Africa's recent rise in foreign visitors has forced many real estate investors to re-evaluate their plans. Dubai World, the state conglomerate property developer, is going to aggressively increase its presence throughout Africa's growing property markets. More specifically, the developer recently announced plans to develop a luxury beachfront property on Grand Comore Island, which is one of four islands found in the Mozambique Channel. The existing structure will be demolished and replaced by a 150 unit hotel along with 100 residential villas and townhouses.
Real estate investors have found that the Comoros government is working hard to bring in foreign developers. Africa's increased popularity as a tourist destination is good news for rental property owners. Developers like Dubai World bringing in luxury resorts will provide the kind of boost the local economy needs in order to sustain growth. The first phase of the Grand Comore project is set to be completed early in 2010.
The Comoros government has many plans for the area and wants to make sure that the local economy benefits. Foreign contractors will work along side local contractors and entrepreneurs from the very start of construction, so the local economy will begin to benefit. Dubai World is partnering with the Comoros government to make sure that Comoros grows its tourism business to a sustainable level.
Several global development firms are looking to invest aggressively in African economies. Over the next five years, analysts predict that African real estate markets should stabilize. Regions that feature attractive climates like the Comoros Islands will benefit the most.
The archipelago is home to 57,000 and is most know for its beaches, reefs and one of the largest active volcanoes in the world. In addition to luxury beach resorts, there are also plans to add world class golf courses and other luxury facilities.
