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About Proprime
Avaliao
Valuation
Consultadoria
Consultancy
Proprime consultancy services provide the client a solid base for developing a
property investment, ranging from market research to structuring investment
vehicles, project design and management, construction works management,
product launch and communication.
Introduo
Introduction
For the fifth consecutive year, Proprime presents Angola Property Market,
a research that provides, in a concise way, all the information gathered and
collected by the company for the property valuations and consultancy services
engaged on a daily basis.
The research analyses the property market in the residential, office, tourism,
retail and industrial sectors, geographically focusing in Luanda, Benguela
and Lobito.
With opportunities emerging in all the mentioned market sectors and the
geographical scope widening beyond central Luanda, the property market
is one of the highest potential areas for those who target Angola as an
investment destination. With this in mind, Proprime launched Angola
Property Market Luanda, Benguela and Lobito, aiming to share crucial
information for better understanding and knowing the Angolan property
market.
Disclaimer
Disclaimer
This report was produced by Proprime with informative purposes only. All the
content is based in available information to the public and obtained from
several other sources, including specialized media, official and other information
sources considered credible; as well as from the fieldwork developed by
Proprimes professionals. Proprime cannot be accountable for its accuracy
or integrity, although not questioning its rigor.
Metodologia
Methodology
Habitao
Residential
In what concerns the methodology used, the average values presented are based
in the collected sample of property (namely apartments and townhouses)
integrated in residential luxury projects (condominium). The definition used
to characterize the type of projects analysed is the one presented by Urban
land Institute, which is as follows:
Data comprising the sample of this report concerns properties that have been
valuated by Proprime or that have been identified in the fieldwork carried out
by the company. All the data collected are, latter, processed by Proprimes
Intranet system.
Therefore, values presented are a mix between bid prices and valuation values
collected from projects located in the following areas of Provincial Government
of Luanda: Ingombota, Maianga, South Luanda-Talatona, South Luanda-Benfica,
Viana and Camama. And also in Benguela and Lobito (Restinga), both
municipalities of Benguela.
Office
Proprimes team frequently carries out fieldwork that allows obtaining an
updated survey of the office stock and supply in Luanda and also in other
regions of Angola.
Through these surveys, Proprime can assess the total office stock volume, future
supply under construction and in a project stage. At the same time, and based
on the valuation services developed, it was possible to obtain the average rents
and sales values per square meter, and also the yields associated to each of
the office assets analysed, i.e. the return rate expected by the investor when
acquiring the asset, considering its features, tenant and existing lease.
We characterize Luanda office market according with four different areas,
marked in the map and thus designated: CBD, Cidade, South Luanda and Praia
do Bispo.
Tourism | Retail | Industrial
Data referring to these sectors integrates properties located in Luanda (Province)
and in the municipalities of Benguela and Lobito. The properties in these samples
where identified via fieldwork and valuations performed by Proprime, allowing
to maintain an updated database.
Enquadramento econmico
Economic Outlook
Angola is widely known for its natural resources and the economic boost in
recent years. The country is Africas second largest oil producer, also holding
a leading position in terms of diamonds (third) and natural gas (fifth) production
in that continent. Other strengths of Angola include having the second largest
extension of arable land and the third largest water reservation in Africa.
Ente 2003 e 2008, o PIB angolano registou crescimentos mdios anuais na ordem
dos 14,8%, embora se tenha seguido, at 2011, um perodo de quebra, no
obstante a taxa mdia de crescimento deste indicador continuar a manter-se
em terreno positivo (nos 2,5%). Em 2012 registou-se uma retoma, com um
crescimento da economia de 6,8%. E, embora ainda no sejam conhecidos os
nmeros finais do Fundo Monetrio Internacional (FMI), as previses indicam
um crescimento econmico em torno dos 6% em 2013. Sendo as perspectivas
do governo mais optimistas, que apontam para que a actividade econmica
se expanda a um ritmo de 7,1%.
Between 2003 and 2008, Angolas GDP grew, in average, by 14,8% a year,
followed by a downturn period that lasted until 2011 and in which the average
annual growth rate of GDP was of about 2,5%. In 2012, economy recovered to
higher levels, recording a GDP growth of 6,8%. For 2013, despite International
Monetary Fund having not yet disclosed its final figures, forecasts indicate a
growth of about 6% this year, with Angolan Government presenting a more
optimistic estimate of 7,1%.
Importante referir que, fruto das reformas efectuadas e das condies de mercado
mais favorveis, trata-se de um crescimento apoiado numa evoluo positiva
da estrutura produtiva e econmica, com o sector no petrolfero a registar
uma performance positiva. Actualmente, este sector representa 60% do PIB,
contra 45% em 2002, reflectindo-se num contributo para um maior equilbrio
nas contas nacionais.
Em 2012, a taxa mdia de inflao registou o valor mais baixo de sempre,
atingindo valores de um dgito (9,8%). O governo fixou o objectivo da inflao
nos 9%, sendo essa a previso para 2013.
It is important to stress that, as a result of the reforms put in effect and due
to more favourable market conditions, this growth has been supported by
a positive evolution of the productive and economic structure, notably with
positive performance of the non-oil sector. Currently this sector represents
60% of GDP, comparing with the 45% weight recorded in 2002 and thus having
a more important reflection in balancing the national accounts.
In 2012, the average inflation rate reached the lowest level ever, recording
a single-digit figure (9,8%). Angolan Government has set a target of 9%
of inflation, which is the forecast for 2013.
2012
9%
0,2%
3%
20,6
20,3
14,8
11,2
8,9%
4%
18,6
8,1%
5%
6,8
38,8%
7,3%
8%
3,3
3,9
2010
2011
2012
2013*
11,4
10,0
9,0
2011
2012
2013*
0,2
0,9%
56%
5,5
3,4
2003
2004
2005
2006
2007
2008
2009
12,2%
* - Previso/Forecast | Fonte: FMI/Source: IMF
15%
23,3%
Petrleo Bruto e Gs
Crude Oil and Gas
Comrcio
Retail
Indstria Transformadora
Manufacturing Industry
Construo
Construction
Diamantes e outros
Diamonds and others
Outros
Others
31,0
18,5
2003
2004
2005
12,2
11,8
13,2
14,0
2006
2007
2008
2009
15,3
2010
* - Previso/Forecast | Fonte: Banco Nacional de Angola, FMI/Source: Banco Nacional de Angola, IMF
A terceira fase, momento atual e fulcral no que ser o futuro, marcada pela
introduo de um conjunto de mecanismos que consideramos que iro dar
um novo impulso e potenciar o investimento no mercado imobilirio angolano.
Trata-se da entrada em funcionamento dos fundos de investimento imobilirio,
da Lei da Alienao Fiduciria, bem como da operacionalizao da modalidade
de Renda Resolvel.
Presently and in the future, the market is evolving to a new stage, more
professional and sophisticated. This new stage is marked by the introduction
of a set of mechanisms the operation of property investment funds, the legal
frame for Chattel Mortgage, as well as the operationalization of the new rental
model Renda Resolvel - that we believe will give a new momentum to the
market and boost property investment in Angola.
These steps are leading the way in increasing the professionalization of the
market, now characterized by the growing quality of property supply and also
by a Government that is increasingly open to creating mechanisms that allow
a reinforced development of the country and that is also trying to meet the
housing needs of population.
The slowing economy and the legislative elections have impacted in the property
market, particularly in development, with some projects that are already due
to completion being delayed. Nevertheless, these projects were not canceled
and are already under construction. In sum, this environment impacted in the
pace of the supply pipeline development, which is now growing slowly.
Luanda
Habitao: Apartamentos
Residential: Apartments
1
2
3
6
4
Apartamentos/Apartments
T1
T2
379.977
640.741
62
113
160
190
6.109
5.691
5.625
5.368
VM (USD)/AP (USD)
524.250
700.000
AM (m2)/AA (sq.m)
90
127
172
242
5.825
5.497
5.226
4.744
385.610
687.457
79
131
160
274
4.881
5.238
5.438
3.841
225.000
280.000
VM (USD)/AP (USD)
1 - Ingombotas AM (m2)/AA (sq.m)
VUM (USD/m2)/AUP (USD/sq.m)
2 - Maianga
898.850 1.150.000
867.930 1.050.925
120
160
1.875
1.750
215.000
AM (m2)/AA (sq.m)
80
106
2.688
2.500
VM (USD)/AP (USD)
199.500
250.000
AM (m2)/AA (sq.m)
95
125
2.100
2.000
T4
900.000 1.020.000
VM (USD)/AP (USD)
VUM (USD/m2)/AUP (USD/sq.m)
6 - Camama
T3
265.000
VM/AP - Valor mdio/Average prices AM/AA - rea mdia/Average area VUM/AUP - Valor unitrio mdio/Average unit price
1.000
2.000
3.000
4.000
5.000
6.000
2012
Luanda
Habitao: Moradias
Residential: Townhouses
3
6
4
Moradias/Townhouses
3 - Luanda Sul
Talatona
4 - Luanda Sul
Benfica
6 - Camama
V3
V4
VM (USD)/AP (USD)
1.030.883
AM (m2)/AA (sq.m)
204
298
5.057
5.029
VM (USD)/AP (USD)
650.000
800.000
AM (m2)/AA (sq.m)
220
330
2.955
2.424
VM (USD)/AP (USD)
302.298
360.000
AM (m2)/AA (sq.m)
166
195
1.816
1.846
1.500.000
VM/AP - Valor mdio/Average prices AM/AA - rea mdia/Average area VUM/AUP - Valor unitrio mdio/Average unit price
1.000
2.000
3.000
4.000
5.000
6.000
2012
In this segment, the Talatona area stands out with a high rate of development
and construction of residential condos targeted for upper and upper-middle
classes. This is a segment experiencing a rapid development, boosted by the
construction of new residential and retail projects.
In Benfica and Camama areas, less central, property projects target middle
and lower-middle income classes, with several residential projects being
developed in a lower price range comparing to other Luanda areas.
Luanda
Escritrios
Office
1
4
Escritrios/Office
VUM (USD/m2)/AUP (USD/sq.m)
Novos/New
1 - CBD
140
Yield (%)
17,0
9.882
RM (USD/m2)/AR (USD/sq.m)
5.514
85
RM (USD/m2)/AR (USD/sq.m)
18,5
Yield (%)
VUM (USD/m2)/AUP (USD/sq.m)
Novos/New
2 - Cidade
115
Yield (%)
18,0
7.667
RM (USD/m2)/AR (USD/sq.m)
3.429
60
RM (USD/m2)/AR (USD/sq.m)
21,0
Yield (%)
VUM (USD/m2)/AUP (USD/sq.m)
3 - Luanda Sul
Novos/New
5.838
90
RM (USD/m2)/AR (USD/sq.m)
18,5
Yield (%)
VUM (USD/m2)/AUP (USD/sq.m)
4 - Praia do Bispo
Novos/New
9.176
RM (USD/m2)/AR (USD/sq.m)
130
Yield (%)
17,0
VUM/AUP - Valor unitrio mdio/Average unit price RM/AR - Renda mdia/Average rent
2.500
40
5
5.000
80
10
7.500
120
15
10.000
160
20
2012
Since 2008, Luanda has been experiencing a significant growth of the office
stock, covering several areas of the city. In general, the construction of office
buildings has been mainly high-rise and these buildings combine several uses.
Meeting the needs of demand for office space has still a long way to go and
an increasing adjustment of supply over demand is expected in the next four
years, which should be reflected in rents, namely driving rental values to more
normalized levels. The slowdown in demand should not impact the vacancy
rates, still recording one of the lowest levels in the world. Demand should
continue to be driven by the Oil Sector companies, financial sector, and
Government and Multinational companies.
Luandas prime office zone is Baixa (CBD). Other areas like Talatona are emerging
and showing dynamic activity levels in offices. Some price adjustments should
yet be experienced in the market, but the major trend points out to a stabilization
of rental values.
Luanda
Turismo
Tourism
Oferta actual:
Hotel stock:
5*
4*
3*
Hotis/Hotels
Luanda
Oferta futura:
Pipeline:
5*
4*
Hotis sem classificao
Hotels without classification
3*
280
4*
430
5*
500
85
0
100
200
300
400
500
600
Tourism in seen as an anchor activity and a strategic area for the countrys
development, according to Plano Nacional de Desenvolvimento 2012-2017
(National Development Plan). Turning the new Tourism Development Hubs
operational until 2017 namely Cabo Ledo, Okavango and kalandula is a very
important step in this strategy, investing in sun and sea, cultural, environmental,
sports and leisure tourism products.
The main tourism indicators show a positive evolution of this sector. In 2012,
Angola welcomed approximately 484.000 tourists, reflecting an average growth
of 32% comparing with 2009, and recorded occupation rates above 80%. New
investments in hotel projects are expected and the new measures to boost
the sector will result in higher confidence levels among players in what
regards expected returns.
Luanda concentrates the largest hotel stock and has currently three five-star
units Hotel de Convenes de Talatona, Hotel Vitria Gardens and Epic Sana
Luanda Hotel.
Luanda
Comrcio
Retail
Comrcio/Retail
VUM (USD/m2)/AUP (USD/sq.m)
1 - Luanda
Retalho/Retail
RM (USD/m2)/AR (USD/sq.m)
7.059
100
Yield (%)
VUM (USD/m2)/AUP (USD/sq.m)
2 - Talatona
Retalho/Retail
17
5.000
RM (USD/m2)/AR (USD/sq.m)
75
Yield (%)
VUM (USD/m2)/AUP (USD/sq.m)
3 - Kilamba Kiaxi/Viana
Retail Park
18
2.919
RM (USD/m2)/AR (USD/sq.m)
45
Yield (%)
19
VUM/AUP - Valor unitrio mdio/Average unit price RM/AR - Renda mdia/Average rent
2.000
30
5
4.000
60
10
6.000
90
15
8.000
120
20
2012
In result of the economic growth that Angola has been displaying in recent years,
a new middle class is now emerging, bringing new consumer needs. In Luanda,
there is still a lack of modern retail spaces and also spaces that combine several
international retail brands and that can meet the needs of this emerging class.
The most developed residential areas, such as the districts of Ingombota,
Maianga and South Luanda, are also the ones preferred for opening new retail
spaces. Some new international retailers are now targeting the Angolan market
for the opening of new stores and the supply is now reacting, with several
mixed-use projects integrating retail and also new retail schemes scheduled
to open, including Luanda Shopping (integrated in Comandante Gika Project),
Luanda Towers, Kinaxixi Shopping and Shopping Fortaleza.
Luanda
Indstria
Industrial
2
Indstria/Industrial
VUM (USD/m2)/AUP (USD/sq.m)
1 - Viana
Novos/New
1.333
RM (USD/m2)/AR (USD/sq.m)
20
Yield (%)
VUM (USD/m2)/AUP (USD/sq.m)
2 - Cacuaco
Usados/Used
18
821
RM (USD/m2)/AR (USD/sq.m)
13
Yield (%)
VUM (USD/m2)/AUP (USD/sq.m)
3 - Sambizanga / Cazenga
Usados/Used
19
800
RM (USD/m2)/AR (USD/sq.m)
13
Yield (%)
20
VUM/AUP - Valor unitrio mdio/Average unit price RM/AR - Renda mdia/Average rent
300
5
5
600
10
10
900
15
15
1.200
20
20
2012
The strategy of diversifying the economy and reducing its dependence on the
oil sector means reinforce the investment in other sectors, including industry.
In 2012, the latter presented a 6% growth in terms of GDP and the estimates
are for a positive future growth.
In Plano Nacional de Desenvolvimento 2013-2017 (National Development
Plan), the Angolan Government establishes industrial land with infrastructures,
better loan conditions and less administrative bureaucracy as the three main
tools for attracting investment and creating joint-ventures between private
national and international companies.
Implementing industrial development hubs (PDI) and industrial condos
and boosting investment, requires to create some basic conditions (improving
road access, transportation and infrastructure), which once resolved will, for sure,
attract new players to this market.
Benguela
Habitao
Residential
2
Habitao/Residential
1 - Benguela
3.400
2 - Lobito (Restinga)
5.400
1.000
2.000
3.000
4.000
5.000
6.000
2012
With national reconstruction undergoing, Angolas new planned cities are now
giving important steps and Benguela is one of the provinces that has been very
dynamic.
Benguela
Comrcio
Retail
2
Comrcio/Retail
1 - Benguela
3.550
2 - Lobito (Restinga)
4.650
1.000
2.000
3.000
4.000
5.000
6.000
2012
Benguela Province is lacking retail spaces and the current stock is characterized
mainly by spaces integrated in the ground floor of mixed-use buildings.
Lobito received the first large retail scheme Lobito Retail Park -, a project that
is expected to contribute to increase retail activity and attract new investments.
Benguela
Turismo
Tourism
Lobito
Oferta actual:
Hotel stock:
Benguela
4*
3*
2*
Hotis/Hotels
Benguela
200
4*
290
Lobito
4*
3*
2*
3*
65
170
3*
220
4*
300
2*
Oferta futura:
Pipeline:
70
0
50
100
150
200
250
300
Angola is committed in turning tourism into an economic driving force and a way
of enhancing the national heritage. The first edition of international tourism fair
Bolsa Internacional de Turismo de Angola (BITUR) is already an event to promote
the countrys natural resources, also proving the growing professionalization
of the tourism sector.
Ao longo de 200 km de costa, Benguela oferece vrias praias, como Praia Morena,
Baa Azul, Caotinha e Restinga no Lobito.
Along 200km of coastline, Benguela offers several beaches, such as Praia Morena,
Baa Azul, Caotinha or Restinga, the latter in Lobito.
Due to its location, Lobito is a more appreciated area when compared with
Benguela, but is still lacking a higher standard hotel supply, although some
new hotel projects are already planned.
Concluses
Habitao
Em Luanda assiste-se a uma estabilizao dos valores de venda e um ritmo menos
acelerado face ao perodo de grande expanso do mercado imobilirio em anos
recentes. A zona de Ingombota regista os valores mais elevados dos apartamentos,
onde o valor mdio fixa-se em 5.700 USD/m2. Nas moradias, a zona de Talatona
apresenta um valor unitrio mdio por m2 em 5.043 USD/m2. Em Benguela, o
valor unitrio mdio regista-se em 3.400 USD/m2 e no Lobito em 5.400 USD/m2.
Residential
In Luanda, sales prices now tend to remain stable and sales are completed
at a slower pace when compared with the fast growth market of recent years.
Ingombota records the highest values in what concerns apartments, with average
prices of 5.700 USD/sq.m. In the segment of townhouses, Talatona is the star,
presenting average prices of 5.403 USD/sq.m. In Benguela and Lobito, residential
average prices are of 3.400 USD/sq.m and 5.400 USD/sq.m, respectively.
Escritrios
Em Luanda, apesar do abrandamento a que se assiste em termos de absoro
de espaos, o mercado contnua dinmico e as taxas de desocupao continuam
entre as mais baixas do mundo. O percurso para a satisfao da procura de
espaos de escritrios contnua, estimando-se que nos prximos quatro anos
a oferta se aproxime da procura e, desta forma, se assista a uma normalizao
dos valores de mercado. A zona prime est situada na Baixa, o CBD (Central
Business District), na qual a renda mdia por m2 de ABL se situa em 140 USD e
a Yield em 17%.
Office
Despite the slowdown in office take up, Luanda continues to show a dynamic
market and the vacancy rate is still one of the lowest recorded worldwide.
Thus, there are still needs to meet in terms of office space demand and in the
next four years supply should be gradually adjusted to this demand, with
market values expected to reflect this balance. Baixa is the CBD area in Luanda,
reflecting an average prime rent of 140 USD/sq.m and a 17% yield.
Turismo
Motivada pelo forte crescimento econmico do pas e pela consequente
chegada de expatriados, a actividade de turismo em Angola continua a estar
ainda muito alicerada no segmento de negcios. Com o Plano Nacional de
Desenvolvimento 2012-2017 pretende-se reforar o desenvolvimento de outros
produtos tursticos que permitam a captao de turistas internacionais, assim
como aumentar o turismo interno face ao crescimento da classe mdia.
Os preos por quarto nas unidades hoteleiras continuam muito elevados.
Em Luanda, a diria mdia nos hotis de 5 estrelas regista-se em 500 USD.
Em Benguela/Lobito, nos hotis de 4 estrelas a diria situa-se em 300 USD.
Comrcio
No mercado angolano existe uma carncia do conceito de Shopping Center,
com formatos mais modernos e com capacidade para satisfazer a classe mdia
que est a emergir. Existem vrios projectos em construo, estando previstas
as inauguraes de diversos conjuntos comerciais, nomeadamente: Luanda
Shopping, Luanda Towers, Shopping do Kinaxixi e Shopping Fortaleza. Na
provncia de Benguela, surgiu o Lobito Retail Park, primeiro empreendimento
que agrega vrias marcas. Com os indicadores econmicos e o crescimento da
classe mdia, expectvel a entrada de retalhistas internacionais.
Indstria
A indstria em Angola um dos sectores da economia com maior grande
potencial de crescimento. A aposta do Governo na criao de condies bsicas,
melhoria das infra-estruturas, acessibilidades e criao de medidas para atraco
de investimento estrangeiro, iro despoletar a ateno dos players de mercado
e o interesse em investir neste pas. O Plo de Desenvolvimento Industrial (PDI)
de Viana o mais antigo e a renda mdia dos armazns regista-se em 20 USD/m2.
Outras zonas como Cacuaco, municpio do Cazenga e o Sambizanga (Estrada
do Catete) so as que tm maior impacto com projectos industriais.
Tourism
Boosted by the countrys economic fast growth and the arrival of foreign
workers, tourism in Angola is still very focused in the corporate/business
segment. The Plano Nacional de Desenvolvimento (National Development
Plan) 2013-2017 aims to reinforce the development of other tourism products,
thus allowing to attract more international tourists and also increase domestic
tourism, considering the growth of a middle and higher income class.
Average daily room rates in hotels are still in very high levels, reaching 500 USD
in 5-star hotels in Luanda and 300 USD in 4-star hotels in Benguela and Lobito.
Retail
Retail market in Angola is still lacking the concept of shopping center
developments, with more modern schemes that can fulfil the consumption
needs of an emerging middle class. Several projects are already under
construction and several others are scheduled to open, namely: Luanda Shopping,
Luanda Towers, Shopping do Kinaxixi and Shopping Fortaleza. In Benguela
province, Lobito Retail Park is the first retail scheme with a tenant mix combining
several brands. Optimistic economic indicators and an expanding middle class
should drive the investment of new international retailers in Angola.
Industrial
In Angola, the industrial sector is one of the highest potential growth areas for
economy. The government measures to attract international investment, create
basic conditions, improve infrastructure and roadway access are expected
to increase the attention of new players towards this market. Vianas industrial
development hub is the oldest, recording average warehousing rents of about
20 USD/sq.m. Other areas like Cacuaco, in Cazenga Municipaliy, and Sambizanga
(Catete Road) are also very important in terms of industrial projects.
email: info@pro-prime.com
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