Many African countries are experiencing economic booms and rapid urbanization. It’s a straightforward economic equation that as the population expands, so does the demand for housing, influencing property prices.
However, despite the challenges posed by high property prices for residents, they offer investment opportunities for those seeking to capitalize on the real estate market.
Keeping a close eye on global living standards, Numbeo, a platform known for its economic index, monitored property prices across different regions, Africa included.
READ ALSO: 5 Bold Facts You Should Know About Africa’s Property Sector Before Getting Started
In its 2024 report, Numbeo identified African countries where housing tends to lean towards the higher price spectrum. The platform’s indexes change periodically.
The values in the current list are reflective of Numbeo’s price-to-income ratio. The price-to-income ratio is a fundamental measure for apartment purchase affordability, where a lower ratio indicates better affordability.
Below are the African countries with the most expensive housing markets in 2024:
| Rank | Country | Price to ratio income | Global rank |
|---|---|---|---|
| 1. | Cameroon | 43.9 | 1st |
| 2. | Ethiopia | 41.1 | 3rd |
| 3. | Algeria | 17.4 | 21st |
| 4 | Morocco | 15.9 | 26th |
| 5. | Egypt | 15.3 | 31st |
| 6. | Tunisia | 13.1 | 43rd |
| 7. | Kenya | 12.1 | 57th |
| 8. | South Africa | 3.4 | 103rd |
