Africa: new investment options

“The proximity of Pearl Residences to Entebbe International Airport and the capital, Kampala, as well as the International School of Uganda makes it the ideal getaway destination” Farah Bandali, head: Uganda office, Pam Golding Properties

Arecent update on Africa’s 2020 economic performance has the continent showing investment promise even in the face of Covid-19. Sweetening Africa’s investment appeal are Mozambique and Uganda, two popular tourist destinations that are expanding their luxury residential offerings with two new developments. In Mozambique, Bazaruto Island View Estate (Bive) is set on 42ha of prime coastal land just outside the town of Vilanculos. The project includes residential, hotel and business options. “It is an attractive and reliable investment prospect for retirees and property investors or even an opportunity to expand a business portfolio,” says Ettiene Erasmus, property developer at Mozambique Property Developments & Investments. The first stage of the project has begun with the construction of show houses. Prices start from R275,000, with onebedroom houses selling for R875,000 in the Bive private residence section. In Uganda, a new luxury development called Pearl Residences (above) is taking shape on the shores of Africa’s largest lake, Lake Victoria. “The proximity to Entebbe International Airport and the capital, Kampala, as well as the International School of Uganda makes it the ideal getaway destination for locals and investors looking for a sound rental income. It is also perfect for retirees,” says Farah Bandali, who heads up the Uganda office of Pam Golding Properties in Kampala. Part of the Lake Victoria Serena Golf Resort & Spa, Pearl Residences takes design inspiration from a classic rustic Tuscan village yet retains an authentic African identity. The estate comprises 58 luxury villas and 10 apartment blocks, and each unit type has its own affordable payment plan. The villas all have terraces opening up from some of the bedrooms. They also have double garages and outside parking. “In Uganda, freehold and Mailo landownership rights are exclusively for citizens,” Bandali says. “Foreigners may only own land or real estate under a leasehold land tenure system, which usually runs from 49 to 99 years, with a renewable clause.” Apart from an 18hole championship golf course, amenities include a marina with 25 berths, 24-hour security, a luxury community centre with a swimming pool, sporting facilities and a mini-mall with a convenience store, a salon and restaurants. Villas are priced from $790,000, penthouses from $684,000 and apartments from $275,000.