The price of a house is rising faster in Angola than in neighbouring Mozambique and Zimbabwe, with the average house now fetching an average of $3,000 more than five years ago, according to a report by an industry research firm.
Angolan President Jose Eduardo dos Santos has already announced that the price of land in the country is going to increase by 20 percent over the next two years.
The country has seen a surge in the number of people seeking refuge in the capital, Luanda, where the capital’s housing market has soared from just 500,000 in 2007 to nearly 10 million today, according the Institute of Public Finance and Economics (INPE), a private, international think-tank based in Anguilla.
The number of Angolan households seeking refuge is more than double the number in Zimbabwe, where they account for just 7.5 percent of the population.
In Angola, Angolan migrants are increasingly living in cramped, overcrowded homes.
A new report released this week by INPE showed that the average Angolan household has a single bed and one toilet, while only a third of them have access to fresh water.
Anguans are also less able to afford basic necessities like cooking gas.
“Angola is a very low-income country, and it’s not an anomaly,” says Joao Carlos Pinto, INPE’s president.
The country’s economy has been badly hit by the collapse of the oil-dependent country’s neighbour, Venezuela, which has plunged into chaos.
The Angolan government has been unable to implement the reforms of Hugo Chavez that he instituted in the 1990s.
That led to a rise in crime, corruption and other issues, and Angola’s GDP slipped from around $2.8 billion in 2008 to $1.7 billion in 2016.
Pinto said that Angola is now facing similar problems to other countries where the population has been growing rapidly, including Venezuela.
“In the long term, we may have to face a situation where we have to do a lot more work in terms of reducing the inequality in the economy, in order to prevent that,” he said.
Porter says the country needs to find a new model for its future.
Angola has about 30 million people, including about 3 million of Anguillas elderly, according TOEFL-certified teachers.
Pinto says Angola is also facing growing inequality in terms the wealth gap.
For the Angolan population to be able to get a mortgage, it’s going to require that the population gets a certain share of the property market, he says.