Future of West Africa's real estate

African urban developer, Rendeva, believes that the opportunities for economic transformation in Africa are unparalleled, as the potential for catch-up and convergence is greater on the continent than anywhere else. Stephen Jennings, the founder and CEO of Rendeva, discussed the future of real estate developments in West Africa in a recent interview with CNBC Africa. Jennings highlighted that the opportunities for growth are vast and diverse, spanning across sectors such as agriculture, reindustrialization, infrastructure, power, urban development, consumer goods, and finance. He emphasized the significant investment opportunities available in these sectors due to the growth, modernization, and population expansion experienced in various countries in Africa. In particular, Jennings delved into the realm of real estate development in West Africa, pointing out the burgeoning housing deficits and urban infrastructure challenges prevalent in the region. He noted that there is a mismatch between supply and demand, creating a substantial opportunity for investors in the real estate sector. With a focus on housing affordability, Jennings underscored the need for large-scale and systemic solutions to bridge the housing gap in countries like Nigeria. He highlighted the high cost structure and inefficiencies in the regulatory environment, emphasizing the importance of reducing costs and improving business conditions to make housing more affordable for the populace. Jennings also addressed the regulatory challenges in the real estate sector, citing the need for streamlined processes, automation, and technological advancements to enhance efficiency and affordability. Rendeva's extensive projects in Sub-Saharan Africa, including satellite cities with mixed-use and mixed-income developments, aim to cater to a diverse range of residents, from CEOs to factory workers. Despite the challenges faced in the sector, Jennings expressed optimism about the potential for growth and reform in countries like Nigeria. He commended the reform initiatives and called for effective implementation to drive economic progress and attract investment. Highlighting success stories in the region, Jennings pointed to Ivory Coast as a noteworthy example of successful reforms and disciplined implementation leading to economic growth and investment attraction. He also praised Kenya's focus on ease of doing business and emphasized the need for similar efforts in countries like Nigeria to enhance the business environment and stimulate growth. Overall, Jennings highlighted the importance of strong leadership, common-sense reforms, and disciplined implementation to address the challenges and harness the opportunities present in the real estate sector in West Africa.