Infrastructure development plays a critical role in the growth and development of African real estate. As a real estate Consultant and founder of Bankz Homes, Peter Bakare, has seen first-hand the impact of infrastructure development on the real estate industry in Africa.
One of the most significant impacts of infrastructure development on African real estate is the ability to connect previously isolated or underdeveloped areas to urban areas. This can create new opportunities for real estate development, as well as improve access to amenities and services for residents.
Bakare mentioned that infrastructure development, such as the construction of new roads, bridges, and railways, can increase the demand for real estate in previously under-served areas.
Another important impact of infrastructure development on African real estate is the ability to increase the value of existing properties. For example, the development of new transportation infrastructure, such as airports or train stations, can increase the value of nearby properties as they become more accessible to commuters and travelers. Bakare cited that this can create new investment opportunities for real estate developers and investors.
In addition to these impacts, infrastructure development can also have a significant impact on the affordability of housing. Bakare explained that the development of new infrastructure can lead to lower transportation costs, making it more affordable for residents to live farther away from urban area. This can lead to increased demand for housing in these areas, as well as lower housing costs in urban areas.
However, Bakare also noted that there were challenges to infrastructure development in Africa. One of the biggest challenges is the lack of financing for infrastructure projects. In many cases, governments and private investors are hesitant to invest in large-scale infrastructure projects due to concerns over profitability and financial sustainability.
Overall, the impact of infrastructure development on African real estate is significant and complex. While infrastructure development can create new opportunities for real estate development and increase the value of existing properties, there are also challenges that needed to be addressed.
As a real estate consultant and founder of Bankz Homes, Peter Bakare is committed to promoting sustainable infrastructure development that supports the growth and development of African real estate.
