RMB Westport in Angola

African property development jurisdictions

Angola’s economy is currently one of the largest in sub-Saharan Africa, with an annual GDP growth that regularly topping 10% in the years leading up to 2014. The country is rich in various mineral reserves, diamonds, iron ore, phosphates and gold. After almost 30 years of civil war, the country is now at peace – another contributing factor to an increase in foreign direct investment.

Angola has become the second biggest crude oil producer in sub-Saharan Africa. The non-oil sector also continues to grow, outpacing the petroleum industry – especially in energy, agriculture, commerce and construction. Banks continue to post strong growth and attract foreign investors.

RMB Westport has two Angolan-based real estate development projects in the pipeline:

Angola fast facts

Population (2016):28.81 million
Population of Luanda (2014):6.54 million
GDP (2016):US$89.63-billion
GDP per capita (2016):US$3 110
Projected GDP Growth (2018):2.6%
S&P Country Rating:B-


  • Dominated by the oil sector, which accounts for 46% of the GDP and 95% of export revenue
  • Most of the other sectors remain largely undeveloped, although certain sectors such as transport, light industry, commerce and services are starting to grow in importance


  • Political landscape: Government policy focus is on increasing spend on infrastructure in order to promote greater economic diversity and develop human capital
  • Economy: Oil production is maintained at the 1.8 million barrels a day in line with the OPEG supply agreement
  • Policy environment: Focus on FX markets and improving capital flows in order to resolve the FX crisis caused by the 2014/15 commodity prices slump. In addition, efforts are being made to diversify the economy away from oil with agriculture gaining a lot of focus
  • Improving international relationships: Angola has several key strategic partners notably, China, Brazil and Portugal – and continues to diversify its international relations

Retail and commercial market

  • Luanda suffers from a severe shortage of quality property developments. The city, originally built for a population of 300 000 currently contains close to 5 million inhabitants
  • Property values, particularly in the capital, Luanda, have sky-rocketed since the end of the civil war in 2002 – making real estate one of the most profitable sectors in Angola, after oil
  • Infrastructure development on a large scale, and in accordance with greater town planning schemes, creates an attractive supply of developable land in different areas around the city
  • Two of the major challenges in the city, namely traffic congestion and the pollution of the bay have been addressed in the Luanda Waterfront project. As traffic congestion eases, the older part of the city of Luanda, situated on the bay, will benefit from increased demand

*Sources: Economic intelligence unit; IMF; RMB Global Markets Research; OECD