Housing Finance in Angola
Overview
This profile is also available in French here.
In Portuguese please click here.
To download a pdf version of the full 2021 Angola country profile in English, click here.
Angola has a population of approximately 31 million people and a growing urban population that is placing considerable strain on the country for providing adequate housing. The Government of Angola’s (GdA’s) National Urbanisation and Housing Programme (PNUH) sought to deliver one million houses as part of the country’s post-war reconstruction. The PNUH has supplied only 43 861 units between 2015 and 2021. The GdA efforts to implement its housing projects are reflected in the decrease in the percentage of the population living in slums (from 65% in 2010, to 47% in 2018). However, despite these efforts, over 67% of Luanda’s population continue to live in self-built housing, constructed with “people’s own resources and savings, often with a lack of adequate and affordable basic public services, and on land for which they do not have formal titles.” In urban areas, most construction investments have benefited the middle- and high-income class, and excluded low-income segments of the market.
The oil sector accounts for more than half of gross domestic product (GDP), 90% of exports, and is also the main source (75%) of the country’s fiscal revenues. Falling oil prices (since 2014) continue to worsen the country’s socio-economic fabric and financial landscape. Measures to diversify the economy and reduce reliance on oil have been at the center of government policy, and are crucial for housing sector growth. For five consecutive years (2016-2020) Angola was in recession, and this was aggravated by COVID-19 and the resulting global economic disruptions. The housing market and private sector, in particular, were immediately exposed to the negative economic environment. The residential sector in Luanda, for example, is highly dependent on the expatriate market and is, in the absence of foreign investment, is facing high vacancy rates.
Find out more information on the housing finance sector of Angola, including key stakeholders, important policies, and housing affordability:
- Overview
- Access to finance
- Affordability
- Housing supply
- Property markets
- Policy and regulation
- Opportunities
- Availability of data on housing finance
- Urban Informality
- Websites
Each year, CAHF publishes its Housing Finance in Africa Yearbook. The profile above is from the 2021 edition, which has up-to-date profiles for 55 African countries.
Download yearbookAngola
Overview
Angola has a population of approximately 31 million people and a growing urban population that is placing considerable strain on the country for providing adequate housing. The Government of Angola’s (GdA’s) National Urbanisation and Housing Programme (PNUH) sought to deliver one million houses as part of the country’s post-war reconstruction. The PNUH has supplied only 43 861 units between 2015 and 2021. The GdA efforts to implement its housing projects is reflected in the decrease in the percentage of the population living in slums (from 65% in 2010, to 47% in 2018). However, despite these efforts, over 67% of Luanda’s population continue to live in self-built housing, constructed with “people’s own resources and savings, often with a lack of adequate and affordable basic public services, and on land for which they do not have formal titles.” In urban areas, most construction investments have benefited the middle- and high-income class, and excluded low-income segments of the market.
The oil sector accounts for more than half of gross domestic product (GDP), 90% of exports, and is also a main source (75%) of the country’s fiscal revenues. Falling oil prices (since 2014) continue to worsen the country’s socioeconomic fabric and financial landscape. Measures to diversify the economy and reduce reliance on oil have been at the centre of government policy, and are crucial for housing sector growth. For five consecutive years (2016-2020) Angola was in recession, and this was aggravated by COVID-19 and the resulting global economic disruptions. The housing market and private sector, in particular, were immediately exposed to the negative economic environment. The residential sector in Luanda, for example, is highly dependent on the expatriate market and is, in the absence of foreign investment, is facing high vacancy rates.
With a high exposure to Chinese loans and oil dependency, Angola more than doubled its debt to GDP ratio in the past five years, reaching 120% in 2020. Angola was also ranked among the six least resilient economies in Africa. The National Bank of Angola (Banco Nacional de Angola – BNA) introduced several macroeconomic reforms prior to the pandemic, and these provided some level of resilience. Inflation in 2020 rose to an estimated 25% but is expected to fall to 15% in 2021. Angola recorded a 20% currency depreciation in April 2021 – the highest among Africa’s oil-exporting countries. Real GDP declined to -4.5% in 2020 and is projected to improve to 3.1% in 2021, depending on the performance of the non-oil economy.
[1] Worldometer (2020). Angola Population (Live). https://www.worldometers.info/world-population/angola-population/ (Accessed 5 August 2020).
[2] African Development Bank Group (2020). Angola Economic Outlook. https://www.afdb.org/fr/countries/southern-africa/angola/angola-economic-outlook (Accessed 5 August 2020).
[3] World Bank. Data. Angola. https://data.worldbank.org/country/angola (Accessed 5 August 2020).
[4] Trading Economics. Angola GDP per capita 1980-2019 Data. https://tradingeconomics.com/angola/gdp-per-capita (Accessed 5 August 2020).
[5] African Development Bank Group (2020). Angola Economic Outlook. https://www.afdb.org/fr/countries/southern-africa/angola/angola-economic-outlook. (Accessed 5 August 2020).
[6] National Bank of Angola (2020). Summary of BNA Strategic Plan. https://www.bna.ao/uploads/%7Ba9197f7c-ea91-4c6d-8c28-0667f2c3b095%7D.pdf (Accessed 6 August 2020). Pg. 4.
[7] Government of Angola. (2016). Angolan National Report for Habitat III. http://habitat3.org/wp-content/uploads/Angola-Habitat-III-Final-Report-English.pdf (Accessed 6 August 2020). Pg.
[8] Further Africa (2020). Angola government focused on increasing production. 7 May 2020. https://furtherafrica.com/2020/05/07/angola-government-focused-on-increasing-production/ (Accessed 6 August 2020).
[9] African Development Bank Group (2020). Angola Economic Outlook. https://www.afdb.org/fr/countries/southern-africa/angola/angola-economic-outlook (Accessed 5 August 2020).
[10] Lloyds Bank (2020). Angola: Economic and Political Overview. July 2020. https://www.lloydsbanktrade.com/en/market-potential/angola/economical-context. (Accessed 5 August 2020).
[11] African Development Bank Group (2020). Africa Economic Outlook 2020 Supplement Full report in the Context of COVID-19. https://www.afdb.org/sites/default/files/documents/publications/afdb20-04_aeo_supplement_full_report_for_web_french_0706.pdf#page=66 (Accessed 6 August 2020). Pg. 63.
[12]Ibid. Pg. 63.
Access to finance
Twenty-six commercial banks make up Angola’s financial system. Six commercial banks provide residential mortgages: Banco de Fomento Angola (BFA), Banco Angolano de Investimentos (BAI), Banco BIC, Standard Bank, Banco Caixa Geral and Banco Millennium Atlantico. Interest rates range between 22% and 26%. BAI offers a loan of up to 90% of the property value and provides the longest mortgage term of up to 25 years. The maximum mortgage installment should generally not exceed 35% of a household’s income.
Adding to the challenge of affordable housing is the limited access to financial services and the high cost of credit. Liquidity shortages have affected the banking sector’s leverage to support the economy with high volumes of credit, while mortgage lending has decreased in Luanda. In 2020, the size of gross non-performing loans (NPLs) increased in Angola compared to other African countries. As of May 2021, NPLs to gross loans were 18.7% for the entire banking system. The sector’s NPLs have more than doubled in the past five years, affecting formal housing credit, and therefore house purchases. Data shows that 86% of housing loan applications are rejected. The BNA responded by injecting liquidity into the banking system, with capital amounting to approximately 0.5% of GDP. The absence of credit in the housing market has led to a high vacancy rate, especially in Luanda.
During the pandemic, the BNA raised the minimum reserve requirement to mitigate weaknesses faced by the financial sector. Furthermore, in 2020 alone, 80% of impaired loans on balance sheets of the Savings and Credit Bank (BPC) were bought by state-owned company Recredit, reducing the banking sector’s net results by 237% in 2020. This is expected to expand financial inclusion and the provision of housing loans. The BNA also introduced a Credit Support Programme, which mandates commercial banks to allocate a minimum of 2.5% of net assets to credit. However, it appears that the programme’s priorities are on providing subsidised finance to cooperatives and small businesses.
Lack of security and guarantees for housing credit have been cited as a key reason for the high rejection of housing loans. The long period (three years) to resolve home defaults in the courts is a disincentive for mortgage lenders to extend financing. In 2011, the Association of Real Estate Professionals in Angola proposed a law that would resolve the issue of non-compliance without the courts, and reduce the risk that banks take on, but this has not come to fruition. The high level of informally-produced housing often excludes owner builders from securing formal housing finance. Individuals and communities have to rely on their own limited resources or pay high interest rates on consumer loans. Financial inclusion rates are estimated to be below 30% and the central bank has recently launched a campaign to open the banking system to low-income earners. In an economy in which the cost of borrowing money is high, and incomes are low, microcredit lenders fill an important gap. Angola has 21 microfinance providers and in 2020 handled 14 887 loans. Kixi Credito has been essential for providing targeted microcredit solutions to the low-income market.
Levels of investment in housing have continued to fall due to economic uncertainty and an unfavourable investment climate. Sale values (US$ per m2) and yields (currently between 3% and 5%) on residential properties have declined over the years, partly due to a depreciating currency.
[1]INE Number of Bank Branches. National Institute of Statistics. https://www.ine.gov.ao/images/Noticias/Portal/Numero_de_agencias_bancarias_1.pdf (Accessed 30 August 2020).
[2] Ibid.
[3] Extensia (2020). Angola: According to the Finance Minister, only Mobile money will achieve the desired
[4] Banco Millenium Atlantico (2019). IFC and Atlantico Reinforce Credit To the SME in Angola. https://www.atlantico.ao/en/institutional/news/Pages/ifc-atlantico-credit.aspx
(Accessed 11 August 2020).
[5] National Bank of Angola (2018) Annual Report and Accounts 2018. https://www.bna.ao/uploads/%7B5de25654-7ea3-4948-8b9f-fbd07c8afed7%7D.pd. (Accessed 11 August 2020). Pg. 11.
[6] Smith, M. and Ahmed, M.S. (2020). Banks face stricter rules as Angola deals with Luanda Leaks and the ‘octopus’. 5 February 2020. S&P Global Market Intelligence. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/banks-face-stricter-rules-as-angola-deals-with-luanda-leaks-and-the-octopus-56744765 (Accessed 6 August 2020).
[7] National Bank of Angola (2020). Summary of BNA Strategic Plan. https://www.bna.ao/uploads/%7Ba9197f7c-ea91-4c6d-8c28-0667f2c3b095%7D.pdf (Accessed 6 August 2020). Pg. 5.
[8] National Bank of Angola (2018) Annual Report and Accounts 2018. https://www.bna.ao/uploads/%7B5de25654-7ea3-4948-8b9f-fbd07c8afed7%7D.pdf (Accessed 11 August 2020). Pg. 103.
[9] BFA. Mortgage Loans. https://www.bfa.ao/en/personal/credit/mortgage-loans/ (Accessed 11 August 2020).
[10] Banco BIC. Mortgage Loans. https://www.bancobic.ao/inicio/particulares/credito/credito/credito-habitacao (Accessed 11 August 2020).
[11] FFSB. Rates. https://www.ffsbangola.com/mortgage/rates First Federal Savings Bank. (Accessed 11 August 2020).
[12] CEIC. Angola interest rate. https://www.ceicdata.com/en/angola/interest-rates
(Accessed 11 August 2020).
[13] National Bank of Angola (2018). Annual Report and Accounts 2018. https://www.bna.ao/uploads/%7B5de25654-7ea3-4948-8b9f-fbd07c8afed7%7D.pdf (Accessed 11 August 2020). Pg. 35.
[14] Ibid. Pg. 34.
[15] Interview with Helder Catombela, Administrative and Marketing Director of KixiCredito, 21 August 2020.
Affordability
In assessing the adequacy of housing and housing finance in Angola, the incomes and poverty levels of the population must be considered. The incidence of poverty is 32%, nationally, and 18% in urban areas, while average incomes have fallen dramatically since the start of the economic crisis in 2014. Almost half of the population lives below the international poverty line of US$1.90 a day. In the capital, Luanda, non-employed households represent almost half (47%) of the population in the poorest quintile.
Although there is a strong desire, particularly from middle-income households, to own their homes, the banking sector’s inability to support the market with credit, combined with high default rates, is suppressing demand. Quality residential units are also mainly suited for expatriate families or Angolans with sufficient purchasing power. The recovery of the housing sector will depend on several factors, including broader economic recovery, liquidity of the banking sector (through recouping non-performing loans), the extent to which banks grant credit, and levels of foreign investment.
While monthly urban incomes are approximately Kz30 000 (US$46) – equivalent to the minimum wage – just over a third of Angola’s workforce are low-income earners, earning Kz10 000 (US$15.3) a month. In urban areas, average incomes are mainly (57%) from wage income, own businesses (21%), family transfers (9%), and social cash transfers (6%). Formal housing finance is only affordable and accessible to a small proportion of the population.
Habiterra and Imogestin are key developers delivering houses on the lower end. A one-bedroom, 33.5m2 unit is sold for Kz1 600 000 (US$2 454). Based on available data, this appears to be the cheapest house on the market delivered by a private developer. A (52.6m2) two-bedroom unit is priced at Kz2 100 000 (US$3 221), while a three-bedroom apartment is Kz8.3 million (US$12 731). These homes are beyond the reach of most of the workforce, which is mainly (70%) employed in the informal sector.
The gap between poor and non-poor urban households is most evident in housing conditions, and in the use or inadequacy of quality construction materials. The price of a 50kg bag of cement is Kz$3 468, increasing by 37% from 2020. The availability of affordable building materials is fundamental for households’ incremental construction activities.
[1] Riddick, J. (2017). The cost of living in Angola: Most expensive capital city. The Borgen Project. 13 August 2017. https://borgenproject.org/cost-of-living-in-angola/ (Accessed 14 August 2020).
[2] INE. (2020). National Institute of Statistics. https://www.ine.gov.ao/images/Taxa_de_emprego_por_sexo_segundo_o_grupo_etario.pdf (Accessed 26 August 2020).
[3] Ibid.
[4] IMOGESTIN SA. Centrality of Zango 5. https://www.imocandidaturas.co.ao/Projectos/Projecto/4e4a9880-6462-4dbc-8b02-56b03085d54f (Accessed 26 August 2020).
Housing supply
The GdA provided fully or partially subsidised state housing and rent-to-buy schemes through the PNUH. However, most of the beneficiaries were the middle class and not those at the bottom of the income pyramid, who still rely on the informal rental market or self-built housing.
The PNUH aimed to meet its housing targets through four sectors: the state (11.5%), private sector (12%), cooperatives (8%), and (state-directed) self-builders (68.5%). This placed the burden of housing delivery overwhelmingly on (statedirected) self-built housing, but the process was not streamlined to ensure the capacity to deliver. The programme focused on delivering a certain number of units, while disregarding factors such as housing quality, access to basic services and affordability. Consequently, in most urban areas, houses built without formal government support, planning, housing credit or legal title have proliferated. Estimates show that 205 512 self-built units were constructed between 2009 and 2015 – a figure similar to those delivered in all other sectors together.
Across all residential zones, levels of new construction have declined. Reduced demand from expatriates and private investors has also increased the availability and supply of housing. This has led to a decrease in rental values for newer residential units, resulting in some absorption by the local market in Luanda. However, vacancy rates are still high. Many new residential developments are in Luanda Sul/Talatona, and some large-scale developments are in Camama, Viana and Benfica. Northern zones of Luanda are suited for future expansion.
Overall, there is a deficit of residential units for lower income segments. According to Abacus Angola, the speed of ongoing projects targeting the lower end of the market and supported by the state has fallen significantly. However, the GdA recently announced plans to deliver 3 000 social houses and 900 three-bedroom flats in Cabinda province – targeted at the growing housing needs of the youth.
The HABITAT-MINOTH Country Program (2018-2022) has been a focal strategy for Angola’s sustainable urban development agenda, specifically for achieving sustainable development goal (SDG). Angola approved 20 master plans in 2019, to guide growth and management of urban areas. The number of master plans is expected to increase to 72 by 2022. While several municipalities have some form of a master plan, formal implementation has been slow. The state is unlikely to continue its investment-intensive endeavours and subsidise public housing in the same way as under the PNUH model, and instead will take on the role of enabler in the housing delivery chain, mainly with participation of owner-builders and the private sector. With reduced investment capacity, the state is positioning itself as a market regulator, with the private sector complementing the state’s role.
[1] Âgencia Angola Press (2020). Ministry of Housing to review housing prices. 5 November 2020. http://m.portalangop.co.ao/angola/en_us/noticias/economia/2019/10/45/Ministry-Housing-review-housing-prices,903035aa-3dc1-4b03-b4b8-729f7ba32b86.html?version=mobile (Accessed 29 August 2020).
[2] CAHF (2019). Housing Finance in Africa 2019. Angola. Centre for Affordable Housing in Africa. https://housingfinanceafrica.org/app/uploads/FRENCH-YEARBOOK-6.12.2019-compressed.pdf (Accessed 27 August 2020). Pg. 61
[3] Âgencia Angola Press (2020). Imogestin clarifies sale of houses in centralities. 3 September 2019. http://www.angop.ao/angola/pt_pt/noticias/economia/2019/8/36/Imogestin-esclarece-venda-casas-nas-centralidades,dc929591-7297-4be4-9004-3046bac03556.html (Accessed 27 August 2020).
[4] Âgencia Angola Press (2020). More than 2 000 houses for sale in Zango 5 housing project. 22 January 2020. http://www.angop.ao/angola/en_us/noticias/economia/2020/0/4/More-than-000-houses-for-sale-Zango-housing-project,9bb6f563-71a8-4348-bcbe-3f389dbe616d.html (Accessed 27 August 2020).
[5] Verangola (2020). Zango 5: In less than a week there are 115 000 candidates for 2 390 available homes. https://www.verangola.net/va/en/012020/RealEstate/18282/Zango-5-in-less-than-a-week-there-are-115000-candidates-for-2390-available-homes.htm (Accessed 27 August 2020).
Property markets
The most recent (2014) population and housing census reported that most (75.4%) households own their homes, and 19.2% rent43 – 87.2% of owner-occupied dwellings are reported to be self-constructed units.
Residential property transactions have decreased – a drop mainly attributed to the economic downturn. Angola’s residential property market is also largely dependent on the business sector because of the expatriate market it attracts.
The possession, use and occupation of properties is protected by legal frameworks. Few properties have registered deeds from the colonial era or full legal title, which adds to the legal insecurity. A land regularisation process (Land Registry Massification Programme) is underway that will register homes that fall under the government’s housing development programme. The programme is expected to also extend to privately owned homes. The urgency of land tenure regularisation also extends to the informal urban market, where houses are built incrementally and transacted informally. Land titling would also help households to access mortgage finance.
Rents have been in decline. In Luanda Sul/Talatona (urban periphery) monthly rentals for used apartments range between Kz293 365 (US$450) and Kz1 629 800 (US$2 500). This is mainly where expatriates and Angolans with sufficient purchasing power live. In central Luanda, rentals are higher – between Kz456 344 (US$700) and Kz1 629 800 (US$2 500). Viana, Camana and Benefica (areas for the emerging middle class) offer the cheapest rentals, from Kz97 788 (US$150) p to Kz195 576 (US$300). Rentals for new apartments across all residential zones are higher, most notably in Luanda.
Sale values (US$ per m2) in the periphery range between Kz651 920 (US$1 000) and Kz$1 955 760 (US$3 000), Kz$977 880 (US$1 500) to Kz$2 281 731 (US$3 500) in Luanda and Kz$325 962 (US$500) to Kz$782 308 (US$1 200) in Viana, Camama, and Benfica.
[1] ZENKI Real Estate (2019). Report – Angola Property Market 2019 Overview and 2020 Outlook. 13 December 2019. https://zenkirealestate.com/en/report/zreport-angola-property-market-2019-overview-and-2020-outlook/ (Accessed 30 August 2020).
[2] Macauhub (2019). Angola’s housing market is almost at a standstill. 13 November 2019. https://macauhub.com.mo/2019/11/13/pt-mercado-imobiliario-de-angola-esta-quase-paralisado/ (Accessed 30 August 2020).
[3] Âgencia Angola Press (2019). Housing market demand drops 80 percent. 13 November 2019. http://www.angop.ao/angola/en_us/noticias/economia/2019/10/46/Housing-market-demand-drops-percent,357f2610-1bf1-431d-a5e6-0abd03ce0750.html (Accessed 30 August 2020).
[4] Business Time Africa (2020). Angola’s real estate market has been at a standstill for five years. http://www.businesstimesafrica.net/index.php/engineering/item/5993-angola-s-real-estate-market-has-been-at-a-standstill-for-five-years (Accessed 30 August 2020).
[5] Macauhub (2019). Angola’s housing market is almost at a standstill. 13 November 2019. https://macauhub.com.mo/2019/11/13/pt-mercado-imobiliario-de-angola-esta-quase-paralisado/ (Accessed 30 August 2020).
Policy and regulation
Legal frameworks and policies governing the housing sector include the National Land Policy, PNUH, and the National Policy for Spatial and Urban Planning. For a more integrated approach, the Ministry of Public Works and Spatial Planning collaborates with other ministerial departments. The sector is also guided by strategic international guidelines and programs, including the New Urban Agenda and the Resilient Cities Action Plan. The Property Tax Code, enacted on 20 August 2020 brings key changes in tax rules that will impact housing market activities: The 2016 Urban Lease Law, which limits rent values denominated in local currency, is having a notable impact on the rental market, due to the inability of landlords to adjust rental agreements in line with fluctuating exchange rates or inflation. As the GdA positions itself as a market regulator, assessing the impact of regulatory frameworks is needed to ensure a functioning housing market.
[1] ZENKI Real Estate (2019). Angola Property Market 2019 Overview and 2020 Outlook. 13 December 2019. https://zenkirealestate.com/en/report/zreport-angola-property-market-2019-overview-and-2020-outlook/ (Accessed 30 August 2020).
[2] Âgencia Angola Press (2020). National Assembly approves Property Tax. 25 May 2020. http://www.angop.ao/angola/en_us/noticias/politica/2020/4/22/National-Assembly-approves-Property-Tax,28d6e420-e20d-4955-bee4-3af6ce053b48.html (Accessed 30 August 2020).
[3] PwC Portugal (2020). Angola – Law approving the Property Tax Code. 13 July 2020. https://www.pwc.pt/en/pwcinforfisco/flash/angola/pwc-tax-flash-angola-law-approving-the-property-tax-code.html (Accessed 30 August 2020).
Opportunities
Despite the slow growth in the residential market, Angola’s expanding population will drive demand for decent, affordable housing. Without sufficient investment in the lower market segment, the urban housing deficit will continue to widen. COVID-19 has fast-tracked opportunities to shift attention from high-end and expatriate markets to meeting the growing needs of most Angolans. The expectation of lower publicly delivered housing provides significant opportunity for private sector investment, including restoring old buildings from the colonial era to drive inclusivity in major cities.
Microfinance products can also significantly improve housing conditions for households that rely on self-construction, with little external support.
As the master plans in municipalities are progressively implemented, they can support a more integrated urban regeneration agenda and should attract investment. Angola’s vulnerability to climate change will require greater integration of measures that support sustainable buildings and urban green spaces in coastal cities.
Availability of data on housing finance
Key data on housing finance include the National Statistics Institute (INE) and the BNA:
- INE publishes economic and inflation statistics, demographic surveys and sectoral reports.
- The BNA is the central host for monetary and financial statistics, financial stability reports, and key financial indicators of the banking sector.
- Commercial banks such as BAI publish fact sheets for mortgage loans, which include information on lending terms and interest rates.
- The Angolan Banking Association (ABANC) aggregates financial and non-financial indicators for the banking system, with no specific housing finance data. Its annual report on the banking sector was last published in 2016.
- Other private sector organisations such as Abacus Angola and Zenki Real Estate publish annual property reports which capture the nuances and developments in the residential property market.
Not all the reports and statistics on INE and the BNA’s websites are published regularly, so key datasets are often outdated. Similarly, not all banks publicly share residential mortgage-related data, and nor does ABANC. Although the Ministry of Finance hosts a portal on the Housing Development Fund, not much information on housing developments is made available.
Urban Informality
Angola’s population almost doubled between 2000 and 2020, with a growth rate just above 3%. Angola’s urbanisation rate is 4.2% and two thirds of the total population live in urban areas. Approximately half of urban residents live in slums or inadequate housing, with the more than 66% of households living in inadequate housing in Luanda. By 2025, 30% to 35% of the population is expected to be concentrated in three main cities (Luanda, Huambo and Benguela).
Access to basic urban services has improved. Among urban dwellers, 62.3% have access to basic sanitation services, with Luanda’s households accounting for the highest access rates (72%). Luanda also has the greatest number of people in need of basic urban services. Over half (51%) of all urban households have access to piped water supply and 23% have access on their premises. Household surveys show that peri-urban populations are three to five times less likely to be connected to piped water and even less likely to have access to basic sanitation services. Many urban dwellers are still without adequate municipal services.
[1] Garda World (2020). Angola: Luanda suburb placed on lockdown. 15 May 2020. https://www.garda.com/crisis24/news-alerts/342266/angola-luanda-suburb-placed-on-lockdown-may-13-update-8 (Accessed 30 August 2020).
[2] National Bank of Angola. (2020). Monetary Policy Committee. 7 May 2020. https://www.bna.ao/Conteudos/Artigos/detalhe_artigo.aspx?idc=175&idl=2&idi=16831 (Accessed 30 August 2020).
[3] Âgencia Angola Press (2020). FFH extends payment term for houses. 26 May 2020. http://www.angop.ao/angola/pt_pt/noticias/economia/2020/4/22/Fundo-Habitacional-prolonga-prazo-pagamento,7067fa59-7408-4596-b2b7-d146405b5106.html (Accessed 27 August 2020).
[4] Ibid.
Websites
Abacus Angola www.abacusangola.com
Âgencia Angola Press www.angop.ao
Angola Banking Association www.abanc.ao
Association of Real Estate Professionals in Angola www.apima-angola.com
Housing Development Fund www.ffh.minfin.gov.ao
KixiCredito www.kixicredito.com
National Institute of Statistics www.ine.gov.ao
Urban Forum www.forum.angonet.org
UN-Habitat Angola www.unhabitat.org
Zenki Real Estate www.zenkirealestate.com
