Property prices across Africa have experienced significant fluctuations and growth in recent decades, driven by economic booms and rapid urbanization. As populations expand, the demand for housing rises, influencing property prices across the continent.
For many residents, the surge in housing costs poses a serious challenge. However, these high property prices also present lucrative investment opportunities for those looking to capitalize on Africa’s burgeoning real estate market.
According to Statista, the African real estate market is projected to reach a value of $16.60 trillion by 2024, with the residential real estate segment dominating at an estimated $13.97 trillion. The market is expected to grow at an annual rate of 5.72% from 2024 to 2029, reaching a volume of $21.92 trillion by 2029.
Numbeo’s mid-2024 report further illustrates the thriving property market by highlighting African countries where property prices are on the higher end of the spectrum. The report, which uses a price-to-income ratio to assess apartment purchase affordability, indicates that a lower ratio signifies better affordability.
As African nations continue to urbanize and grow economically, the real estate market is set to remain a key area of interest for investors, despite the affordability challenges faced by many citizens.
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 |
