Algiers Algeria Real Estate
On 26 July, the Algerian authorities announced that all access to the city of Algiers would remain closed for the next three days as the country tries to contain the spread of the coronavirus disease (COVID-19), as reported by the radio. Samir Mousaab was killed in a shootout with police in the town of Kasserine on July 23, according to local media reports. This has stoked fears among those who will be Algeria's next president, as if a powerful power had messed things up that could not fully take over.
The patron saint of Marabout, Sidi Abderrahmane, whose soul rests in a mausoleum a few streets from Algiers, is the namesake of the city's most famous mosque, the Great Mosque of Saint Marabout. The name was retained when Algeria gained its independence in 1962, when the mosque became a mosque again. In the same year that Cohen's estate was purchased, Algeria's first state-owned electricity and gas company was located in the town of Kasserine.
The French company SIFFAN, which had legal representatives in Algeria, was protected from nationalisation. Decree 66 / 88 on the nationalisation of vacant properties without expropriation of corporate property. The decree applied only to companies registered as such before 1 June 1962 and only to companies under state control.
The Algerian government does not officially mandate local employment, but business contacts report that there are foreign companies operating in Algeria and that they limit the number of middle and higher managers living abroad, so that Algerians can be recruited for these positions. Oil companies reportedly keep trained Algerian engineers and field workers while workers leave Algeria, often for higher wages in the Gulf.
The withdrawal of the state from the housing sector could be beneficial for both investors in the sector and Algerian citizens. Government initiatives to support home buying have taken on new significance, but for most Algerians this is by no means a given.
Full information on Algeria is published under the auspices of the IMF Bulletin Board, which is reserved for countries that have joined the statistical system. Americans living in Algeria or traveling to Algeria are encouraged to register with the U.S. Embassy in Algiers and receive up-to-date information on travel security in Algeria. Algerian real estate information and lists of Algerian properties in the United States, Canada, France, Germany, Italy, Spain, Japan, Australia, New Zealand, South Africa and Canada.
Thanks to the efforts of the statistical authorities, Algeria was the second largest recipient of foreign direct investment (FDI) in the world in 2006, after the United States. In the same year, the number of foreign companies founded in Algeria rose by 23.7 percent, according to the US Embassy in Algiers. The contact reported that as soon as Algeria gave foreign and local companies equal opportunities in terms of state contracts and to boost the Algerian economy, GoA began to favor "Algerian" companies.
The Algerian real estate market has been gradually slowing down in recent years due to rising prices and an increase in the number of commercial and industrial properties. Figures for the Algerian rental market in 2017, published by the real estate company Lkeria, show that at least 10 Wilayas have recorded a decrease in average rents compared to 2016. This indicates that commercial or industrial real estate accounts for more than 80 percent of the total market value of the Algerian rental market. According to a recent report by the Algerian Real Estate Institute, Algerian real estate markets have gradually slowed down since the beginning of 2016, despite the price increase.
Office space remains concentrated in Algiers and rents have remained broadly stable, with a slight increase in the number of commercial and industrial properties and a decrease in average rents. The AlGiers Stock Exchange is one of the most important real estate markets in Algeria and the second largest in Africa.
The exchange rate is determined by the Algerian Central Bank by pegging the value of the Algerian dinar (DZD) to a basket of a number of currencies, including the US dollar, euro, yen, euro and franc. However, there is no legal parallel market for real estate investment in Algeria, and there is no legal parallel market for investors to access.
A report by the Algerian real estate agency LKeria shows that the reason for the lack of housing is that the government's attempts to build housing are often poorly planned and evaluated. Most of Algeria's property is still in state hands, and controversies over the years have led to conflicting claims to real estate, making it difficult to buy and finance real estate.
Repayment rates for loans in Algeria have improved since 2009, when 21% of loans were unfulfilled, compared to 11.4% in 2016. The number of mortgage households in Algeria increased by 16.3% between 2009 and 2016, according to the National Statistics Office. A report by the Doing Business Institute for Economic and Social Research, which highlights the challenges in this sector, ranks Algeria as the third worst country in terms of building permits and the second worst in terms of property registration.