Africa’s Growing Property Market Attracts UAE Developers

Experts claimed that investments by UAE developers in Africa’s property sector are expected to rise in the coming years as the continent’s economy grows and its population surges. Prominent Dubai-listed companies, including Emaar Properties, Dubai Investments, Abu Dhabi-based Aldar Properties, Eagle Hills, Modon Holding, and Imkan, are among the developers making significant strides in commercial and residential projects across countries like Egypt, Angola, Morocco, and Ethiopia. Additionally, Mulk International, a diversified business group based in Sharjah, is working on a mixed-use project in Zimbabwe.

Taimur Khan, head of research for the Middle East and Africa at JLL, highlighted that Africa’s growth prospects are highly attractive. “Africa as a continent has a huge amount of positive growth momentum. If you look at the next few decades, you expect very strong population growth and urbanisation,” said Khan. Africa’s population is forecast to hit nearly 2.5 billion by 2050, up from about 1.46 billion in 2023, with countries like Nigeria, Ethiopia, and Egypt currently the most populous countries, according to Statista.

The African Development Bank projects an annual economic growth rate of 4.3 per cent for the continent in 2025, up from 3.7 per cent in the previous year. As rapid urbanisation and population growth take hold, the property market is expected to expand at an average annual rate of 5.58 per cent from 2025 to 2029, reaching a market volume of $21.92 trillion by 2029, Statista data revealed.

Many African markets, including Nigeria and Kenya, lack quality assets, creating a prime opportunity for UAE real estate companies to expand and tap into this emerging demand.

UAE investments in Africa are not limited to sub-Saharan countries, Egypt remains a key destination. Abu Dhabi’s ADQ has committed to a $35 billion investment in Egypt, which includes acquiring development rights for the Ras El Hekma region on the North Coast, a $24 billion project. This investment is part of Egypt’s efforts to address its foreign exchange crisis and support its economic development.

In addition to Egypt, UAE firms are growing their footprint in Morocco and Kenya. Emaar has projects in Marrakesh, while Modon Holding has launched a five-star hotel in Rabat. UAE-backed companies like Aldar, Imkan, and Eagle Hills also have significant projects in Morocco, and Damac is eyeing further expansion into Africa.