plans for billions in new infrastructure outlay have led to a positive mid to long-term forecast in the real estate sector. The <a href="http://www.africagateway.info/sector/Tenders-Real-Estate">real estate sector in Africa</a> is on the rise past 5 years. Increase in urbanization in many countries in Africa has led real estate market witness boost. Countries like South Africa, Nigeria, Botswana and some other southern countries have received good foreign investment in real estate market in Africa. Real estate is an important tertiary sector for the South African economy. PwC estimates that the sector’s total value was $5.11bn in 2014 which rose to $6.66bn in 2015, $8.07bn in 2016 and projects to rise to $9.31bn in 2017. The Real estate’s percentage contribution to GDP was an estimated 1.61% in 2014 and is forecast to rise to 1.64% by 2017. Future Drivers: Population growth will help keep the residential sector resilient. According to the UN’s “World Population Prospects Report”, South Africa’s population will rise to 72.9m by 2050, while 62% of its 53m residents live in urban areas, with urbanization growing by 1.21% annually. With urbanization and population growth accelerating, affordable housing and new city developments stand as the most high-potential growth drivers within the residential segment. In the last 20 years, more than 70% of new housing was in the segment of small houses and townhouses; that is a structural feature of the South African housing market, especially in urban areas. The demand will continue and there will be a lot of scope in the future to invest in the segment. Increase in demand in job and service sector property market too will see good rise with industries. Government is encouraging foreign investors to invest in African property market. Sign in with Africagateway to receive all updated news on <a href="http://www.africagateway.info">Real Estate tenders online</a> to expand your business in this segment
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