Ethiopia’s Luxury Property 10 Times Cheaper Than Angola’s – Lamudi
Luxury property in Ethiopia costs a 10th of what Africa’s most expensive market Angola offers and is ranked the most affordable luxury real estate destination among 34 emerging markets countries covered by online property portal Lamudi.
According to the report, luxury real estate in the East African nation costs an average of 396.58 euro per square meter, exactly ten times cheaper than in oil-rich Angola, where a similar sized real estate is priced at 3,965.52 euro.
Angola is the most expensive real estate market in Africa.
“As Ethiopia’s property market matures, high-end real estate is increasingly in demand. At the same time, prices here remain low comparative to many of our neighbors, making Ethiopia the most affordable place to buy luxury real estate anywhere in the world,” said Wunmi Osholake, Lamudi’s Ethiopia Managing Director
“In recent months, we have seen a number of luxury developments announced, including the 21-tower project from Chinese developer Sinomark Real Estate, which will be the country’s biggest real estate project to date. We expect to see more developers launch projects in this price bracket in the coming years.”
Lamudi periodically ranks the top 20 real estate destinations in emerging markets, in order to determine the leading locations for real estate investors to buy affordable high-end property.
Its latest ranking showed that African countries dominate the affordable luxury property markets in the world with Ethiopia, Ivory Coast and Tanzania topping the list.
Other countries in the top ten according to Lamudi’s ranking include Kenya, Nigeria, Tunisia and Ghana.