Top 5 African cities with the most expensive property prices mid 2024

In recent years, the housing markets across the globe have witnessed significant transformations, and African cities are no exception. The continent is home to some of the most expensive housing markets.

A confluence of factors, including rapid urbanization, economic growth, the influx of expatriates, and infrastructure development, has driven up real estate prices in select cities.

These thriving urban centres, with their luxurious estates and upscale neighbourhoods, cater to the affluent and often contrast sharply with the broader housing landscape in the region.

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.