ZREPORT. Angola Property Market 2013

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1 2013

2 August 2013 INDEX 3 ABOUT US 4 SUMMARY 6 MACROECONOMIC CONTEXT 7 POPULATION 8 LEGAL AND FISCAL CONTEXT 9 OFFICE MARKET 13 RESIDENTIAL MARKET 17 RETAIL MARKET 18 INDUSTRIAL AND LOGISTICS MARKET 19 TOURISM MARKET 21 INVESTMENT MARKET

3 3 About us Zenki Real Estate is an Angolan company working in the Real Estate Market since 2009 as part of the CBRE affiliate network, a global leader in real estate services, with more than two centuries of international experience, employees and 447 offices in 60 countries. Zenki Real Estate operates representing clients in selling, leasing, valuation services, consultancy and research. We provide services to all real estate stakeholders, public or private, tenants, users, developers, lenders or investors. We develop business in office buildings, industrial property, retail, hotels and residential, in its different phases from land, assets to occupy or with income. We treat all the information in a transparent and professional manner and publish every year market reports, which highlight major indicators and trends of the real estate market. It is with great pleasure that we present you our latest real estate property market report, which expresses our vision and market trends. August, 2013 Diogo Osório Rodrigues Managing Director

4 4 Office take-up sq m (in 2012) Office stock +61% ( ) Residential real pipeline (until 2014) units in Luanda and Talatona Hotel occupancy rates 75% (average) Trends Macroeconomic indicators GDP Inflation Office space Take-up New Supply Sale & lease values G H I K I SUMMARY The impact of the global financial crisis was felt on the Angolan economy by a slowing of the growth rate of its real estate sector. However, the country in general, and the province of Luanda in particular, is now experiencing a new period of growth with the office and residential sectors being the most active. This is being assisted by higher build quality and finishes, which are having a positive effect on Prime market rates, even when compared to 2012 values. The demand for modern quality offices continues to come mainly from companies in the oil & gas and financial sectors as the rental prices are still too steep for the majority of small and medium sized companies. Residential Take up New Supply Sale & lease values Retail Take up New Supply Sale & lease values Industrial and Logistics Take up New Supply Sale & lease values I K I K K I K K I In the residential sector the main demand stems from the Angolan mid to upper classes, as well as from large international companies looking for housing for their top level employees, working and living in Angola. With the emergence of an Angolan middle class, new lower cost construction is now emerging outside of the main city centre and Talatona. However, the almost non-existence of mortgage loans has had a detrimental effect on the growth of this market sector. The retail sector is currently very immature but is making its first steps and shows great growth potential in both supply and demand, again due primarily to the emergence of the middle classes. There are currently only three modern shopping centers in the Luanda province but six others are under construction. Over the past year, the country s first two retail parks were completed. The main retailers that are looking to expand into Angola are from the distribution and wholesale food industry, while the high-end and luxury brand markets are still poorly represented. With the opening of new shopping centers and retail parks, the arrival of more international retailers is expected. Tourism New Supply Occupancy Rate Average Room Rate Investment Investment Turnover Prime yeld G H H K H The industrial property sector is being represented as one of the Angolan Government s main targets for stimulating the economy. The majority of the existing industrial and logistics ventures were build-to-suit. However, more recent warehouse and industrial complexes have started to emerge which are being developed by private companies. Following a period of national reconstruction, Angola has began to invest in its potential for tourism through the implementation of the Master Plan PARTENON that defined the Strategy for the Development of Tourism in Angola up to Studies are being carried out to define the priority Tourism Development Centers, selected for their potential to provide short term tourist income. These include the Cabo Ledo (Center), the Kalandula Center and the Okavango s Basin Center.

5 5 Luanda Province continues to stand out as the principal location for hotel supply, generating approximately 80% of the sector s total revenue, followed by the provinces of Huíla and Benguela. There are 16 mid and high quality hotels (3, 4 and 5 stars) in the center of Luanda offering in all approximately 2,000 rooms. The annual average occupancy rate is currently 75% and the average room rate is $375 USD/night (with breakfast and taxes included). Several hotel developments are underway in Luanda, which will go some way to balance the supply in the sector. It is estimated that the total number of rooms will increase by 66% by the end of The investment market in Angola is still in its infancy. The evolution of the market is being held back by the pending publication of legislation that will aim to regulate real estate investment funds. This regulation is hoping to drive an improvement in the maturity of the real estate market, not only with an increase in the number of transactions carried out, but also with an injection of foreign capital. Currently yields are running at between 12% and 18%, however, with the prospects of sustained economic growth over the coming years and a reduction in inflation, the tendency will be for a decrease in the perceived country-risk and an accompanying decrease in yields. Luanda Central Business District

6 6 MACROECONOMIC CONTEXT Angola is one of the main economies of Sub-Saharan Africa. It is a country that reported the best performance over the period of , with growth rates above 10%. In 2009, when the global economic crisis reached Angola, the economy became vulnerable. In order to defend itself against the reduction of a third of the international reserves in the first quarter of 2009, the Angolan government approached the IMF for a stabilization program. The IMF s program for the period contributed towards regulating fiscal policies and restricting the level of debt, and assisted in bringing about improvements in the management of the public sector. In 2012 the economy registered an increased growth of 8.4% of GDP, driven principally by the recovery in the oil sector as well as the continuation of notable growth in the non-oil sectors. The IMF s presence also contributed towards the reduction in inflation to single digits (between August and December 2012) for the first time in 10 years, resulting in an average annual inflation rate over the period of 10.3%. The macroeconomic perspectives for 2013 are favorable, despite a still uncertain global setting. Forecasts point to a sustained increase in oil prices as well as growth in the non-oil sectors, boosted by an intensification of the public investment program aimed towards the conclusion of reconstruction projects and the improvement of basic infrastructure. It is estimated that, in 2013, economic activity will continue to flourish, with a growth rate of 6.2% of GDP, and that inflation will continue to gradually fall to 9%. According to recent forecasts presented by the Ministry for Economy, Angola will have an average growth of 7.1% of GDP over the next 5 years. GRAPH 1: MAIN ECONOMIC INDICATORS 16.0% 7,000 USD 14.0% 6,000 USD 12.0% 10.0% 8.0% 6.0% 4.0% 5,000 USD 4,000 USD 3,000 USD 2,000 USD 2.0% 1,000 USD 0.0% GDP per capita (USD) Growth of the GDP (%) Inflation Rate (CPI,%) (e) 2014 (e) 4,596 USD 3,989 USD 4,219 USD 5,159 USD 5,485 USD 6,033 USD 6,292 USD 13.8% 2.4% 3.4% 3.9% 8.4% 6.2% 7.3% 12.5% 13.7% 14.5% 13.5% 10.3% 9.4% 8.4% 0 USD Source: IMF, World Bank (e) Estimated values

7 7 POPULATION Chicala, Luanda Angola does not hold robust demographic data. A Census of Population and Housing is programmed for 2014 and will look to characterize the population and housing in Angola in order to produce accurate geographic, economic and social statistics that are fundamental to the process of planning for future development. The United Nations report on the Human Development Index shows that Angola had a population of 19 million in 2010 and a national growth rate of 25%. The forecast is that the country s population will be over 30 million by the mid 2030 s. It is also estimated that by 2050, the average life expectancy will rise to 63 for men and to 67 for women. Due to a rise in migration from the country s interior to the cities, and particularly to Luanda, there is now a huge concentration of people in the capital, which houses nearly 30% of Angola s total population (with approximately 6 million inhabitants) and this trend is expected to continue. GRAPH 2: ANGOLAN POPULATION (Million Inhabitants) Angola Luanda Source: INE (National Statistics Institute); UNITED NATIONS

8 8 LEGAL AND FISCAL CONTEXT The Legal Framework of Collective Investment Undertakings In collaboration with FCB&A/ EVC Lawyers. The approval of an Angolan legal framework for real estate funds (in Portuguese, Regime Jurídico Angolano dos Fundos de Investimento Imobiliário, RJFII ) has been awaited for some time, as a means to address the inadequacy of the system regulated by law no. 12/05 of the 23 September, that only regulated actions and operations that referred to securities. In order to address this issue, a preliminary Presidential legislative decree was disclosed in 2012, intended to approve the new Angolan legal framework for real estate funds, the RJFII, as law dedicated specifically to Real Estate Investment Funds. However, on the 24 April 2013, a new project for a Presidential legislative decree was submitted to the Council of Ministers, called the Legal Framework of Collective Investment Undertakings (in Portuguese, Regime Jurídico dos Organismos de Investimento Colectivo, RJOIC ), which will incorporate under a single diploma, not only the Angolan legal framework for real estate funds (RJFII), but also the legal framework for real estate investment funds and the management of collective investment undertakings ( OIC ). In this way it aims to address the need for a harmonisation of the Angolan legal framework relating to capital markets. Regarding the real estate collective investment undertakings (OIC), in general terms there is a similarity between the RJOIC and the Portuguese RJFII, approved by decree-law no. 13/2005, 7 January. In this manner the RJOIC defines the assets that fall under the concept of real estate collective investment undertakings; it establishes the remits and obligations of the managing and trustee body and of the participants; and stresses the importance of transparency and the need for public information in fund management. The Capital Market Commission (Comissão do Mercado de Capitais or CMC) is now established as a regulatory body and is charged with authorizing the creation and operation of the OIC, namely in what relates to the merger, division, transformation, as well as the dissolution, liquidation, sharing and winding-up of funds. The RJOIC introduces, however, a new concept that relates to the possibility of creating groups of OIC managed by the same entity, with the aim of facilitating share transactions. As for the legal nature of the funds, the diploma stipulates that funds must take the form of unincorporated assets or, alternatively, the form of corporations. Autonomous investment funds held by the respective participants under a regime of ownership, with corresponding rights and obligations are qualified as unincorporated assets. Alternatively, the funds could assume a corporation form by creating investment corporations ( SI ) which will have to obey the laws that apply to their operations, instituted by the RJOIC and by Law no. 1/04 of the 13 February. Similarly to Portuguese law, the funds can be open-ended, closed-ended or mixed, depending on the shares being issued without restriction, in fixed number or both. These funds are managed by management corporations that are obliged to follow guidelines in what respects to transparency, publicizing information, composition of assets and limitation of certain operations. For this particular case, the financial instruments that integrate the fund s assets should be entrusted to a single trustee that must be a bank with headquarters in Angola and whose activity is regulated. Table 1: Summary of Property Rate Tax Property Tax (IPU) Property Tax (SISA) Stamp Duty Leased Property Property that is not leased Sale/ Purchase contracts Financing contracts Administrative Fee 15% of the rental value (to be borne by the property owner/landlord, either directly or by withholding the tax paid by the tenant should he have an organized accounting) 0.5% of the excess of AKZ of the property s equity value (to be paid by the owner) 2% of the acquisition value or of the property s equity value, if this is greater (to be paid by the owner) 0.3% of the acquisition value or of the property s equity value, if this is greater (to be paid by the owner) 0,1% of the credit value in the case of house loans Between 0.5% and 0.1% of the value of the contracted credit (to be borne by the credit user and paid by the credit provider) Note: does not replace consultation of the relevant legislation

9 9 OFFICE MARKET The office space market in Angola is still mainly concentrated in Luanda. In the other provinces this market sector is still in its early stages of development and the majority of transactions are carried-out in an informal manner. In the cities of Benguela, Cabinda, Huambo, Lobito, Lubango and Soyo, offices are mainly located in adapted houses/ apartments, shopping centers or other mixed use commercial venues. In general these properties are not wholly suitable for modern office use. OFFICE ZONES IN LUANDA Zenki Real Estate divides the office locations in Luanda into four distinct areas: Downtown: considered the Central Business District (CBD), it has the greatest concentration of prime real estate, occupied by the largest companies operating in the country. The CBD also has older office buildings, occupied by national companies as well as mid-sized foreign companies. The majority of the government departments and financial institutions are also located in this area of the city. Uptown: office buildings catering mostly to small and medium enterprises. Most of the office space available is integrated in buildings that house both residential apartments and service companies or in residential buildings that have been converted into offices. Praia do Bispo: Luanda s business area that arose from the centralization of some of the state s administrative services. Due to its proximity to the CBD, the office buildings here are mainly occupied by companies in the finance and oil sectors. Talatona: a substitute to the city of Luanda that, despite its distance to the city s center, is considered an alternative to the CBD for large companies Source: Zenki Real Estate/Google Earth Downtown - CBD Uptown Praia do Bispo Talatona

10 10 OFFICE SUPPLY In Luanda the available office space is mostly old residential buildings that have been converted into offices; buildings constructed in the post-civil war period composed of both residential apartments and office space; and a small number of buildings that are exclusively offices. Zenki Real Estate estimates that by the end of 2012 Luanda had 510,000 sq m of GLA, almost double the estimates made at the end of The city s downtown area has the majority of the stock, with a 55% share. However the area of Talatona registered the greatest amount of growth in the period, with over 52,000 sq m of new construction, currently registering a stock that is 2.6 times greater than that estimated in GRAPH 3: DISTRIBUITION OF OFFICE STOCK BY LOCATION Zone 3 7% Zone 2 25% Zone 4 14% Zone 1 54% The available stock in recently constructed buildings in Luanda is approximately 45,000 sq. m of GLA, which results in a vacancy rate of 9%. The CBD has the lowest vacancy rate at 6%. Office building development in Luanda is still happening at a high rate. The conclusion of buildings currently under construction will add over 310,000 sq m to the existing stock by the end of It is expected that in two years the current stock will show a growth of 62% up to a total of 820,000 sq m. Talatona has the largest area under construction, a total of 145,000 sq m. ZONE 1 - Downtown - CBD ZONE 2 - Uptown ZONE 3 - Praia do Bispo ZONE 4 - Talatona Source: Zenki Real Estate It is important to note that the majority of the office buildings currently being built are already pre-let or sold. The office center in Talatona is primarily the Belas Business Park venture, the first office buildings to have been constructed in this area and one of the key reference sites for the Angolan office sector. However, the more recently completed buildings, as well as those now under construction, are further afield, which means that there is no longer a clearly defined Talatona office district. GRAPH 4: EVOLUTION OF OFFICE STOCK BY LOCATION (2010/2014) sq m sq m sq m sq m sq m sq m sq m until 2010 until 2012 until 2014 (e) (e) Estimated values sq m 0 sq m Source: Zenki Real Estate Zone 1 Zone 2 Zone 3 Zone 4

11 11 OFFICE DEMAND The demand for modern office space in Luanda stems mostly from companies in the oil & gas (both the sector s operators and service providers), finance and public sectors. Companies in the oil & gas sector typically occupy large office buildings (over 4,000 sq m) while companies that provide services to the operators, companies in the financial sector and public bodies, generally take multi-occupied buildings. Companies that operate in the oil & gas sector, finance companies and public bodies typically occupy whole buildings. The demand for office space in new buildings by small and medium enterprises (SME) is comparatively low. Market prices are still too high for most SME s, which means that these companies are generally located in older buildings of a lesser quality. Zenki Real Estate estimates that over the last 12 months the gross take up of office space in Luanda has reached 200,000 sq m, 65% of which has been occupied by companies in the oil & gas sector. Around 50% of the occupied space is the result of sale or build-to-suit. However, currently there is a greater demand from occupiers to lease, despite the fact that developers continue to give preference to sales, much like the residential market. There has been a slight decrease in the rate of office space occupation: on the one hand investors give preference to the acquisition of pre-let office space, whilst on the other hand market prices are still too high for an increase in the demand on the part of SMEs. Despite this, there is still a high demand for office space in Luanda, which makes it likely that there will continue to be strong growth in this sector. With the investments currently being made in the provinces, including the Sonangol refinery project in Lobito; the development of the mining sector in the province of Huíla; the oil activity in Cabinda; and the LNG project in Soyo; there is likely to be, in the mid term, an increase in the demand for office space in these cities, with an accompanying increase in values and an improvement in the level of professionalism in the real estate sector. Table 2: Major take up transactions in Luanda (2012 and H1 2013) Building Location Occupier Type Area (sq m) Torres do Carmo CBD BP Sale 13,713 Total Headquarters CBD Total Private Ownership Goya Building Uptown Ministry for Hotels and Tourism Sale 4,800 Baía Building CBD BPC Lease 4,500 8,200 Metropolis Business Center Uptown Ministry of Finance Sale 2,700 Source: Zenki Real Estate Uptown Luanda

12 12 OFFICE MARKET VALUES Rent for prime office space in Luanda is currently 170 USD/sq m/month and the sale value is 12,000 USD/sq m. The table below portrays these values for other business locations in Luanda. Table 3: Recent Office Market Values in Luanda Location Rent Prices (USD/sq m/month) Sale Prices (USD/sq m) Minimum Prime Minimum Prime CBD ,000 12,000 Uptown ,500 8,000 Praia do Bispo ND 10,900 Talatona ,250 7,200 Source: Zenki Real Estate The numbers show an increase relative to the previous year (13% in the CBD) as a result of a higher quality of supply and a continued shortage of available product, mirroring what is happening in the residential market. In the Uptown area, prime rent only applies to the Garden Towers building and again shows a significant increase relative to the previous year s values. Nonetheless, the value for prime rent in this location would be 120 USD/sq m/month (9% more than the previous year). The average cost of service charges in an office building in Luanda is 5.50 USD/sq m/month, which are typically added to the rent. Despite the high volume of construction, the expectation is that the demand will continue to be strong, which in turn means that prime rental values for office space are not expected to change much over the next 12 months. Average rental values may however drop. Market values in the main cities of the other provinces do not follow a recognised pattern as the values tend to be calculated in an informal manner without regard to price per square meter. There are however two Prime buildings that deserve mention: The Acácias Place in the city of Benguela, with a small area attributed to office space, with prices of 33 USD/sq m/gca for rent and USD/sq m/gca for sale. The Lubango Center, in the city of Lubango, which was recently completed. The building has both offices and other uses, with office strata sale values of USD/sq m/gca. Lubango Center, Huíla

13 13 RESIDENTIAL MARKET The residential market in Angola is still primarily located in Luanda, while in the capitals of the other provinces it consists mainly of several neighborhoods with sub-standard construction, that the locals call musseques. These neighborhoods were originally intended for the poorer classes but now tend to have houses that are over forty years old that have been refurbished and are occupied by the middle-high and upper classes. There are also a number of large residential projects that are backed by the Angolan government. RESIDENTIAL ZONES IN LUANDA High quality residential buildings with excellent finishings, developed in the post civil war period, are located in Luanda s city center (up and downtown) and in Talatona. These are generally occupied by the middle-high and upper classes. Recently new buildings have been developed for the emerging middle classes which tend to be located in the peripheral areas of Luanda and Talatona, such as Morro Bento, Rocha Pinto, Samba, Benfica, Quifica, Camama, Nova Vida, Lar do Patriota and Viana. These properties are generally available at lower market prices than those in Luanda s prime locations. New large residential projects are being developed in other areas thus creating new Centers. These partly statefunded projects are destined for the lower social classes and despite being set far away from the city s center they have been in great demand. Examples of these are the Kilamba Kiaxi; KM 44 in Catete; Zango; and Cacuaco. The analysis conducted by Zenki Real Estate concentrates on the residential segment destined for the middle, midhigh and upper classes, thus the analysis is restricted to four zones out of the seven identified below: 1 Downtown: Baixa, Coqueiros, Praia do Bispo, Ilha de Luanda and Chicala 2 Uptown: Alvalade, Bairro Azul, Maculusso, Maianga, Kinaxixi, Vila Alice, Combatentes, Valódia, Miramar, S. Paulo, Bairro Operário 3 Morro Bento, Rocha Pinto, Samba 4 Talatona 5 Benfica, Quifica, Camama, Nova Vida, Lar do Patriota 6 Viana 7 Kilamba and Zango Source: Zenki Real Estate/Google Earth

14 14 RESIDENTIAL SUPPLY In the city of Luanda (the Downtown and Uptown areas) the supply of modern residential accommodation is mainly comprised of purpose built high-rise apartment buildings. By the end of 2014 over 1,050 new residential units will become available. Unlike the city centre, in Talatona there are more estates of residential villas rather than apartment buildings. However, the actual number of dwellings is approximately the same in both formats. The number of available dwellings is currently low but In Talatona there are around 1,900 residential units under construction which should be completed by the end of Of note is the fact that a single building, the Dolce Vita, represents 28% of the total number of new dwellings. It is worth mentioning that in a city with a high number of expatriate workers, the number of one bedroom residential units available for rent is very low. Torre Ambiente, Luanda Marginal

15 15 RESIDENTIAL DEMAND The demand for residential units in Luanda comes from individuals, companies and investors. The wealthier classes and companies, mainly from the oil sector, occupied the first quality buildings in Luanda in order to house their expatriate staff. The acquisition of new apartments by the upper classes has slowed due to the small size of the market sector. However, the corporate demand is very high, stemming mainly from companies in the oil & Gas and finance sectors. The recent new supply in the city center is targeted towards the up-scale market, making it inappropriate to the requirements in quality and price of the corporate occupiers. In parallel to the corporate demand, there is also demand from individuals working in senior positions in companies located in Luanda, looking to rent properties using money their company provides for housing purposes. With the country s economic development, a new middle to high class is starting to emerge in Angola. There has been a recent increase in demand from young people employed in high-level jobs by international companies operating in Luanda. The demand has been sustained by the special financing conditions being offered by major companies in the oil and finance sectors to their employees. The sector s demands have mainly been concentrated on the recently constructed buildings located between Luanda and Talatona (Morro Bento, Rocha Pinto) and to the South and East of Talatona (namely Benfica, Quifica, Camama, Nova Vida and Lar do Patriota), where prices are more acceptable. The timings for product placement have also changed, with an increase in sales occurring after building completion. This is a result of not only a lack of market liquidity and an increase in choice due to the greater number of projects, but also of a greater amount of caution being exercised by buyers who want to see if buildings are actually completed with the promised quality levels and characteristics. With the recent financial crisis, many developers have had difficulty in finishing their projects. In the residential market, institutional investors have been increasing relative to private investors. However, due mainly to the increased demand for rentals over acquisitions, the residential investment market is still suppressed; there is a mismatch between the supply, generated by developers that aim to sell, and the demand, which is geared towards leasing. The demand for residential real estate is still centered, almost exclusively, on the upper classes and corporates, due to both a greater amount of supply in the market coupled with an almost non-existent market for mortgage loans. Alvalade, Luanda

16 16 RESIDENTIAL MARKET VALUES The price for prime 2-bedroom apartment rentals located in the city of Luanda is 16,000 USD/month, a value that drops to 7,500 USD/month in Talatona. The price for the sale of a prime 2-bedroom apartment in the city of Luanda is 8,600 USD/sq m and 7,200 USD/sq m in Talatona. Over the past year there has been an increase in the market values of properties located in both the city and Talatona due principally to the greater amount of high quality construction coupled with a continued lack of available property. The table below presents the rental and sale values of prime property for different sizes in the above-mentioned locations. The rental prices include any service charge/management costs. Table 4: Residential Market Values Apartments Houses Zone 1-bedrm 2-bedrm 3-bedrm 4-bedrm 3-bedrm 4-bedrm Prime Rental Price (USD/ month) 12,000 16,000 23,500 30,000 ND ND Downtown Prime Sale Price (USD/sq m) 8,500 8,600 12,500 11,500 ND ND Prime Rental Price (USD/ month) 8,000 12,000 17,000 25,000 20,000 46,000 Uptown Prime Sale Price (USD/sq m) 6,300 7,000 7,800 7,700 8,500 11,200 Morro Bento/Rocha Pinto Prime Rental Price (USD/ month) ND 2,800 4,000 4,800 ND ND Prime Sale Price (USD/sq m) 4,100 4,000 4,000 4,300 ND ND Prime Rental Price (USD/ month) 3,700 7,500 8,500 10,000 16,000 20,000 Talatona Prime Sale Price (USD/sq m) 7,000 7,200 7,200 7,200 8,500 11,200 Source: Zenki Real Estate In the remaining province capital cities, the respective figures are calculated informally, based on an agreed amount for the property s total value. There are some properties worth highlighting here: At the Anfiris Building, located in Restinga, Lobito, 2 to 4-bedroom apartments are being marketed at 4,700 USD/ sq m/pga. In Lubango, a building for multiple use has recently been finished, called the Lubango Center, and is considered the prime site in the city with apartments selling at 3,800 USD/sq m/pga.

17 17 RETAIL MARKET RETAIL SUPPLY The retail market is still in its early stages of development, both in terms of quality and diversity of retailers, and in terms of the shopping centers themselves. There are currently only three modern shopping centers in the province of Luanda. The first to be opened was Belas Shopping (in 2007), followed by Ginga Shopping and Atrium Nova Vida. Outside the province of Luanda there is Millennium Shopping in Lubango (Huíla). At the moment, there are six shopping centers being built, all in the city of Luanda. The retail park format is still a recent concept. The Lobito retail park in the province of Benguela was the first commercial venture of this type to be opened in Angola (2012). It was followed by the opening of the Viana Retail Park in Luanda in the first quarter of There are two more retail parks projected for Viana, the Luana and Mundial Shopping, whose construction has not yet begun. As for high street retail, it is still spread across the city with no consolidated specific commercial areas. New buildings have areas for commerce on their ground floors, which are quickly occupied by service companies, namely banks, insurance and telecommunications agencies, and there is a general lack of quality retail space. Table 5: Pipeline of retail schemes in Luanda Name Location Format Area (GLA) Kinaxixi Shopping Kinaxixi Shopping Center 27,402 Luanda Shopping Alvalade Shopping Center 35,000 Shopping Fortaleza Marginal Shopping Center 26,000 Sky Center Kinaxixi Shopping Center 6,000 Torres Kianda Marginal Shopping Center 5,784 Vista Club Shopping Rainha Ginga Shopping Center 6,000 Source: Zenki Real Estate RETAIL DEMAND The leading players in Angola s retail sector are the result of partnerships established between Angolan companies and international retailers, mainly from South Africa and Portugal, and are mainly in the area of food distribution and wholesale, whilst the high-end and luxury sectors are still poorly represented. With the opening of new shopping centers and retail parks, and the increase in the middle classes with greater spending power, it is expected that more international retailers, namely from industries such as fashion, accessories and catering, will begin to move in. Angola, and in particular Luanda, has great potential for success in this sector due to the current lack of supply coupled with the expectation of economic and demographic growth and the emergence of a middle class. RETAIL MARKET VALUES Rental prices for retail area in Downtown Luanda vary between 50 and 80 USD/sq m/month for refurbished high street units. In new buildings, sale prices vary between 9,000 and 12,000 USD/sq m. In the recently inaugurated retail parks, prime rental values are at 35 USD/sq m/month (for units with areas of around 500 sq m).

18 18 INDUSTRIAL AND LOGISTICS MARKET INDUSTRIAL AND LOGISTICS ZONES The main areas occupied by the industrial and logistics sector in the Province of Luanda are: Estrada do Cacuaco; Benfica Lar do Patriota; Viana; and Estrada de Catete Estrada do Cacuaco Benfica - Lar do Patriota6 Viana Estrada de Catete Source: Zenki Real Estate/Google Earth CHARACTERIZATION The industrial sector is one of the Government s main areas for investment over the next few years, as it has a direct impact on Angola s economic growth. One of the main factors for this sector s growth is the creation of Special Economic Zones (ZEE) in several provinces across the country, the first of which is the Special Economic Zone of Luanda-Bengo in Viana. This ZEE has a total area of 8,300 hectares and its first phase has approval for the construction of 73 factories. Created three years ago, the Luanda-Bengo ZEE already has 22 factories in operation. Another measure aimed at creating a more dynamic economy which impacts on the industrial and logistics sector, is the creation of industrial centers in several of the country s provinces. The industrial centers already created or are in development are: Viana Luanda South; Cacuaco Luanda North; Catumbela Benguela; Futila Cabinda; Lucala Kwanza North; Caála Huambo; Matala Huíla; Icolo Bengo; Bengo Bengo. The industrial sector is also in its very early stages of development; it is the sector where the greatest amount of growth is expected and where the greatest opportunities for investment exist. The majority of recently built industrial and logistics enterprises have been developed to the specifications of the owner-occupier s built-tosuit schemes. More recently private developers have built warehouse and industrial complexes and of these the Complex Parkgest and Viana Park, both located in Viana, standout. The table below summarizes the values for prime industrial real estate in the four locations mentioned above. Table 6: Values for prime industrial and logistics real estate Location Prime Rent Value (USD/sq m/month) Prime Sale Value (USD/sq m) Estrada do Cacuaco 13 1,400 Benfica Lar do Patriota 13 1,800 Viana 15 2,000 Estrada de Catete 14 1,500 Source: Zenki Real Estate

19 19 TOURISM MARKET DEVELOPMENT OF TOURISM IN ANGOLA Following a 10-year period of national reconstruction a Master Plan was presented in 2011, the PARTENON, that defines the Strategy for the Development of Tourism in Angola until Several fundamental issues were identified as the main hold-ups for rapid development of Tourism: including a lack of infrastructure and support services and non-existent promotion of the country as a tourist destination. PARTENON predicts that the development of tourism in Angola will be focused and in phases, pertaining to both the development of supply and demand. The following phases were defined: 1st Phase: Investment on Domestic Tourism, focusing on Development Centers (until 2013); 2nd Phase: 3rd Phase: Consolidation of the Domestic Tourism investment in Regional Market with a diversification of investment and promotion (until 2015); Investment in the increase of the sector s global competitiveness, with emphasis on the International Market (from 2016). Objectives defined by PARTENON until million tourists, of which 60% should be domestic 4.7 billion USD in Tourism revenue 1 million people employed in activities directly connected to the sector Over 3% weight in Angola s GDP The studies for the development plan are currently underway, focusing on the priority Tourism Development Centers, selected for their potential for tourism in the short term, which are: the Cabo Ledo Center; the Calandula Center; the Okavango Basin Center. Cabo Ledo, Bengo

20 20 HOTEL INDUSTRY Luanda continues to stand out amongst other destinations in terms of hotel accommodation supply, generating 80% of the sector s revenue. The provinces of Huíla and Benguela follow behind. In the remaining provinces the lack of hotels is commonplace. The hotel industry in the city of Luanda is characterized by inflated prices with respect to the quality of service offered, and is composed mainly of 3 and 4 star hotels, apartment hotels and low quality boarding houses. Nonetheless the occupation rates are quite high due to both the ever-increasing flux of people arriving in Luanda for business and to the shortage of choice in the higher segment. The city s reference hotels are located in the Downtown area and in Alvalade, Uptown. The majority of 4 star hotels are located Downtown and these are the ones that offer the best quality services: Hotels Presidente, Trópico and Skyna and more recently Baía and Epic Sana (the latter being the first 5 start hotel in Luanda s downtown, inaugurated in 2012). Cabo Island is the area with greatest touristic potential in Luanda. However, despite its natural appeal, hotels are scarce. Uptown other reference hotels can be found, such as the Hotel Alvalade which has a business center. The number of medium and high quality hotels (3, 4 and 5 stars) in the city center totals 16, offering a total of 2,000 rooms. The average annual occupation rate is 75% and the Average Price is 375 USD/night (with breakfast and taxes included). The basic rates can go up to 550 USD/night in the city s best hotels. Several hotel projects are being developed in Luanda which aim to balance the supply in the sector. It is estimated that the total number of hotel rooms available will increase by 66% by the end of Table 7: Future Hotels Name No. of Stars No. of Rooms Status Blue Diamond Under construction Pestana Palace Project VIP Grand Luanda (Empreendimento Comandante Gika) Under construction Hotel Diamante Soft opening phase Total 1,294 Source: Zenki Real Estate The main hotel groups represented in Angola are of national origin, such as the AAA, Chicoil, HCTA, Imogestin and the Ritz, or are Portuguese hotel chains that have expanded to Angola, namely TD Hotels and SANA Group.

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