Andrew Stegmann

Rent Is Falling In Oil-Exporting African Countries As Expats Exit

The Angolan capital of Luanda is still the world’s second most expensive city for expats after Hong Kong, but rent for office space fell almost 50 percent in the past two years in the region’s top oil producing country, Bloomberg reported.

More than 20 percent of new office buildings in Luanda are empty.

“Luanda still has the highest office rents in Africa, but demand has virtually ground to a halt,” said Peter Welborn, the London-based head of Knight Frank’s Africa unit.

Monthly prime office rent in Luanda fell from $150 a square meter in 2015 to an average of $80 per square meter this year, according to real estate consultancy Knight Frank. In Abuja, rates dropped 45 percent to $33 a square meter. Lagos saw rent fall 21 percent to $67. Johannesburg, which is net importer of oil, saw office rents drop 23 percent, while Dar es Salaam held steady.

Rent has fallen for office space and luxury homes in Nairobi, where there’s an oversupply following an exit of expatriates, Business Daily reported.

Kenya became a hotspot for oil and gas exploration after 2012. British explorer Tullow Oil and partner Africa Oil struck oil in Turkana in 2012. Recoverable reserves are estimated at 750 million barrels of crude.

The price of crude has fallen more than 50 percent since mid-2014. Nigeria, the region’s second-largest oil producer after Angola, is in recession.

Industrial space rent is rising in Kenya

Rent in Nairobi malls has stagnated on increased supply. Rent for prime office has dropped 20 percent to $16 per square meter a month over the past two years. But Kenya is short of high-end industrial space.

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Andrew Stegmann

Beautiful East Africa : Kenya

Full name: The Republic of Kenya
Location: Africa
Population: cc. 45 million
Capital City: Nairobi
Other Important Cities: Mombasa
Currency: 1 Kenya Shilling = 100 cents
Language(s): Swahili, English
Religion(s): Christianity
Calling Code: +254
Internet TLD: .ke
Electricity: 240V 50Hz

Emergency Numbers: 999

he landscape across Kenya is variable; from sweeping savannahs to tropical beaches and coral reef, dense equatorial forests to large snow- capped mountains… Which of course, all makes for great days out to explore! Plus as Africa’s original safari destination, the country attracts adventurers and travelers, and has been for many centuries.
Kenya is the home of Africa’s famous five – the lion, elephant, rhino, and leopard and buffalo, and is often considered the best place to see these five species in their natural habitats.
There’s plenty to see and do in the country on top of a safari. For example, the Gedi Ruins in the depths of Arabuko Sokoke forest, Haller Park in Mombasa, Fort Jesus – the UNESCO World Heritage Site – in Mombasa and the Nairobi National Museum.

Residents Visa and Work Permit information

Temporary Stay Visa
Passports must be valid for three months from date of entry and nationals of the following countries do not need visas to travel to Kenya:
Bahamas, Bangladesh, Barbados, Botswana, Brunei-Darussalam, Cyprus, Dominica, Ethiopia, Fiji Islands, Gambia, The, Ghana, Grenada, Jamaica, Kiribati, Lesotho, Malawi, Maldives, Mauritius, Namibia, Nauru, Papua New Guinea, Samoa, San Marino, Seychelles, Sierra Leone, Singapore, Solomon Islands, St Lucia, St Vincent & The Grenadines, Swaziland, Tanzania, Tonga, Turkey, Tuvalu, Uganda, Uruguay, Vanuatu, Zambia, Zimbabwe
**If you are NOT a citizen of any of the above countries and you wish to enter Kenya, you must obtain a visa in advance to enter the country.
Applications from Nationals of the following countries have to be referred to Nairobi for approval: Afghanistan, Armenia, Azerbaijan, Cameroon, Iran, Iraq, Lebanon, Libya, Mali, Nigeria, North Korea, Pakistan, Senegal, Somalia, Tazikstan, Yemen, Stateless Persons. Persons falling under the above category are advised to apply at least three months before the proposed.

International Schools

International School of Kenya
ISK provides an exemplary education offering both the International Baccalaureate and the North American diploma.  We prepare students within a culturally diverse community to become informed, independent thinkers and responsible world citizens.
Curriculum: North American
Address: International School of Kenya, PO Box 14103, 00800 Nairobi, Kenya
Tel: +254 720 639 363
Email: jroberts@isk.ac.ke
Website: www.isk.ac.ke

Nairobi International School
To provide technology based education to students of all races, religions and nationalities,  through a fellowship that carries with it, enormous choices and responsibilities, by giving opportunities to lead a life of learning through dedicated study, while committing themselves to personal growth, integrity, self-discipline and caring for each other, as “Creative Re-thinkers”, whether at NIS or elsewhere.
Address: Nairobi International School, PO Box 66831, 00800 Nairobi, Kenya
Tel: 020 215 4672 / 020 204 3146
Email: info@nis.ac.ke
Website: www.nis.ac.ke

Accommodation

Prices for housing
Apartments with 3 bedrooms are around Ksh 40,000 to 60,000 per month including 24h security of the compound. Maisonettes (or town houses) usually have a small garden and parking within the compound and go for around 40,000 to 80,000 per month. Houses with 3 to 5 bedrooms are around Ksh 60,000 to 150,000 per month, depending on location, size of garden, etc. For houses, the price does not include security. In Kenya it is advised to have 24h security. So you should add around 15,000 per month. for 24h security through one of the major companies.

Expat Clubs

American Women’s Association of Kenya
American Women’s Association (AWA) is a non-profit, charitable organisation promoting community services and development and volunteering opportunities in Kenya as well as providing social and cultural activities for our multi-national members.
www.awakenya.org

Kenya Quilt Guide
A vibrant cosmopolitan group of around 130 women – and one man – who all love the art of quilting.The largest group is based in and around Nairobi where meetings are held monthly and an active weekly Workshop gives members the chance to meet and work on group projects. Smaller groups meet regularly at members’ homes and offer each advice and support on their individual projects.
www.kenyaquiltguild.org

 

Andrew Stegmann

How will the cabinet reshuffle affect SA’s travel and tourism industry?

According to the Tourism Business Council of South Africa (TBCSA), the appointment of new cabinet ministers in Tourism, Transport, Home Affairs and Finance, present mixed fortunes for the travel and tourism industry. Having two female leaders at the helm of South Africa’s travel and tourism public sectors sets a new precedent for women empowerment in the industry says the TBCSA, however, adding its voice to the broader business community, it laments the uncertain political ramifications of the cabinet reshuffle on the economy.

“First and foremost, we congratulate Tokozile Xasa on her appointment as the country’s first female Minister of Tourism,” says TBCSA CEO, Mmatšatši Ramawela. “Xasa has served as Deputy Minister of Tourism since 2009 and is thus familiar with the dynamics and issues in the sector. During her tenure as deputy minister, she amassed the necessary knowledge and experience which should stand her in good stead in her new role.” We further extend a warm welcome to the newly appointed Deputy Minister of Tourism Elizabeth Thabethe.”

Concern over impact of changes in other ministerial portfolios

The council says Xasa’s appointment will provide a level of continuity for the travel and tourism industry. It has, however, highlighted that it was unclear how changes in other ministerial portfolios – particularly at National Treasury and the departments of Home Affairs and Transport – will impact the industry. “There is anxiety that the reshuffle is likely to impact engagements and programmes that are already underway in collaboration with different role-players within government,” says Ramawela.

For instance, the airline sector, in collaboration with the Department of Transport, is preparing to host an Aviation Indaba which will determine, amongst other matters, South Africa’s readiness to implement the ‘open skies’ policy. Then there are the VAT issues that are of particular concern to tour operators and travel agents and involve the South African Revenue Services (SARS) and the National Treasury.

When it comes to Home Affairs, TBCSA is yet to hear the decision of the Immigrations Advisory Board (IAB) on the amendment of the regulation for travelling minors – a matter that will now be handled under the leadership of the new Minister of Home Affairs, Prof. Hlengiwe Mkhize. “Of course, the biggest anxiety element is the possibility of a credit downgrade for the country if the reshuffle brings negativity into the economy and instability in the society.”

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Andrew Stegmann

S&P downgrades South Africa’s credit rating to ‘junk’

As Jacob Zuma faces backlash over the sacking of ex-finance minister Pravin Gordhan, agency cuts country’s rating grade.

Credit rating agency Standard and Poor’s (S&P) has downgraded South Africa’s rating to junk status, as the country’s currency continued to slide following a major cabinet reshuffle.

In an unscheduled review that prompted a sell-off in South African assets, S&P on Monday cited the impact of divisions in the government of President Jacob Zuma that led to leadership changes, including the departure of former Finance Minister Pravin Gordhan.
South Africa: Protests erupt after President Zuma sacks ministers

“This has increased the likelihood that economic growth and fiscal outcomes could suffer,” said S&P, which cut its rating by one notch to BB+ – its highest non-investment grade mark – and also assigned Africa’s most industrialised economy a negative outlook.

The rand, which has fallen three percent against the US dollar since the Friday night shake-up, tumbled further after the downgrade.

S&P also said that “political risks will remain elevated this year, and that policy shifts are likely, which could undermine fiscal and economic growth”.

Following S&P’s announcement, South Africa’s Treasury expressed its commitment to a responsible fiscal path.

“South Africa is committed to a predictable and consistent policy framework, which responds to changing circumstances in a measured and transparent fashion,” it said in statement.

Moody’s, another ratings agency which has South Africa two notches above “junk” status, is expected to deliver a review on Friday.

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