25 November 2009
Abu Dhabi property developer, Royal Group, owned by royal Sheikh Tahnoon bin Zayed al-Nahyan, plans to build thousands of affordable residential properties in South Africa, the country’s ambassador to the UAE has announced.
The South Africa property projects are believed to be among many businesses that the Royal Group, which includes property developers Hydra Properties and Global Investment House, is considering in the country.
It is understood that the company plans to build thousands of low-cost homes in South Africa, primarily for blacks living in poor conditions in townships, many of which are earmarked for redeveloped.
South Africa has already announced plans to spend around £60bn on new building infrastructure, improvement of roads, new homes and sports facilities between now and 2017.
Demand for South Africa properties to buy and rent is reportedly growing ahead of next year’s FIFA World Cup, the largest sporting event in the world.
South Africa was last week named in the top 10 places to invest in property abroad in 2010 by HomesOverseas.co.uk.
See Also: Royal Group (1), Marc Da-Silva (269), South Africa (17), UAE (24), Abu Dhabi (13)
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