A research report has revealed that Nigeria, Ghana, Rwanda and many other African nations are still lagging in Real Estate Investment Trusts (REITs).
According to research on African real-estate markets by Jones Lang LaSalle (JLL), low legislation, lack of transparency and underdeveloped listed public markets are among factors Nigeria and other African countries lag on REITs.
The research pointed out transparency affects Nigeria, Ghana and Rwanda while Uganda, Tanzania, Ethiopia, Côte d’Ivoire and Senegal are opaque.
However, the report, posits that Nigeria, Ghana and Rwanda were moving in the right direction.
From all the African Countries, the report singled South Africa out as the only sub-Saharan African country that could be considered transparent in REITs.
The report also highlighted that Africa’s real-estate sector would continue to lag to attract foreign investment until legislation to facilitate REITs moves up the agenda.
According to the report, diversified property exposure in rapid African urbanisation reduced the dangers for foreign investors in markets they consider too risky to enter.
The report stated that fast-tracking the adoption and implementation of REIT legislation was a way for African countries to expand the universe of investors willing to consider Africa.
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