In Africa, the cost of real estate varies greatly by nation and even among parts of the same country. Many African countries struggle with low average incomes and economic instability, which directly affects property value expressed as property price to income ratio. Addressing this issue demands a thorough plan of action.
The cost of real estate in any particular area has a big impact on residents’ decisions about where to live. When comparing housing costs to other considerations like income, security, and property appreciation, a person’s decision on where to reside is greatly impacted by housing costs.
For this reason, it is impossible to overstate the importance of statistics on property value. Career choices and other important life decisions have been impacted by real estate pricing.
As a result, Numbeo, a Serbian crowd-sourced global database of perceived consumer prices, crime rates, and healthcare quality, among other facts, examines property value globally.
The Price to Income Ratio (lower is better) is the fundamental measure of the Property Prices Index, according to Numbeo. The ratio of median family disposable income, expressed in years of wages, to median apartment expenses is the standard way to quantify it.
On this note, here’s how property value has changed in a year according to Numbeo’s Property Prices Index.
Top African countries with the best property value in 2024 compared to 2023
| Rank | Country | Property price to income ratio 2024 | Property price to income ratio 2023 |
|---|---|---|---|
|
1. |
South Africa |
3.3 |
3.4 |
|
2. |
Kenya |
12.1 |
16.0 |
|
3. |
Morocco |
15.9 |
14.2 |
|
4. |
Egypt |
16.2 |
12.0 |
|
5. |
Nigeria |
21.1 |
28.2 |
