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Re: آخر التقارير عن سوق العقار في الخرطوم Real Estate (Re: Elawad Eltayeb)
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Forthcoming ٌٌResidential Supply
Demand mainly fuelled by repatriating Sudanese nationals and NGO staff Average sales price has witnessed 54% YOY decrease
PERFORMANCE indicators AVERAGE RENT: US $ 139 per m2 p/a PREMIUM RENT: US $ 180 per m2 p/a AV G SALES PRICE: US $ 1,550 per m2 AVERA GE YIELD: 9% VACANCY RATE : 10%
The area surrounding the existing airport is expected to appreciate in value in the longer term. While Garden City to maintain its prestigious status
We expect the completion of approximately 4,600 apartments and 2,380 villa units by 2013, provided the planned provision is delivered as scheduled
Anticipated economic and demographic growth driven by the hydrocarbons sector and the 2005 Comprehensive Peace Agreement between the North and South of Sudan, coupled with a shortage of supply serving the expatriate and local high-income segment, spurred a flurry of speculative investment in the Khartoum residential market, precipitating triple digit sales and rental increases over the past three years. Demand driven by the presence of the UN and other international organisations, however, is skewed towards rented accommodation with relatively high quality finishing, in residential areas in close proximity to the airport. This location preference is generated out of operational necessity rather than personal choice, as UN regulations require all staff to reside as close to an international airport as possible, in case of emergency evacuation. These areas in Khartoum initially encompassed Khartoum II, Riyadh and Manshia, but have now extended to Taif and Arkaweet, due to market saturation. On the other hand, a shift in preference from single unit family residences in Khartoum, to apartment sharing is also being witnessed, mainly due to security and/or financial reasons. Consequently, the combination of these factors coupled with the additional supply that manifested in 2008 as a result of previous demand expectations, have softened residential rents with prices stabilizing in Q3 2008. However, the impact of this softening has been reduced to some extent by investors choosing to remove properties from the rental market. This tolerance for vacancy among investors has been caused by a number of factors: the liquidity cushion enjoyed by some property owners; and second, the general tendency of the Sudanese to purchase apartments as investments while continuing to live with their extended families in villas or other large properties.
The Khartoum villa rental market is subject to wider fluctuations, given the impact of expatriate staff in certain areas of the city as discussed above. Average rents range from US$5,000-15,000 per month, depending on the location, size and finishing. The highest rents commanded in the market are in Garden City and Al Riyadh, with significant decreases in rental prices towards the south of Khartoum. Colliers International research shows that investors in forthcoming villa developments towards the south of city, which command significantly cheaper land and sales prices, can expect an average yield of 10% on their purchase price.
Apartment sales and rentals in Khartoum have experienced escalating prices, particularly over the past three years, mainly due to demand surges and the limited amount of available product at the time. The highest average annual rental rates currently being achieved range from US$90 to US$180 per m² in the areas of Al-Amarat, Khartoum II and Garden City. Residential apartment services charges range from US$40 - US$60 for each apartment regardless of the number of bedrooms or the apartment size.
While forthcoming supply is estimated at approximately 4,600 apartments and 2,380 villa units by 2013, the escalation of violence in Darfur and the overall deteriorating political situation in Sudan, which formerly had little impact on Khartoum’s daily life, has begun to deter repatriating Sudanese and foreign investors. The gradual release of additional supply, mostly attributable to speculative investments in anticipation of increased NGO demand, has forced the residential market into a price correction phase.
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