Construction & Real Estate

The construction sector has experienced consistent expansion in the past few years, registering 3.6% growth in 2012. While this figure is significantly lower than the 10% growth registered in 2011, prospects for 2013 suggest the sector will regain momentum driven primarily by aggressive government spending programmes aimed at closing the gaps in infrastructure and housing. Likewise, the real estate sector is showing signs of reaching maturity, as strong demand for housing and a healthy mortgage system provide access to property and have thus far, prevented speculation. Housing policies, which have traditionally focused on generating demand among the low-income and middle-class segments, are now shifting focus towards developing strategies to control rising property prices produced by the shortage of land in major urban centres. While surging property values and land prices remain a challenge, it has nonetheless increased the potential of the residential leasing market.