Statistics show that Africa, though a developing economy, has some of the most expensive apartment prices, which is more prevalent in the fastest-growing economies on the continent.
The average cost of acquiring an apartment in Morocco’s city center is US$1425.54 per square meter, much higher compared to the developed economies like Indonesia.
In Africa, Morocco has the most expensive apartment prices, which must have been driven by several factors, including rapid urbanization—causing rural-urban migration—and the booming tourism sector attracting investors, thus prompting massive economic growth.
Kenya has the second most expensive apartment prices per square meter. Kenya is also a developing economy, but factors such as supply and demand dynamics are triggered by the limited housing supply and limited land supply due to stringent government policies and regulations and iflation and currency devaluation.
The cost of apartments in Kenya’s major urban centers, like Nairobi and Mombasa, sells at US$1318.5 per square meter, higher than in South Africa and Nigeria, which cost US$1026.5 and US$995.11, respectively.
In Libya, the constant political instability must raise the prices to the current US$740.19 per square meter in it’s capital. In 2019, Reuters reported that the cost of housing in Tripoli had hit the ceilings, largely prompted by the massive displacement.
Then, renting a furnished two-bedroom apartment had risen to 3000-4000 libyan dinar from 1500 dinar per month in the capital, Tripoli. The rising inflation, currency devaluation, and government subsidies, despite the housing shortage, are also significant contributors to the Libyan housing crisis.
African Countries With the Most Expensive Housing Costs
Source: NUMBEO (The above data is data is subject periodic change, kindly visit the source for recent updates)
