Africa’s real estate sector is anticipated to be worth US$16.60 trillion by 2024. Within this market, residential real estate dominates, with a projected market volume of US$13.97 trillion by 2024.
In recent years, the global housing market has undergone substantial alterations, and African cities are no exception. The continent has some of the most costly housing markets.
A combination of factors, including increasing urbanization, economic expansion, the influx of expatriates, and infrastructural development, have pushed up real estate values in several cities.
These vibrant urban centres, with their opulent estates and upmarket suburbs, cater to the wealthy and frequently stand out from the region’s overall housing scene.
Statista predicts that Africa’s real estate sector would be worth US$16.60 trillion by 2024. Within this market, residential real estate dominates, with a projected market volume of US$13.97 trillion by 2024.
The market is expected to increase at a 5.72% annual rate between 2024 and 2029, with a market volume of US$21.92 trillion by 2029.
To illustrate the blooming ecology of property values, Numbeo’s mid-2024 analysis focuses on African countries with higher-than-average property prices. The platform’s indexes are regularly updated to reflect current market conditions.
The latest report’s figures are based on Numbeo’s price-to-income ratio, a key indicator of housing affordability. A lower ratio indicates improved affordability.
| Rank | City | Price to ratio income | Global rank |
|---|---|---|---|
| 1 | Addis Ababa, Ethiopia | 57.5 | 1st |
| 2 | Douala, Cameroon | 48.3 | 2nd |
| 3 | Algiers, Algeria | 26.2 | 20th |
| 4 | Cairo, Egypt | 16.2 | 54th |
| 5 | Casablanca, Morocco | 15.6 | 63rd |
| 6 | Tunis, Tunisia | 15.1 | 70th |
| 7 | Rabat, Morocco | 13.3 | 100th |
| 8 | Nairobi, Kenya | 12.7 | 107th |
| 9 | Cape Town, South Africa | 5.5 | 260th |
| 10 | Durban, South Africa | 4.7 | 267th |