Property prices in Africa have experienced huge fluctuations and growth over the past few decades. the real estate market in Africa is expected to reach a value of US$16.60tn by 2024.
Property prices in Africa have experienced huge fluctuations and growth over the past few decades.
Presently, many African countries are experiencing economic booms and rapid urbanization. It’s a straightforward economic equation that as the population expands, so does the demand for housing, influencing property prices.
For many citizens, the rising housing costs in African countries poses a significant problem. However, despite the challenges posed by high property prices for residents, they offer investment opportunities for those seeking to capitalize on the real estate market.
According to Statista, the real estate market in Africa is expected to reach a value of US$16.60tn by 2024. Within this market, the residential real estate segment dominates with a projected market volume of US$13.97tn in 2024.
It is anticipated that the market will experience an annual growth rate of 5.72% from 2024 to 2029, resulting in a market volume of US$21.92tn by 2029.
To illustrate the thriving ecosystem of property prices, Numbeo’s mid-2024 report highlights African countries where property prices tend to be on the higher end of the spectrum. The platform’s indexes are periodically updated to reflect current market conditions.
The values in the latest report are based on Numbeo’s price-to-income ratio, a crucial measure of apartment purchase affordability. A lower ratio signifies better affordability.
Below are the top 5 African countries with the most expensive property prices mid 2024:
| Rank | Country | Price to ratio income | Global rank |
|---|---|---|---|
|
1 |
Ethiopia |
50.3 |
2nd |
|
2 |
Cameroon |
43.2 |
4th |
|
3 |
Algeria |
18.7 |
18th |
|
4 |
Egypt |
15.5 |
30th |
|
5 |
Morocco |
14.6 |
34th |
