Law firms are gearing themselves up to respond to the needs of a growing number of international investors, keen to investigate opportunities in African real estate markets, attracted by the continent’s economic and demographic growth prospects.
According to the Africa Report 2015, issued by Knight Frank in March 2015, the population of Africa will quadruple to over four billion by 2100, with nearly one billion of these people in Nigeria alone – a significant demographic trend for all businesses, not just property developers.
On July 2, French President François Hollande arrived in Luanda, Angola with about 50 business leaders, as part of his African mini-tour. This visit is the culmination of the reconciliation process started in 2008 by former President Nicolas Sarkozy. Bilateral relations deteriorated after the Angolagate scandal, which implicated French politicians in illegal arms sales to Angola in the 1990s. With this visit, France is trying to increase its presence in the highly coveted Angolan market. In recent years many countries have been courting Africa’s second largest oil producer, attracted by its rapid growth (average 6% between 2008 and 2013) and its huge economic potential.
The world's fourth-largest hotelier has been expanding in emerging markets such as Africa to counter weaker growth in Europe, which accounts for 70 percent of its revenue.
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