Wednesday, October 14, 2015

Ethiopia is cheapest emerging market for luxury property, data shows

(Oct 15, 2015, (GCR))--Fast-growing Ethiopia is the cheapest place in the world’s emerging markets to buy luxury property, according to a new ranking from a specialist property company. Top end real estate there costs around $448 per square metre, while luxury property in Angola is ten times more expensive, at over $4,500 per square metre, data from property portal Lamudi shows.

Africa’s second most populous country, Ethiopia is also one of Africa’s top economic performers: its economy is expected to expand 8.6% this year and 8.5% in 2016, compared with 10.3% growth last year, the International Monetary Fund said in April.

While Ethiopia comes top in the “cheap league”, Ivory Coast is next in line, with a square metre of posh home there costing around $483, and third is Tanzania, where classy real estate costs $549 per sq m, says Lamudi. (See table below)

Prices for Angolan luxury property were pushed to extremes as a result of the country’s oil boom after the civil war ended in 2002. Read more from GCR »

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