10 African cities with the most expensive real estate markets in 2024
In an earlier article about countries with the most expensive housing estate in Africa, Business Insider Africa noted that many African countries are experiencing economic booms and rapid urbanization. Consequently, the high demand for housing influences property prices.
Certain cities have also carved out their unique identity within their nations and emerged as some of the most expensive property markets in Africa.
Despite the hurdles presented by steep property prices for locals, they serve as indicators of economic growth and progress, presenting investment prospects for those looking to leverage the real estate market.
According to Statista, the real estate market in Africa is expected to reach a value of $15.98tn by 2024. Within this market, the residential real estate segment dominates with a projected market volume of $13.39tn in 2024.
The market is expected to witness a yearly growth rate of 5.92% between 2024 and 2028, leading to a market volume of US$20.11 trillion by 2028.
Keeping a close eye on global living standards, Numbeo, a platform known for its economic index, monitored property prices across cities on the continent.
In its 2024 report, Numbeo identified African cities where housing tends to lean towards the higher price spectrum.
Cameroon’s Douala secures the top spot as the city with the most expensive property prices in Africa, with Addis Ababa, Ethiopia, and Algiers, Algeria, trailing behind.
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. The platform’s indexes change periodically.
Below are the 10 African cities with the most expensive real estate markets in 2024:
| Rank | City | Price-to-income ratio | Global rank |
|---|---|---|---|
| 1. | Douala, Cameroon | 48.3 | 1st |
| 2. | Addis Ababa, Ethiopia | 45.2 | 24th |
| 3. | Algiers, Algeria | 24.0 | 5th |
| 4. | Alexandria, Egypt | 18.9 | 33rd |
| 5. | Cairo, Egypt | 17.7 | 43rd |
| 6. | Rabat, Morocco | 16.8 | 50th |
| 7. | Casablanca, Morocco | 15.8 | 57th |
| 8. | Tunis, Tunisia | 15.1 | 66th |
| 9. | Nairobi, Kenya | 11.1 | 128th |
| 10. | Cape Town, South Africa | 5.4 | 202nd |
