Angola's Housing Market: Average Property Prices

Angola is a sub-Saharan African country known for its natural resources and booming oil industry. The country has a population of 35 million people and has been recovering from a civil war that ended in 2002, resulting in a positive shift in its economy. The Angolan government has implemented various infrastructure development programs, including habitational initiatives, to provide its citizens with access to fairly priced housing. However, the cost of living in Angola is still relatively high, with the average salary after taxes being $2804.

The price of a house in Angola varies depending on the location and type of property. In Luanda, the capital city, the price for a V3 villa starts from 500 million Kzs, while in other provinces, it ranges from 50 million to 600 million. Apartments are generally cheaper, with prices ranging from 15 million to 300 million Kzs.

Overall, Angola offers a range of housing options, but the cost of purchasing a home can be quite high, especially in the capital city of Luanda.

House prices in Luanda, Angola's capital city

Luanda, the dusty Angolan capital, is known for its high prices. The city has been named the world's most expensive by expatriate-cost-of-living surveys. Despite the obvious poverty and sprawling slums, Luanda has some eye-wateringly high prices.

Renting in Luanda

Renting a house in Luanda can be as high as $10,000 a month. In the suburb of Talatona, an apartment can be rented out for $15,000 a month, while family homes start from $6,000 a month and can go up to $30,000, depending on the compound and its facilities.

Renting a two-bedroom apartment in Luanda can cost between $4,000 to $5,000 per month. In comparison, a two-bedroom apartment in Moscow would cost around $2,000 a month.

Buying Property in Luanda

In Luanda, it is expected that houses (villas) will cost between 80 million kzs to 1 billion kzs. For apartments, the prices are cheaper, ranging from 17 million kzs to 300 million kzs.

The high prices in Luanda are due to the city being the centre of most economic activities in Angola. The long civil war, which ended in 2002, also destroyed infrastructure and local production, leading to an over-reliance on imports, which come with a high cost of transportation to the city.

However, property prices may have already peaked, and with more construction being done, there is more accommodation available, and prices are starting to come down.

The impact of Angola's oil industry on property prices

Angola is a sub-Saharan African country with an abundance of natural resources. It is the number one oil producer in Africa, with 9 billion barrels of proven crude oil reserves and 11 trillion cubic feet of proven natural gas reserves. The petroleum industry is key to the country's economy, accounting for almost 75% of its revenue.

However, the oil industry's impact on property prices is not limited to Luanda. Other provinces, such as Benguela, Huila, and Huambo, have also experienced fluctuations in property prices due to the oil sector. For instance, in Benguela, a fully furnished V3 villa with a swimming pool can cost around 200 million kzs, while in Huila, a similar property is priced at 135 million kzs.

The oil industry's influence on property prices is also evident in the implementation of habitational programs by the Angolan government, such as Centralidades and Condomínios. These programs aim to provide fair housing prices for the population, which can impact the overall property market and affect prices in different regions.

Additionally, the oil industry's contribution to Angola's economy has led to an influx of expatriates and foreign companies, increasing the demand for housing and potentially driving up prices. However, as mentioned by a resident of Luanda, the recent decrease in oil sales and the decline in oil prices have led to an economic crisis. This has resulted in expats leaving the country, causing a potential oversupply of housing and a decrease in property prices.

Moreover, the oil industry's impact on the environment and the need for a transition to cleaner energy sources cannot be overlooked. Angola has been working on energy transition policies and promoting natural gas as an alternative. The success of these initiatives could influence the long-term demand for oil and, consequently, have an indirect impact on property prices in oil-dependent regions.

In conclusion, Angola's oil industry has had a significant impact on property prices, contributing to economic growth and development. However, the dynamic nature of the oil market, with fluctuations in oil prices and sales, can lead to periods of economic crisis and uncertainty, affecting property values and investment opportunities. The country's efforts to diversify its economy and the potential for cleaner energy sources may shape the future of the property market, especially in oil-dependent regions.

The average cost of living in Angola

The cost of living varies depending on the region of Angola. Luanda, the capital city, is the most expensive place to live. Here, a house can cost between 80 million kzs and 1 billion kzs, whereas in other provinces, it ranges from 50 million to 600 million.

In March 2024, the median sale price of a home in Angola was $189,000, down 16.6% from the previous year. Homes in Angola sell, on average, after 16 days on the market, compared to 32 days the previous year.

The cost of housing in Angola can vary depending on location, with prices stipulated according to location and typology. For example, in Benguela, a V3 villa in Restinga can be sold for 200 million kzs, whereas in Huila, a similar property is 135 million kzs.

Overall, Angola offers a relatively affordable cost of living, with expenses covered by the average monthly salary for just over three months.

The average salary in Angola

When it comes to gender differences in salaries, men in Angola earn an average of 40,031,342 AOA, while women earn 47,987,882 AOA. Additionally, salaries increase with more experience and higher levels of education. For example, individuals with a master's degree earn 29% more than those with a bachelor's degree.

In terms of housing prices in Angola, there is limited information available. However, I can provide some insights based on the information found. House prices vary across different regions in Angola, with Luanda being the most expensive city to buy a house. In Luanda, houses (villas) can range from 80 million KzS to 1 billion KzS, while apartments are cheaper, ranging from 17 million KzS to 300 million KzS. In other provinces, villas range from 50 million to 600 million KzS, and apartments from 15 million to 200 million KzS.

The best neighbourhoods to buy a house in Angola

Angola is a beautiful sub-Saharan African country known for its natural resources and vibrant culture. The country has 18 provinces and a total population of 35 million people. The best neighbourhoods to buy a house in Angola are:

• Benguela, specifically Lobito, Restinga, and Baia Azul
• Luanda, specifically urban areas like Talatona, Belas, and Kilamba Kiaxi

These areas offer privileged locations, providing more security to residents and easy access to different places for other activities.

Lobito, located in Benguela province, is known for its luxurious properties, such as the Lobitus Garden, which offers a combination of natural beauty and modern amenities.

Talatona in Luanda boasts a range of housing options, with prices to buy varying from 80 million to 1 billion kzs, while rental properties range from 500 thousand to 3 million kzs.

Other notable neighbourhoods in Luanda include Praia do Bispo, an excellent investment opportunity with ongoing construction, and Bairro do Miramar, a safe and prestigious area home to embassies and diplomatic representations.

For those seeking more affordable options, Luanda also offers neighbourhoods like Viana, Cazenga, Samba, and Maianga. These areas provide reasonable housing prices and easy access to the city centre, making them ideal for first-time homebuyers.

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