger Small-scale local industrial activity is found
pressure on prime rents. Kigali City Council year concession to develop and operate the
requirements generally come from the throughout Dakar, but the prime area for
is currently leading an urban regeneration facility. The government has also signed a deal Retail US$25/sq m/month 10% Retail US$26/sq m/month 9.5%
banking and telecoms sectors. Supply and bigger businesses is the port. Most industrial
drive in the CBD whereby old and low density with Alpha Logistics for the construction of a Industrial US$6/sq m/month 13% Industrial US$4.50/sq m/month 12% demand are relatively balanced, resulting in property is owner-occupied and there is
structures are being demolished to make modern bonded warehouse at Petit Barrière,
Residential US$3,000/month* 9% Residential US$2,800/month* 7% almost no rental growth for the last decade. practically no speculative development in
way for modern, high density commercial on the border with DR Congo.
Source: Knight Frank LLP Source: Knight Frank LLP However, this now makes Dakar appear this sector.
developments. As part of this strategy, tenants relatively inexpensive and in a similar position
*4 bedroom executive house – prime location *4 bedroom executive house – prime location
currently renting residential properties for office Residential market to that which the Ivorian capital Abidjan Residential market
use are being encouraged to relocate to newly was in two years ago before its recent rapid
constructed offices. This will generate demand There has been an increase in the number Residential development in Dakar is
of apartments and houses coming on to growth. There are ambitious plans for the
for some of the space currently on the market generally on a small scale, typically up
the rental market, and demand for such Contact Contact development of a new city at Diamniadio,
and in the pipeline. to 20 units. There is a market for well-
accommodation is strong. Increased interest Judy Rugasira Kyanda, Managing Director Peter Welborn, Managing Director, Africa 30 km east of Dakar, and this is likely to
priced apartments in small blocks and
in residential rental accommodation has been +256 414 341 391 +44 20 7861 1200 become an increased focus for activity
developments such as O2 and Ocean Drive
Retail market observed from the expatriate community, judy.rugasira@rw.knightfrank.com peter.welborn@knightfrank.com across all property market sectors.
have performed well. A key to the success
The retail industry in Rwanda is currently with Gacuriro and Kagugu being particularly of schemes is the willingness of owners
dominated by local retailers, with a small popular due to their affordable rents and Retail market to lease, as well as sell, units. Progress at
number of regional chains from Kenya and modern housing stock. In the residential sales the larger-scale Waterfront development
The Dakar retail market is relatively
South Africa having a presence, most notably market, the majority of enquiries stem from has continued to be relatively slow, and no
undersupplied, with only two major upscale
Nakumatt and Mr Price. Retail businesses indigenous Rwandans seeking houses in further similarly-sized schemes are likely
developments, Sea Plaza and Dakar City.
in Kigali are generally found in destination the US$50,000-100,000 range, in locations to be commenced until it is completed and
These malls are both anchored by Casino
locations that are not necessarily convenient such as Nyamirambo, Gisozi, Kibagabaga sold. Away from the seafront, the market is
and between them offer a total of around
for the majority of consumers. These and Kagugu. The prime residential pipeline in comparatively buoyant, although prices drop
20,000 sq m GLA. International brands in
environments tend to lack aesthetic appeal, Kigali is active with a number of developments from up to CFA1,500,000/sq m to around
the Dakar market include Benetton, Mango
public access and leisure and entertainment scheduled for completion in 2017 including CFA500,000-650,000/sq m at developments
and Guess. There are small supermarkets
facilities that would increase dwell times and Ridgeview Court, Karibu Homes and Serene such as Mixta/ARM’s Residence de la Paix.
throughout the city, the most ubiquitous
revenues. However, Kigali’s retail landscape is Crest Apartments.
being those of the Spanish group, Citydia.
evolving with the advent of developments such Additionally, the city has some boutique
as Union Trade Centre, Kigali City Tower, MTN shopping, historically centred on Rue Jules
Centre, CHIC Complex and M-Peace Plaza, Ferry in Plateau. Retail rents are relatively flat
and consumer habits are starting to change. Malawi and have fallen well behind those of the other
large Francophone West African markets of
Zambia Côte d’Ivoire and Cameroon.

Immeubles
Centenary House,
Abayak,Kigali
Malabo Larubibi apartments, Kigali Immeuble de bureaux Focus One, Dakar

36 37
Eritrea
Democratic Republic Senegal
of the Congo Chad
Tanzania Gambia
Guinea RAPPORT AFRIQUE 2017/18 ENQUÊTE Djibouti
Guinea Benin
Bissau
Côte Togo Nigeria
Sierra d’Ivoire Ethiopia
Leone
Angola Central African South Sudan
Malawi Liberia Ghana
SOUTH AFRICA
Zambia
Cameroon
Republic
TANZANIA
Mozambique Equatorial Somalia
Uganda
Guinea
Zimbabwe Madagascar
Key facts Key facts Congo Kenya
Namibia Gabon
Population Mauritius
54.5 million Population 53.5 million Rwanda
Botswana Democratic
Major cities: Major cities:
Johannesburg 9.4 million Republic Burundi Mwanza
Dar es Salaam 5.1 million
Pretoria Cape Town 3.7 million of the Congo Arusha
Mwanza 0.8 million
Johannesburg Durban 2.9 million Arusha 0.4 million Dodoma Zanzibar
Ekurhuleni Official languages 11 official languages Dodoma 0.4 million TANZANIA Dar es Salaam
Total area 1,219,090 sq km Official languages Kiswahili, English
SOUTH Durban
GDP growth (2016) 0.1% Total area 947,300 sq km

AFRICA Key export


Currency
Gold
Rand (ZAR)
GDP growth (2016) 7.2%
Key export Gold
Cape Town EIU country risk C
Currency 
Tanzanian Shilling
rating (E=most risky)
(TZS)
Angola Zambia
Malawi
World Bank Doing 74
Business rank EIU country risk C
(out of 190 countries) rating (E=most risky)
Office market Industrial market World Bank Doing 132 Office market Industrial market
Mozambique
Business rank Dar es Salaam is the commercial capital of The prime industrial areas of Dar es Salaam
Despite relatively weak economic growth in The South African industrial market is
(out of 190 countries) Zimbabwe
2016, South African office markets recorded experiencing an ongoing shift in activity South Africa prime rents and yields Tanzania and its CBD remains at the heart of
Namibia
are located on NyerereMadagascar
Road and Mandela
above-inflation rental growth and vacancy away from heavy manufacturing towards office market activity. Significant new office Road, and have good transport links to
the harbour, international airport and the
rates were broadly stable. In Johannesburg, warehousing and distribution, and developers CAPE TOWN development projects within the CBD include
Maurit
vacancy rates are relatively high in the CBD are focused on the delivery Prime rents

Prime
yields
Dar es Salaam prime rents Botswana
Mzizima Towers and the Tanzania Ports interior of the country. There are secondary
and new development is largely focused on of high quality logistics space. In Gauteng, Authority HQ building. There are also office industrial locations in Chan’gombe, Mikocheni,
and yields development projects outside the city centre, Mwenge and Ubungo. The port of Dar es
the Sandton and Rosebank nodes, particularly development activity is largely concentrated Offices US$18/sq m/month 9%
in locations within easy reach of stations on towards the north and east of Johannesburg particularly along Ali Hassan Mwinyi Road and Salaam is a gateway for goods destined
Retail US$60/sq m/month 7.75% Prime rents Prime
Bagamoyo Road. Such developments include for landlocked countries including Malawi,
the Gautrain rapid rail line. The largest projects in locations such as the Lords View Industrial yields
in the pipeline are office buildings under Park, while the Waterfall City project also Industrial US$5/sq m/month 9% Jangid Plaza, Fakyat Tower, Morocco Square Zambia, Rwanda and Burundi, therefore
construction for Discovery (87,000 sq m) and includes substantial logistics property Residential US$5,000/month* 5% Offices US$21/sq m/month 9% and Paloma Park. Despite the increase in logistics companies have significant demand
Sasol (67,000 sq m). In Cape Town, vacancy elements. Over the longer term, the Ekurhuleni Retail US$16/sq m/month 10%
South
supply, office rentsAfrica
remain relatively high and for warehousing space for goods in transit.
JOHANNESBURG As part of a government initiative to focus on
rates are low at the V&A Waterfront and offices Aerotropolis project around OR Tambo vacancy rates are low.
Prime rents Prime Industrial US$6/sq m/month 10%
in this location command a premium over International Airport may prove to yields industrialisation, public corporations such as
Residential US$4,500/month* 6%
the CBD. The Century City node remains be an important catalyst for industrial property
Offices US$17/sq m/month 8.5% Retail market pension funds have been instructed to invest
an important focus for new development in development. Source: Knight Frank LLP in industrial activities, and this is expected to
Retail US$60/sq m/month 8% The retail market in Tanzania has steadily grown stir up the market for industrial premises.
Cape Town. Office investment volumes were *4 bedroom executive house – prime location
Industrial US$5/sq m/month 9% over a long period, largely through small-scale
moderate in 2016, with many South African Residential market retail outlets operated from residential buildings
investors preferring to pursue overseas
South African house price growth slowed in
Residential US$4,500/month* 5.5%
and small downtown specialist shops in Residential market
opportunities as a hedge against the weak
2016, reflecting the more subdued economic Source: Knight Frank LLP National Housing Corporation buildings. Such Dar es Salaam’s high-end residential market
rand.
backdrop. However, the major coastal cities *4 bedroom executive house – prime location Contact outlets compete with ad-hoc street trading is concentrated to the north of Salender
of Cape Town, Port Elizabeth and Durban Ahaad Meskiri, Managing Director known locally as “Wamachinga”, which can Bridge, across the entire Msasani Peninsula
Retail market outperformed inland markets. This trend +255 22 211 3300 sometimes be found on a massive scale in and extending northwards to Mbezi and
Contacts beyond. The most exclusive residential area
The Mall of Africa (131,000 sq m) opened in was driven in part by demand from domestic ahaad.meskiri@tz.knightfrank.com areas such as Kariakoo and Manzese. There
2016 as part of the ambitious Waterfall City buyers relocating to the coast from inland Tony Galetti, CEO are a number of large-scale modern retail malls is Oyster Bay at the southern base of the
+27 21 418 6308 peninsula. At this end of the market, demand
development, located between Johannesburg cities for lifestyle reasons, with locations in located in areas such as the city centre, Oyster
tony@galetti.co.za
and Pretoria. A significant volume of additional Cape Town and along the Western Cape coast Bay, Msasani, Mbezi Beach and Mikocheni, and is dominated by diplomats, government
generally attracting the strongest interest. Martin Fitchet, Director executives and high net-worth individuals. The
new retail space is in the pipeline, which will several larger retail schemes are planned. Rock
+27 31 303 8722
add to South Africa’s existing mall stock of The housing market should be boosted by a City Mall, in the city of Mwanza, is also now middle market is much less well-defined, with
martin.fitchet@za.knightfrank.com
more than 23 million sq m. Although there moderate improvement in economic growth in operational. However, some large retailers have pockets of middle-income housing spread
Susan Turner, Director fairly evenly across the city. Within central Dar
are some concerns of retail oversupply, the 2017, although a cut in interest rates appears closed their Tanzanian operations, including the
+27 21 671 9120
sector has generally performed well. The next unlikely in the immediate term. Kenyan supermarket chain Uchumi and South es Salaam, the Upanga neighbourhood is a
susan.turner@za.knightfrank.com
few years may see a shift in developers’ focus Africa’s Shoprite. The Kenyan retailer Nakumatt, well-established residential area offering good
towards smaller neighbourhood shopping which took over Shoprite stores in Tanzania, is quality accommodation mainly in apartment
centres, rather than large regional malls. reported to be struggling in the country. blocks, and it is the preferred location for the
International brands such as H&M, Zara, Asian community.
Cotton On and Forever 21 have expanded
their South African presence in recent years,
providing increased competition to domestic
retailers.

Abayak Buildings, Malabo 15 Alice Lane Towers, Sandton, Johannesburg PSPF Twin Towers, Dar es Salaam

38 39
uinea Benin

Côte Nigeria
d’Ivoire Togo Ethiopia
ra RAPPORT AFRIQUE 2017/18 ENQUÊTE
ne
Central African
Republic
South Sudan

TUNISIA UGANDA
Liberia Ghana

Cameroon

Key facts Key facts


Tunis Gulu
TUNISIA Population 11.2 million
Equatorial Population 39.0 million Democratic
UGANDA
Major cities: Guinea Major cities: Republic
Tunis 2.0 million Kampala 1.9 million of the Congo
Official languages Arabic Official languages English Kenya
Morocco Total area 163,610 sq km Total area 241,038 sq km Kampala
GDP growth (2016) 1.5% GDP growth (2016) 4.9%
Key export Gabonwire
Insulated Key export Coffee
Currency Tunisian Dinar (TND) Currency 
Ugandan Shilling
Algeria EIU country risk C
(UGX) Rwanda
Libya
rating (E=most risky) EIU country risk C
World Bank Doing Egypt
77
rating (E=most risky)

ern Business rank World Bank Doing 115 Burundi


(out of 190 countries) Congo Business rank
(out of 190 countries)
ara Office Market Industrial market Office market Industrial market
Office market activity in Tunis is generally Tunisia has traditionally been seen as a Demand for office space in Kampala picked The traditional industrial areas in the Kampala
focused on a few key districts of the city. low-cost manufacturing location for mainly Tunis prime rents and yields Kampala prime rents and yields up in the second half of 2016, particularly CBD and its outskirts, such as Banda, Ntinda,
Mauritania Belvédère and Montplaisir in the downtown
area are mainly home to government
French and Italian companies, although local
manufacturing has grown due to increased
for Grade A/AB offices. However, Kampala
remains a tenant’s market against the
Nakawa and Kyambogo, saw subdued leasing
activity in 2016 and occupancy rates are fairly
Prime rents Prime Prime rents Prime
departments, banks, medical centres infrastructure spending and restrictions yields yields backdrop of rising vacancy rates in the low. The supply of space outstrips demand,
Mali
and small Grade B offices. Planned
commercial districts such as Urbain Nord
on foreign companies operating in Tunisia.
Limited industrial property development Offices Sudan
US$10/sq m/month 10.5% Offices US$17/sq m/month 10%
Grade B/C segment. Demand for better
quality space largely stems from multinational
and a slowdown in trade has reduced the need
forTanzania
warehousing for goods and commodities
and Les Berges du Lac I and II are to the Niger
and moderate occupier demand have kept Retail US$26/sq m/month 9.5% Retail US$25/sq m/month 12% companies and government organisations exported to neighbouring countries. However,
north east of the downtown area and the market balanced in recent years. The Industrial
Eritrea
Industrial
seeking modern, energy-efficient buildings demand has increased for relatively large
gal offer modern buildings in secure pleasant majority of properties are either owner-
ChadResidential
US$5.50/sq m/month
US$4,000/month* 7.5%
14% US$6/sq m/month
Residential US$5,000/month* 8%
13%
with ample parking away from the congested warehouses in areas along the Entebbe-
environments close to the city centre and occupied or small units serving the local CBD. Oil and gas companies have increased Kampala highway, where interest stems
airport. Construction activity has slowed market. Most industrial zones are to the Source: Knight Frank LLP Source: Knight Frank LLP their operations in Uganda following the from logistics and transport companies and
*4 bedroom executive house – prime location *4 bedroom executive house – prime location issuance of production licences in 2016, and UN agencies, due to the proximity to Entebbe
noticeably over recent years due to limited south and west of Tunis, including Mghira
occupier demand, a lack of bank liquidity where a large labour pool and modern Djibouti are considering increasing their office space. International Airport.
Guinea Benin
and concerns about the economy. Although warehousing attracts local and multinational This is likely to positively impact demand for
Côte
rents have remained stable through this
Togo occupiers. Newer industrial zones are being
Nigeria prime offices in the medium-to-long term. Residential market
Sierra period, the lack of new supply has caused developed in locations close to the city
Ethiopia
Angola The residential lettings market was relatively
vacancy rates to fall, and rents are expected including Manouba and Zaghouan. Contact Contact Retail market
d’Ivoire
to rise in the near future.
South Sudan
slow in 2016, although activity increased
Leone Central African
Peter Welborn, Managing Director, Africa Judy Rugasira Kyanda, Managing Director The retail sector had an unsettled 2016, Malawi
slightly in the final quarter. Demand for prime
Liberia Ghana Residential market +44 20 7861 1200 +256 414 341 391 with
Zambiaseveral leading retailers running into rental accommodation mainly came from
Retail market The prime residential areas in Tunis are peter.welborn@knightfrank.com difficulties. However, increased footfall those working in the oil and gas, diplomatic
There has been limited new retail Cameroon Republic
generally located to the north and east of the
judy.rugasira@ug.knightfrank.com
was recorded in a number of leading malls and corporate sectors. Residential sales
development in Tunis, with the exception city centre and include Les Berges du Lac I and many shops continued to trade well, activity was dominated by the transaction of
of the Tunisia Mall in Les Berges du Lac II
Equatorial
and II, Carthage, Notre Dame and La Marsa. Somalia particularly international-branded stores properties in non-performing loan portfolios
which opened in 2015. This 80-unit centre The residential market showed strong growth Uganda targeting middle-to-upper income consumers. of various banks. Increased demand has
features several foreign brands including between 2010 and 2015, with demand Kenya A significant new shopping centre is the been registered in prime locations, with
Massimo Dutti, Zara, Mango and Pull Guinea Congo
boosted by a lack of alternative investment Imperial Mall, which opened in Entebbe in apartments attracting stronger interest than
standalone houses, partly because they
& Bear. An extension known as Tunisia
Mall 2 is under construction and will be
Gabon
opportunities for Tunisians and by Libyans
leaving their own country’s troubles. More
December 2016. The development pipeline
includes the Arena Mall, a 15,000 sq m
Mozambique
are perceived as being more secure. Prime
connected to the original centre by a tunnel. recently, activity has slowed due largely to
Democratic Rwanda centre on Nsambya Road in Kampala, which residential development activity has increased
Despite difficult economic conditions restrictions on borrowing and an easing of is currently in the final pre-letting stage and is mostly focused on rental properties
and inflationary pressures, retail market demand from foreign investors. Prices for Burundi Zimbabwe
with earthworks due to commence in H1 with two-to-four en-suite bedrooms. The
sentiment is generally positive and chains high-end residential property have held up Republic 2017. Leasing has also commenced on the prime locations for development are Kololo,
such as Carrefour Market, Monoprix and more strongly than the wider market, partly Namibia proposed 42,000 sq m Kingdom Kampala Nakasero, Bugolobi and Naguru, which are all
in close proximity to the CBD.
MG Maxi have continued to expand across
Tunisia.
because wealthier buyers are less sensitive
to borrowing restrictions.
of the Congo development, and this has the potential to
revitalise the Kampala CBD following the
Tanzania recent trend for retail activity to drift towards
suburban locations.

Botswana

Abayak Buildings, Malabo Tunisia Mall, Tunis Mirembe Business Centre, Kampala

Angola
Zambia Malawi
40 41
Central Africa Uganda
Guinea Kenya
Cameroon Republic Gabon Congo

RAPPORT AFRIQUE 2017/18 ENQUÊTE


Rwanda
Equatorial
Uganda
Kenya Democratic Republic
Guinea Congo
Gabon of the Congo Tanzania
Rwanda
ZAMBIA Democratic Republic
ZIMBABWE
of the Congo

Tanzania Key facts Key facts


Angola
Malawi
Population 16.2 million Population 15.6 million
Major cities: Major cities:
Lusaka 2.2 million Harare 1.5 million Zambia
Angola Kitwe Ndola 0.5 million Bulawayo 0.7 million Harare
Ndola Malawi Kitwe 0.5 million Mozambique
Official languages 16 official languages
ZAMBIA Official languages English Total area 390,757 sq km ZIMBABWE
Lusaka Total area 752,618 sq km GDP growth (2016) -0.3% Namibia Bulawayo
GDP growth (2016) 3.0% Key export Gold
Mozambique
Key export Copper Currency Zimbabwe Bond Botswana
Zimbabwe Currency Zambian Kwacha Notes (from 2016).
Namibia Madagascar Other major
(ZMK)
Botswana currencies accepted
EIU country risk Mauritius
C
EIU country risk D
rating (E=most risky)
rating (E=most risky) South Africa
World Bank Doing 98
Office market Industrial market Business rank World Bank Doing 161 Office market Industrial market
(out of 190 countries) Business rank Zimbabwe is suffering from economic and The continued decline of the economy has led
Lusaka is a growing commercial hub with The logistics and industrial sector is one of
(out of 190 countries)
office space demand primarily stemming the most consistent-performing property liquidity challenges which have stagnated to several manufacturing companies closing
from the financial and communication market sectors in Lusaka, with strong office market activity. Supply is higher operations. Very little foreign direct investment
sectors. An oversupply of Grade A space demand for warehouse space supported than demand and tenants are voluntarily has come into the country as a result of
South Africaby the growth of the retail, food and
has placed downward pressure on rents, surrendering space. Office buildings in the the government’s indigenisation policies,
as well as providing more choice for beverage and agricultural industries. While Lusaka prime rents and yields Harare prime rents and yields Harare CBD have void rates in excess of the high cost of capital and socio-political
occupiers. The economy was relatively warehouses with low quality specifications 50%, making them unattractive investments. instability. This has led to an oversupply and
sluggish in 2016, largely due to low copper still attract good demand, in the long Prime rents Prime Prime rents Prime Suburban offices have become more underutilisation of industrial space. The sector
yields yields sought-after investments, due to their is therefore characterised by high vacancy
prices, but a return to better economic run pressure on Lusaka’s transport
growth is expected from the second half infrastructure combined with the demand Offices US$20/sq m/month 10% Offices US$10/sq m/month 8% lower void rates, but there continues to be rates, declining rents and the voluntary
of 2017, which should result in increased for increasingly sophisticated logistics few sales transactions. To reduce vacancy surrender of leased space by tenants. A
Retail US$40/sq m/month 8.5% Retail US$25/sq m/month 7%
demand. The prime location is the properties will result in a shift away from levels, some CBD landlords are converting number of investors in this sector are looking
emerging Great East Road/Thabo Mbeki the existing industrial area to emerging Industrial US$6/sq m/month 12% Industrial US$3/sq m/month 12% office space to shops, while others are to disinvest, but there is little or no demand
Road node in the immediate vicinity of hubs elsewhere around the city. Residential US$3,500/month* 10% Residential US$2,000/month* 8% partitioning floors into smaller suites. Given except from a few owner-occupiers.
the East Park Mall and Arcades Shopping Source: Knight Frank LLP Source: Knight Frank LLP the challenging market, no new multistorey
Centre. Residential market *4 bedroom executive house – prime location *4 bedroom executive house – prime location buildings have been constructed in the last
Residential market
twenty years.
Market activity has slowed across all
Retail market sections of the residential market, but
Residential market transactions are being
slowed down by the lack of mortgage
Over 90% of Zambia’s modern shopping there remains a mismatch between
Contact Contact Retail market finance to assist buyers. Most transactions
mall space is in either Lusaka or the towns demand and supply at the top end of the
Tim Ware, Managing Director Demand for retail space remains high. are therefore on a cash basis, and the
of the Copperbelt, with approximately Lusaka rental market due to a shortage Amos Mazarire, Senior Partner
+260 211 250 538/250 683 However, empty units in the CBD have majority of the population does not have
250,000 sq m of existing retail space of well-designed modern properties in +263 4 793 841/9
+260 211 255 992-3 become visible and vacant space is taking the necessary funds to be able to buy
in these locations. As a result there are the best locations. Self-build projects amos.mazarire@zw.knightfrank.com
tim.ware@zm.knightfrank.com long to lease. Retailers face stiff competition property. Low disposable incomes and poor
opportunities to develop formal retail dominate the housing supply across the
from street vendors who sell their goods liquidity have depressed rental levels and
centres in expanding towns around the rest market, as a result of high interest rates.
on shop pavements. The construction of reduced property prices. Therefore, no major
of the country. The recently opened Kafue Zambia has one of the most developed
new suburban shopping malls such as the speculative housing developments have been
Shopping Mall, anchored by Pick n Pay, commercial farming sectors in Africa, with
Mall of Zimbabwe and the Gunhill Mall has built in recent times, and the few attempts
highlights the demand for niche malls in increasing interest from private individuals,
been shelved in light of the country’s poor to construct such projects have failed.
other towns, from both shoppers and investment consortiums and funds.
economic outlook. Nonetheless, demand The limited available new stock has mainly
retailers. Competition for customers The sophistication of Zambian farming
for prime suburban retail space remains come from self-build projects and housing
and retailers is expected to intensify comes as a surprise to most outsiders, as
buoyant and there are high occupancy rates cooperatives.
between the shopping malls in Lusaka, many businesses have yields, agronomy
however Zambia’s fast-developing property and technology on a par with European in this sector. Prime rents are currently higher
market is proving to be a resilient and risk- operations. for suburban retail space, at US$25/sq m/
tolerant long-term investment destination. month, compared with US$20/sq m/month
in the CBD. Investors are holding on to their
retail investments, with Riverside Walk being
the only suburban shopping mall that has
been sold since 2015.

PWC Office Park, Lusaka Joina City, Harare

42 43
RAPPORT AFRIQUE 2017/18 ENQUÊTE

AFRICA COMMERCIAL OCCUPIER GUIDE


Angola Botswana Egypt Ghana Kenya Malawi Nigeria Rwanda South Africa

LEASE TERMS
Rents quoted US$/sq m/month Pula/sq m/month EGP/sq m/month US$/sq m/month KSh/sq ft/month or MWK/sq m/month US$/sq m/annum or Naira/ US$/sq m/month Rand/sq m/month
US$/sq ft/month sq m/annum
Typical lease 1-3 years 1-5 years 1-5 years 2-5 years 6 years 1-3 years 2-5 years 1-5 years 3-5 years
lengths
Frequency of Monthly to annually in Monthly in advance Quarterly in advance Usually paid quarterly or Quarterly in advance Quarterly in advance Quarterly in advance (now the Monthly to quarterly in advance Monthly in advance
rent payments advance biannually in advance norm, although historically rents
were paid 2-3 years in advance)
Basis of rent None Pre-agreed escalation, Pre-agreed escalation, Periodic rent reviews at an Fixed rental increases, typically Annual rent reviews based Periodic rent reviews based on Pre-agreed escalation, typically Fixed annual escalation,
reviews typically 6-10% per annum typically 5-10% per annum agreed annual percentage, 7.5% per annum if rents are on open market rents open market rents 5-10% per annum typically 7-9%
typically 5-10% paid in KSh or 5% if paid
in US$
Break options Can be exercised by either Uncommon, but can be Can be exercised by either Can be exercised by either Break clauses are not common Can be exercised by either Break clauses are not common, Break clauses are not common No break options
party. Typical notice period is exercised by either party when party. Typical notice period is party. Typical notice period is party. Typical notice period is except in longer leases
3 months in place. Typical notice period 3 months 3 months 3 months
is 3 months
Ability to Subletting permissable, with Subletting permissable, with Subletting permissable, with Subletting permissable, with Subletting not permitted Subletting permissable, with Subletting permissable, with Subletting not permitted Subletting permissable, with
assign lease landlord’s consent landlord’s consent landlord’s consent landlord’s consent landlord’s consent landlord’s consent landlord’s consent

OCCUPATIONAL
COSTS
Service Paid by tenant. Typically Paid by tenant. Typically Paid by tenant. Typically Paid by tenant. Typically Paid by tenant. Typically 20- Paid by tenant based Paid by tenant. Typically Paid by tenant, typically 10-15% Paid by tenant. Covers all
charges 10-15% of net rents 10-15% of net rents 8-15% of net rents 10-15% of net rents 25% of gross rents on actual bills received 20-30% of net rents of rents landlord expenses except
for services property rates, which are not
recoverable.
Utilities Tenant pays for all utilities Tenant pays for all utilities Tenant pays for all utilities Tenant pays for electricity. Tenant pays for electricity. Paid by tenant through Tenant pays for utilities, either Tenant pays for electricity. Tenant pays for all
consumed. Communal consumed. Communal consumed. Communal Landlord pays for water, Landlord pays for water, service charge via service charge or on a Landlord pays for water, consumables including water,
consumption is recovered consumption is recovered consumption is recovered recovering cost via service recovering cost via metered basis recovering cost via electricity and sewerage/waste
through service charge through service charge through service charge charge service charge service charge
Relevant local No VAT on rents. Urban VAT of 12% payable by VAT introduced in Egypt in No VAT on rents. Rent tax of VAT of 16% payable on VAT of 16.5% payable VAT of 5% payable on VAT of 18% payable on rents VAT of 14% payable on rents
taxes payable Property Tax applies to registered bodies. Withholding 2016, but the lease of land and 8% payable by tenant rents, service charges and on rents commercial rents. Withholding
commerical rents, at an tax of 5% paid by tenant on buildings is exempt parking fees tax of 10% payable by tenant
effective rate of 15% rents above P36,000 per annum
Internal Tenant responsible Tenant responsible Tenant responsible Tenant responsible Tenant responsible Tenant responsible Tenant responsible Tenant responsible Tenant responsible
repairs
External Landlord responsible Landlord responsible Landlord responsible Landlord responsible Landlord responsible Landlord responsible Landlord responsible Landlord responsible Landlord responsible
repairs and
repairs to
common parts
Building Landlord responsible Landlord responsible Landlord responsible Landlord responsible Landlord responsible Landlord responsible Landlord responsible Landlord responsible Landlord responsible
insurance
Restoration Tenants required to restore Tenants required to restore Tenants required to restore Tenants required to restore Tenants required to restore Tenants required to restore Tenants required to restore Tenants required to restore Varies by lease agreement.
premises to original state, premises to original state, premises to original state, premises to original state, premises to original state, premises to original state, premises to original state, premises to original state, Fair wear and tear will apply in
subject to reasonable wear subject to reasonable wear subject to reasonable wear subject to reasonable wear and subject to reasonable wear and subject to reasonable wear subject to reasonable wear subject to reasonable wear most, but not all, cases
and tear and tear and tear tear. Typically let as shell & core tear. Typically let as shell & core and tear and tear and tear

TRANSACTION
COSTS
Agency fees: Paid by landlord or tenant. Paid by landlord or tenant. Paid by landlord or tenant. Paid by landlord or tenant. Paid by landlord. Typically Paid by landlord. Typically Paid by landlord or tenant. Paid by the landlord, typically Paid by landlord. Typically
new lease Typically one month’s rent Typically one month’s rent Typically one month’s rent Typically one month’s rent 4-8.3% of annual rent 5-10% of annual rent Typically 5-10% of the total rent one month's rent 15-20% of the annual rent,
depending on lease length
Agency fees: Paid by landlord or tenant. Paid by landlord or tenant. Paid by landlord or tenant. Paid by landlord or tenant. Paid by landlord. Typically Paid by landlord. Typically Paid by landlord or tenant. Paid by the landlord, typically Paid by landlord. Typically
renewal Typically one month’s rent Typically 2-3% of annual rent Typically one month's rent Typically one month’s rent 2.5% of annual rent 5-10% of annual rent Typically 5-10% of the total rent one month's rent 10-15% of the annual rent,
depending on lease length
Agency fees: Typically one Typically one Typically one month’s rent Typically 50-100% of one No subleasing N/A Typically 5-10% of the total rent No subleasing Paid by existing tenant.
sublease month’s rent month’s rent month’s rent Typically 15-19% of annual
rent, depending on lease length
Legal fees Payable by tenant on Payable by landlord or tenant Payable by tenant on Landlord and tenant pay their Payable by tenant, on a sliding Payable by tenant, based on a Payable by tenant, tarriffs vary Landlord and tenant pay their Landlord and tenant pay their
attorney scale on attorney scale attorney scale own costs scale depending on rents prescribed scale of fees by lawyer own fees own costs
Is stamp duty Yes. Tenant pays No No Yes. Tenant pays Yes. Tenant pays. It is calculated Yes. Stamp duty of Yes. Rates vary No No
payable on as 2% of combined total of the 3% payable where lease by state
leases? average rent over the 6 years is registered
plus the service charge for 1 year

44 45
KNIGHT FRANK EN AFRIQUE
Tanzania Uganda Zambia Zimbabwe

LEASE TERMS TUNISIE


Rents quoted US$/sq m/month, but US$/sq m/month US$/sq m/month US$/sq/month
government organisations MAROC
are now asking to charge
in TShs
Typical lease 1-5 years 2-5 years 2-5 years 1-3 years ALGÉRIE LIBYE
ÉGYPTE
lengths
Frequency of rent Quarterly in advance Usually paid quarterly or Monthly or quarterly Monthly in advance
payments biannually in advance in advance (retail mall SAHARA
tenants pay monthly) OCCIDENTAL

Basis of rent Annual escalations are not Periodic rent reviews at an Fixed annual rental Annual rent reviews based
reviews a norm agreed annual percentage, escalations, typically on open
MAURITANIE MALI SOUDAN ÉRYTHRÉE
typically 3.5-10% 3-5% market rents
CAP
VERT NIGER DJIBOUTI
Break options Can be exercised by either Can be exercised by either Can be exercised by either Can be exercised by either
by either party. Legal party. Typical notice period party. Typical notice period party. Typical notice period
notice period is 3 months is 6 months is 3 months is 6 months SÉNÉGAL TCHAD
GAMBIE BURKINA
Ability to assign Subletting permissable, Subletting not permitted Subletting permissable, Subletting permissable,
FASO
lease with landlord’s consent with landlord’s consent with landlord’s consent GUINÉE ÉTHIOPIE
BÉNIN
BISSAU GUINÉE
GHANA 187 SOUDAN SOMALIE
OCCUPATIONAL RÉPUBLIQUE DU SUD
COSTS SIERRA
LEONE CÔTE NIGERIA D’AFRIQUE
D’IVOIRE CENTRALE
Service charges Paid by tenant. Typically Paid by tenant. Typically Paid by tenant. Typically Paid by tenant. Typically LIBERIA CAMEROUN
TOGO
US$2-3/sq m/month 15-40% of net rents 10-15% of net rents 75-100% of net rents
51
Utilities Tenant pays for electricity. Tenant pays for electricity. Tenant pays for electricity. Tenant pays for all utilities
GUINÉE
ÉQUATORIALE
150
Water paid for through Landlord pays for water, Landlord pays for water, including electricity and OUGANDA
SÃO KENYA
service charge recovering cost via service recovering cost via service water
TOMÉ-ET-PRINCIPE GABON 5 RWANDA
charge charge
BURUNDI
Relevant local taxes VAT of 18% payable on VAT of 18% payable on VAT of 16% on VAT of 15% payable on SEYCHELLES
RÉPUBLIQUE
payable rents. Withholding tax of rents commercial rents. rents DÉMOCRATIQUE 30
10% on rents Withholding tax of 10% DU CONGO
payable by tenant TANZANIE
RÉPUBLIQUE
Internal repairs Tenant responsible Tenant responsible Tenant responsible Tenant responsible DU
CONGO COMMORES
External repairs and Landlord responsible Landlord responsible Landlord responsible Landlord responsible MALAWI
repairs to common
ANGOLA ZAMBIE
parts
28
Building insurance Landlord responsible Landlord responsible Landlord responsible Landlord responsible
27
Restoration Tenants required to restore Tenants required to restore Tenants required to restore Tenants required to restore ZIMBABWE
premises to original state premises to original state, premises to original state, premises to original state, MOZAMBIQUE
ÎLE
subject to reasonable subject to reasonable subject to reasonable
NAMIBIE 65 MAURICE
wear and tear wear and tear wear and tear 24 MADAGASCAR

TRANSACTION BOTSWANA
COSTS
Agency fees: new Paid by landlord. Typically Paid by landlord. Typically Paid by landlord. Typically Paid by landlord. Typically CLÉ SWAZILAND
lease one month's rent or one equivalent to one or one 10% of AFRIQUE
DU SUD LESOTHO
between 0-5% of annual month’s rent and a half month's gross annual rent PAYS COMPTANT DES BUREAUX KNIGHT FRANK
rent rent
PAYS DANS LESQUELS KNIGHT FRANK A TRAVAILLÉ
Agency fees: Paid by landlord. Typically Paid by landlord. Typically Paid by landlord. Typically Paid by landlord. Typically AU COURS DES DEUX DERNIÈRES ANNÉES 126
renewal between 0-2% of annual one 2.5-5% of annual rent 10% of 23 NOMBRE DE SALARIÉS
rent month’s rent annual rent
Agency fees: Typically up to one No subleasing Paid by existing tenant. Typically 50-100% of one
sublease month's rent Typically equivalent to one month’s rent
month's gross rent
Legal fees Landlord and tenant pay Landlord and tenant pay Either paid by landlord, or Payable by tenant, tarriffs
their own costs their own costs shared between landlord vary by lawyer
and tenant. Fees by
negotiation
SERVICES COMPLETS DE CONSEIL ET D’ÉVALUATION
Is stamp duty Yes. Tenant pays at 1% of No No. A lease registration Stamp duty payable when
payable on leases? first year's annual rent fee is payable based on a leases are registered, FOURNIS DANS 49 DES 54 PAYS AFRICAINS
statutory scale. Typically based on a statutory scale
landlord pays
CONTACT : PETER.WELBORN@KNIGHTFRANK.COM
Source : Knight Frank Research

46
COMMERCIAL BRIEFING
For the latest news, views and analysis
of the commercial property market, visit
knightfrankblog.com/commercial-briefing/

KNIGHT FRANK AFRIQUE


Peter Welborn
Directeur Général, Afrique
+44 20 7861 1200
peter.welborn@knightfrank.com

RECHERCHE INTERNATIONALE
Matthew Colbourne
Associé, Recherche international
+44 20 7861 1238
matthew.colbourne@knightfrank.com

Knight Frank remercie EMC Real Estate pour leur aide dans la préparation des notes de recherche
utilisées dans certaines parties de ce rapport.

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