Property Futures

Real Estate News, Reviews and Investment

Housing demand rampant in Angola

News: emerging middle class amidst boom and squalor in Angola

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Angola, where a 27-year civil war ended in 2002, is now rebuilding its economy with the assistance of Chinese loans.  Companies like Total SA and Cevron Corp are backing the loads with 1.8 million barrels of crude oil per day from its offshore oil fields.

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The rich and poor

While Ferraris and Range Rovers can be increasingly seen travelling along Luanda’s roads, millions of residents are still living amidst squalor in tin-roofed slums n dirt tracks with open sewers and no running water.

Signs of vibrant wealth

There are nevertheless signs of real and vibrant wealth in this region of Africa:

  • According to the International Monetary Fund, Angola is the 5th largest diamond producer by value and its per-capita income is USD$5,681, ranking 7th in sub-Saharan Africa, well ahead of Nigeria and Kenya.
  • Against this backdrop of wealth, the United Nations has revealed that in 2011, 54% of the people in Angola live on less than $1.25 a day.
  • Head of Africa Program Alex Vines said Angola has a booming oil economy with an emerging strong middle class who are looking to make gains from the ownership of poverty, consumption and investments.
  • The IMF has forecasted economic growth for Angola at the rate of 7.1%, a slight drop from the 7.4% gained last year and an average expansion rate of 9.2% over the past five years.

The whole country depends on oil for financing—about 40% of its total output and in financing the operations of its government.

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This entry was posted on April 23, 2013 by in Future, Investment, Property and tagged , , , .

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