10 African cities with the most expensive real estate markets in 2024
Some African cities have established their distinctive character within their countries and become some of the most costly places to buy property on the continent.
Although high property prices pose challenges for residents, they reflect economic development and advancement, offering opportunities for investors who want to benefit from the real estate market.
Statista reports that the African real estate market will be worth 15.98 trillion by 2024. The residential real estate sector is the largest segment of this market, with an expected $ 13.39 trillion in 2024.
The market is projected to grow at an annual rate of 5.92% from 2024 to 2028, reaching a market size of US$20.11 trillion by 2028.
Numbeo, a platform that tracks economic indicators, analyzed property prices in different cities across the continent.
According to its 2024 report, Numbeo ranked African cities based on their high housing costs.
Douala, Cameroon, topped the list with Africa’s most expensive property prices, followed by Addis Ababa, Ethiopia, and Algiers, Algeria.
Egypt, Real estate for sale
The values in the current list are based on Numbeo’s price-to-income ratio. The price-to-income ratio is a crucial metric for apartment purchase affordability, where a lower ratio means better affordability. The platform’s indexes vary over time.
Below are the 10 African cities with the most expensive real estate markets in 2024:
Douala, Cameroon
Rank: 1
Price-to-income ratio: 48.3
Global rank: 1st
Addis Ababa, Ethiopia
Rank: 2
Price-to-income ratio: 45.2
Global rank: 24th
Algiers, Algeria
Rank: 3
Price-to-income ratio: 24.0
Global rank: 5th
Alexandria, Egypt
Rank: 4
Price-to-income ratio: 18.9
Global rank: 33rd
Cairo, Egypt
Rank: 5
Price-to-income ratio: 17.7
Global rank: 43rd
Rabat, Morocco
Rank: 6
Price-to-income ratio: 16.8
Global rank: 50th
Casablanca, Morocco
Rank: 7
Price-to-income ratio: 15.8
Global rank: 57th
Tunis, Tunisia
Rank: 8
Price-to-income ratio: 15.1
Global rank: 66th
Nairobi, Kenya
Rank: 9
Price-to-income ratio: 11.1
Global rank: 128th
Cape Town, South Africa
Rank: 10
Price-to-income ratio: 5.4
Global rank: 202nd
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