To: Seeker of Truth who wrote (49861 ) 5/9/2009 4:46:16 PM From: elmatador Respond to of 219713 Angola home prices fall, but still sky-high nearly 12,000 dollars per square metre Angola home prices fall, but still sky-high google.com LUANDA (AFP) — Home prices are falling in oil-rich Angola's capital Luanda, but prime property downtown is still selling for nearly 12,000 dollars per square metre, a report released Friday said. Property values here have soared since the end of civil war in 2002, as companies from around the world clamoured to set up offices to invest in the African country's booming economy, according to the 2009 Luanda Real Estate Study. The report showed a fall in house prices, with a four-bedroom house in an upmarket surbub selling for an average of around 1.1 million dollars, compared to 3.0 million dollars in 2008. In the newly built suburb of Talatona, south of the capital, large properties are going for 800,000 dollars, compared to one million one year ago. However rental prices remain high as international firms jostle for housing and office space in the capital city. A four-bedroom city property can go for to up to 30,000 dollars a month. Fernando da Ponte, who runs Century 21 real estate agency in Luanda, said he had seen a slight slowdown in the housing market, but expected it to pick up next year. "Part of the problem is that many people bought houses up front, off plan and those houses aren't built yet so they don't have the rental income to go on and buy a new place," Da Ponte told AFP. "I don't think it's so much that the prices are going down, but I think developers are building smaller properties to make prices more attractive to more people," he added. Angola experienced more than 30 years of strife with its independence struggle followed by a 27-year civil war that ended in 2002. Since then, the country's oil and diamond wealth have driven economic boom. Overcrowding in Luanda, a city built for 800,000 but now home to more than five million, has also put pressure on the housing market, and landlords have cashed in on the high prices oil companies with large international staff are prepared to pay. Meanwhile about two thirds of Angola's population live on less than two dollars a day in sprawling shantytowns, with little access to clean water, sanitation or electricity.