Angola's housing market is almost paralyzed

Angola's housing market is almost paralyzed

DR

Angola's property market is almost paralyzed, with demand falling by 80% due to the decline in purchasing power of most of the population as a result of the economic and financial crisis that the the country faces since 2014, said the vice president of the Association of Real Estate Professionals of Angola (APIMA).

Cleber Corrêa also pointed to the change in the exchange rate regime (from fixed to floating) in January 2018 and the lack of low cost credit in commercial banks as factors that accelerated the sector's near-standstill.

The APIMA vice-president also told Angop news agency that too much bureaucracy, the delay in issuing surface rights and the lack of high-impact housing policies, giving entrepreneurs autonomy, are other difficulties facing the real estate sector..

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