East Africa Real Estate Overview

Country Snapshots 2022: Macro-economic and Commercial Real Estate Overview

December 29, 2022
  • Mieke Purnell
  • Lucy Githinji
  • George Muriithi
  • Grant Steppe
Economic growth prospects expected to benefit commercial real estate markets despite headwinds faced.

Due to better levels of diversification, East Africa’s regional economic growth has outpaced that of sub-Saharan Africa, despite the ongoing headwinds faced. The fast-growing population and rural-to-urban migration rates stimulate regional economies, with positive associated effects for commercial real estate markets. Additional stock is being added to the office, retail, and industrial markets in most core cities through East Africa, although rental growth is a function of rising cost rather than growing demand. Economic growth factors include sustained public spending on infrastructure upgrades and the general shift toward regional economic integration and more service-orientated economies. 

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