Khartoum’s real estate market is on fire despite the global recession seen elsewhere. The capital of Sudan has experienced a noteworthy face-change over the last few years as international companies setup shop in the city. Attracted by a rising oil production boom and the signing of the Comprehensive Peace Agreement in 2005 between Khartoum and former rebels in southern Sudan, companies take advantage of the favourable situation. Many new skyscrapers and high-rise buildings have been erected and the city of Khartoum is becoming a huge construction site. Some of these stand 15- storeys tall. Omdurman, Khartoum North and Khartoum are the major districts that make up the capital city of Sudan. Locals have noticed a modern approach to these new developments with some buildings being compared to Dubai’s stylish architecture. Property owners in the city are increasingly becoming aware of the possibilities to raise their net worth by partaking in the growth. Many citizens of Khartoum have spent years working abroad while earning good money.
These professionals are now slowly making their way back home to take advantage of the market by developing their own private building projects. Within Africa’s continent, Sudan’s growth is one of the fastest. So much so that many locals who never had the opportunity to work abroad for good money can’t afford the current prices. Prices have reached a new high with the cost of a square meter reaching $1,000 in some of the new developments. Within the same market a one-bedroom flat retails for $120,000 (Â£72,500). Most buyers of these “luxury” properties are rich expats or else some locals lucky enough to have sold in a high demand area. Almogran business city is the new place to be in Khartoum for all things business.
Translated Almogran means confluence. Local and overseas companies are now scrambling to get their own coveted piece of land within the new business district. Plans to include an 18-hole golf course, a recreational area, and a residential area with 7,900 luxury apartments and 1100 villas, are on track to be built on the banks of the river Nile. The development is expected to cost $2.5bn with contracting contributors pitching in from many areas. One thing is for sure, Khartoum is on the rise. According to the International Monetary Fund, Sudan is one of the fastest growing countries in Africa which is only beneficial to the capital in the process. Photo credits: Azani via Flickr