"Top 5 African cities with the most unaffordable real estate in 2024"

" Top 5 African cities with the most unaffordable real estate in 2024 \r\n\r\n \r\n \r\n \r\n\r\nExpensive real estate prices exacerbate the housing affordability dilemma, making it more difficult for regular people to find adequate and affordable housing.\r\n\r\nRapid urbanization in many African cities, combined with a scarcity of housing, drives up property costs, pushing low- and middle-income people to the periphery of the market. This also is either a consequence or a cause of stress on the overall economy of any given country.\r\n \r\n\r\nRising real estate prices accentuate socioeconomic divides in urban areas, drawing a clear line between the rich and the underprivileged.\r\n\r\n \r\n \r\n\r\nThe rising value of real estate makes homeownership unattainable for many people, while a select minority enjoys the advantages of investment and property ownership.\r\n\r\n \r\n \r\n\r\nInequality and social discontent are exacerbated by this growing wealth disparity, which not only widens social divides but also limits social mobility and economic prospects for underprivileged groups.\r\n\r\n \r\n \r\n\r\nAdditionally, as developers and investors want to profit from lucrative chances for urban redevelopment and gentrification, expensive real estate contributes to displacement and forced evictions.\r\n\r\n \r\n \r\n\r\nUrban rehabilitation and beautification initiatives frequently result in the eviction, displacement, and homelessness of vulnerable populations, such as low-income people and informal settlers.\r\n\r\n \r\n \r\n\r\nWith that said, here are the top 5 African cities with the most unaffordable real estate in 2024 based on \u00a0Numbeo\u2019s \u201cPrice to Income Ratio.\u201d \u00a0This list does not represent the cities with the overall most expensive real estate prices, but rather real estate that is not affordable to the residents of the region.\r\n\r\n \r\n \r\n\r\nThe\u00a0 Price to Income Ratio is a key indicator of the affordability of buying an apartment; a lower ratio denotes higher affordability. Usually represented as years of income, it is computed as the ratio of median apartment costs to median family disposable income.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n Rank \r\n City \r\n Country \r\n Property price to income ratio \r\n \r\n \r\n \r\n \r\n 1. \r\n Lagos \r\n Nigeria \r\n 19.2 \r\n \r\n \r\n 2. \r\n Cairo \r\n Egypt \r\n 18.4 \r\n \r\n \r\n 3. \r\n Nairobi \r\n Kenya \r\n 11.5 \r\n \r\n \r\n 4. \r\n Cape Town \r\n South Africa \r\n 5.4 \r\n \r\n \r\n 5. \r\n Durban \r\n South Africa \r\n 4.2 \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n "

"Top 5 African cities with the most unaffordable real estate in 2024"

President Mahama Grants Amnesty to Nearly 1,000 PrisonersAMP

President Adesina Flags $100bn Annual FDI Shortfall to AfricaAMP

Prof. John Gatsi Inaugurated as Board Chairman of Energy CommissionAMP