West Africa Real Estate Overview

Country Snapshots 2022: Macro-economic and Commercial Real Estate Overview

December 28, 2022
  • Mieke Purnell
  • Rutz Marx
  • Sylvain Gilet
Operational challenges still impacting real estate markets as the regional economy remains reliant on commodities exports.

Many West African countries are resource-rich, although a large portion of the population is employed within the agricultural sector. High commodity prices historically supported strong economic growth, however more recent oil price shocks, conflict, food insecurity, and climate-related factors have stifled growth over the recent past, as have the COVID-19 pandemic and war in Ukraine. This has resulted in a stagnant commercial real estate market, with systematic vacancies and limited rental growth potential. New stock additions to the market are driving up rentals, although demand remains low. Looking ahead a general economic recovery is anticipated, as several economies comprising the region stand to benefit from rising oil prices and regional economic integration via the AfCFTA.

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