The African real estate market is booming, with a projected value of $16.60 trillion by 2024. Within this sector, residential real estate leads the way, expected to hit $13.97 trillion.
Business Insider Africa has listed the top 5 African cities with the most expensive property prices in mid-2024, based on data from Numbeo. At the top of the list is Addis Ababa, Ethiopia, where property prices average $57.5 per square meter.
African housing markets have seen significant changes in recent years, with prices rising in key cities due to factors such as rapid urbanization, economic growth, the influx of expatriates, and infrastructure development. These urban centers feature luxurious estates and upscale neighborhoods, catering to the affluent and contrasting sharply with the broader regional housing market.
Statista predicts that Africa’s real estate market will grow at an annual rate of 5.72% from 2024 to 2029, reaching $21.92 trillion by 2029. This growth underscores the continent’s thriving property market.
Numbeo’s mid-2024 report highlights African cities where property prices are particularly high. Their price-to-income ratio measures apartment purchase affordability, with a lower ratio indicating better affordability.
Here are the top 5 African cities with the most expensive property prices as of mid-2024:
