MOZAMBIQUE
BY ADRIAN FREY
Commodities lead Boom
Huge investment opportunities
O
ver the last decade Mozambique´s economy
has more than doubled as the country has
sustained one of the highest GDP growth
rates in the world, averaging at 7.5% between 2003 and
2013. The commodities-led economic boom, mainly
from extensive coal and natural gas discoveries, has
created huge investment opportunities in the still
underdeveloped real estate market.
class. This has stimulated a surge in high end-real
estate developments; over the next five years, around
4 500 mid- and high-end housing units are expected
to enter the market in Maputo´s prime areas. While
some are expecting an over-supply of middle-upper
quality housing in these neighbourhoods, REC
anticipates demand to remain several fold greater at
23 000 units in the next five years.
Real estate
Mozambique´s capital city and financial centre,
Maputo, has been a focal point for the country´s
growth, stimulating employment and commercial
expansion. The capital´s demand for office space
over the next five years is estimated to grow by 160
000sqm according to Real Estate Consulting (REC),
far greater than the incoming supply of 65 000sqm.
Overlooked market
Much less developed is the affordable housing sector,
which “is still greatly overlooked in the market”, said
ThirdWay Africa Partner Gonçalo Neves-Correia at
the conclusion of last month´s annual Pam Golding
Properties Real Estate Conference.
The country´s growth has also spurred rapid
development in provincial capitals such as Tete,
Pemba and Nacala, which are closer to resource
mega-projects in Mozambique´s centra l and
northern areas. In Nacala, demand for office space
is expected to exceed supply by 20 000sqm, and in
Pemba this figure is even higher at 30 000sqm.
Maputo´s rising fortunes has also seen a large
inf lux of wealthy expatriates and a rising middle
22
Offshore Handbook 2014
Casa Jovem is