According to the World Bank, one in every three people walking on earth in the year 2050 will be an African. The bank estimated that by that time about 2.5 billion people will be Africans, making them double the current populations size and 25 percent of the world’s total.
Africa’s cities are expected to grow rapidly to accommodate this large number of people, most of which are well educated youth moving from the rural areas to urban areas in search of white collar jobs.
By 2025 a quarter of people aged under 25 would be living in Sub-Saharan Africa.
This jump in youthful population coupled by a high economic growth of above 7.5 percent annually will present a great investment opportunity for global companies, Sunil Vaswani, chairman of Stallion Group, a conglomerate with 10,000 employees in 18 countries, said a recent Arab Business Forum.
“These forces will drive African growth from being the land of opportunity to hopefully a continent that has unlocked its true potential,” ArabianBusiness.com quoted Ahmad Julfar, Group CEO of UAE telecom Etisalat, which has operations in 16 African countries, saying.
“Africa… will surprise the world with its incredible leapfrogs in growth.”
According to Pieter Niehaus, Director of leading international legal company, Norton Rose Fulbright, Africa’s population growth is set to drive a property boom in coming years.
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Niehaus says the increase population in Africa’s urban areas will contribute to a huge demand for housing and significant opportunities for developers and agents making the continent the “last frontier” for real estate investors.
“Demographics on the African continent is a major driver for the real estate industry predominantly as a result of close to half of the total population on the continent being younger than the age of 30,” he told OPP.TODAY.
“With Africa having so many developing markets which have much higher interest rates as well as cap rates in respect of commercial, retail and industrial properties, many traditional property investors are venturing into the African real estate market to achieve potentially better return on investments compared to their domestic markets.”
While the rest of the world will be aging, with nearly a fourth of the people on earth right now being over 60 years by 2050, the average African will only be about 28 years old, Wall Street Journal reported.
This means, some 1.3 billion Africans will be young, energetic and old enough to start a business, build new homes and develop their careers. they will be the largest consumers group on the globe and will drive what farms and factories produce for the masses.
In simple, Africa will be the center of global affairs.