In a previous article about countries with the most expensive housing estates in Africa, Business Insider Africa noted that many African countries are experiencing economic booms and rapid urbanization. As a result, high housing demand affects real estate prices.
Certain cities have established their own identities within the country and have emerged as some of Africa's most expensive real estate markets.
Despite rising property prices being a hurdle for local residents, property prices serve as an indicator of economic growth and progress and present investment prospects for those looking to take advantage of the property market. There is.
According to Statista, Africa's real estate market is expected to reach a value of $15.98 trillion by 2024. This market is dominated by the residential real estate segment, with a projected market size of $13.39 trillion in 2024.
The market is expected to grow at an annual growth rate of 5.92% from 2024 to 2028, and the market size is expected to reach USD 20.11 trillion by 2028.
Numbeo, a platform known for its economic indicators, closely monitored global living standards and real estate prices across cities on the continent.
In a 2024 report, Numbeo identified African cities where housing tends to skew toward the higher end.
Douala, Cameroon, has secured the top spot as Africa's most expensive city for real estate, followed by Addis Ababa, Ethiopia, and Algiers, Algeria.
Current listing values reflect Numbeo's price-to-earnings ratio. The price-to-income ratio is a basic measure of the affordability of purchasing an apartment, with a lower ratio indicating more affordability. Platform indexes change regularly.
Below are the 10 African cities with the most expensive real estate markets in 2024.
| rank | city | price-to-earnings ratio | world rank |
|---|---|---|---|
|
1. |
Douala, Cameroon |
48.3 |
First place |
|
2. |
Addis Ababa, Ethiopia |
45.2 |
24th |
|
3. |
algiers, algeria |
24.0 |
5th place |
|
Four. |
alexandria, egypt |
18.9 |
33rd place |
|
Five. |
cairo, egypt |
17.7 |
43rd place |
|
6. |
rabat, morocco |
16.8 |
50th place |
|
7. |
casablanca in morocco |
15.8 |
57th place |
|
8. |
Tunis, Tunisia |
15.1 |
66th place |
|
9. |
Nairobi, Kenya |
11.1 |
128th place |
|
Ten. |
cape town, south africa |
5.4 |
202nd place |
