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Political instability in Cameroon has created a complex real estate landscape where property prices vary dramatically between regions.
Since the 2018 political unrest began, Cameroon's property market has shown remarkable resilience in major urban centers like Douala and Yaoundé, with prices continuing to rise by 3-7% annually, while conflict-affected Anglophone regions have experienced stagnation or declines. Foreign investment remains active at 10-15% of transactions, though buyers have become more selective about locations and timing.
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Political instability has created a two-speed property market in Cameroon, with urban centers like Douala and Yaoundé maintaining steady price growth while conflict zones face declining values.
Residential property prices in major cities have risen 20-30% over five years despite political tensions, supported by urbanization and housing shortages.
| Metric | Stable Regions (Douala/Yaoundé) | Conflict Zones (Anglophone Areas) |
|---|---|---|
| 5-Year Price Change | +20-30% | Stagnant to -10% |
| Annual Growth Rate | 3-7% | 0% to negative |
| Rental Yields | 6-8.8% | Highly volatile |
| Foreign Investment Share | 10-15% | Minimal |
| Transaction Volume Impact | Temporarily reduced, recovering | Severely constrained |
| Mortgage Interest Rates | ~13% average | Limited availability |
| Time to Sell | 20-40% longer than pre-2018 | Significantly extended |
What has been the trend in average residential property prices in Douala and Yaoundé over the past five years?
Residential property prices in both Douala and Yaoundé have shown consistent upward momentum from 2020 to 2025, with cumulative growth ranging from 20% to 30% depending on the specific area and property type.
Douala's residential market has experienced particularly strong appreciation, with prices rising by 20-30% over the five-year period. This growth stems from limited housing supply, continued urban migration from rural areas, and sustained investment demand despite broader national political uncertainties. Prime neighborhoods like Bonapriso and Akwa have recorded above-average price increases, attracting both local and international buyers.
Yaoundé has followed a similar trajectory, with annual price increases averaging 3-7% since 2020. The capital's residential market benefits from severe housing deficits and accelerating urbanization, with government workers and private sector employees driving demand in established neighborhoods like Bastos and Melen.
Both cities have maintained their price growth momentum even during periods of heightened political tension, demonstrating the resilience of urban property markets compared to rural or conflict-affected areas. The consistent demand from Cameroon's growing middle class and diaspora investors has provided a buffer against broader economic uncertainties.
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How have commercial property values in Cameroon's main cities changed since the 2018 political unrest?
Commercial property values experienced an initial setback following the 2018 political unrest but have since recovered, though they remain more sensitive to political developments than residential properties.
From 2018 to 2020, commercial properties in Douala and Yaoundé saw stagnation in capital values and significant drops in transaction volumes as businesses adopted a wait-and-see approach. Office buildings, retail spaces, and industrial properties all experienced reduced investor interest during this period of uncertainty.
The recovery began in earnest from 2021 onward as urban-based economic activity resumed and businesses adapted to the new political reality. Commercial properties tied to infrastructure development and the oil sector have shown the strongest performance, particularly in Douala's port district and Yaoundé's administrative quarters.
However, commercial real estate remains highly sensitive to renewed instability, with investor sentiment shifting quickly based on political developments. Large-scale commercial investments, especially from foreign corporations, continue to face delays as investors seek greater political certainty before committing significant capital.
The sector's recovery has been uneven, with prime commercial locations in stable urban centers performing well while properties in or near conflict-affected regions continue to struggle with reduced valuations and limited liquidity.
What percentage of property buyers in Cameroon are foreign investors, and how has this changed since the political tensions escalated?
Foreign investors currently account for approximately 10-15% of property transactions in Cameroon's major cities, a proportion that has remained relatively stable despite political tensions.
This foreign investment share represents a slight decline from pre-2018 levels, but the reduction has been less dramatic than initially feared. Foreign buyers, particularly from Europe, China, and Middle Eastern countries, have shown resilience in continuing their Cameroon property investments, though they have become more selective about locations and timing.
The stability in foreign investment levels reflects several factors: Cameroon's strategic location in Central Africa, the relative stability of major urban centers compared to rural conflict zones, and attractive property yields that continue to draw international capital despite political risks.
Many foreign investors have shifted their focus toward prime urban properties in Douala and Yaoundé, avoiding rural areas and regions directly affected by conflict. This geographic concentration has actually intensified foreign investment in certain neighborhoods while completely avoiding others.
Diaspora investors, particularly Cameroonians living abroad, continue to represent a significant portion of foreign purchases, using property investment as a way to maintain ties to their homeland while diversifying their investment portfolios.
How has the volume of property transactions in Cameroon shifted during periods of high political instability compared to calmer periods?
Property transaction volumes show clear cyclical patterns that directly correlate with political stability levels, with significant drops during crisis periods followed by rapid recovery during calmer phases.
| Period | Transaction Volume Change | Primary Factors |
|---|---|---|
| 2018-2019 (Crisis Peak) | -40% to -60% | Initial shock, uncertainty, capital flight |
| 2020 (Adaptation) | -20% to -30% | Market adjustment, selective buying |
| 2021-2022 (Recovery) | +15% to +25% | Pent-up demand, returning confidence |
| 2023-2024 (Stabilization) | +5% to +10% | New equilibrium, adapted expectations |
| 2025 (Current) | Stable growth | Market normalization, urbanization demand |
The most dramatic impact occurred in conflict-affected regions, particularly the Anglophone areas, where transaction volumes have remained severely constrained throughout the instability period. In contrast, Douala and Yaoundé experienced temporary dips but have since recovered to near pre-crisis levels.
During calm periods, volumes typically surge as both local and diaspora investors take advantage of accumulated opportunities and pent-up demand. This cyclical pattern has created distinct buying opportunities for investors willing to time their market entry strategically.
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What are the latest rental yield averages in Douala and Yaoundé, and how do they compare with periods of greater political stability?
As of September 2025, rental yields in Cameroon's major cities remain attractive despite political uncertainties, with Douala averaging 6-8.8% and Yaoundé showing similar performance levels.
Douala's rental market has proven particularly resilient, with city center properties achieving yields at the higher end of the range due to strong demand from expatriate workers, NGO staff, and oil sector employees. The port city's strategic importance has maintained steady rental demand even during political tensions.
Yaoundé's yields are comparable but slightly lower, reflecting the capital's different tenant profile, which includes more government workers and diplomatic personnel. The presence of international organizations and embassies has provided rental market stability during uncertain periods.
Compared to the pre-2018 period of greater stability, current yields are actually higher in many segments. This yield compression occurred because property prices rose more slowly than rental rates during the instability period, creating better returns for investors willing to accept political risk.
High-end luxury properties saw yield compression during peak instability (2018-2020), but affordable and mid-range rental segments remained resilient, serving as effective hedges against inflation and currency depreciation risks.
How have land prices in conflict-affected regions like the Anglophone areas evolved compared to stable regions of Cameroon?
Land prices in conflict-affected Anglophone regions have diverged dramatically from stable regions, creating a stark two-speed land market across Cameroon.
The Northwest and Southwest regions have experienced significant land price declines or stagnation since 2018, with many areas recording drops of 10-30% depending on proximity to conflict zones. Security risks, population displacement, and reduced economic activity have made land ownership in these regions increasingly unattractive to investors.
In contrast, stable regions around Douala, Yaoundé, and emerging centers like Kribi have seen consistent land price appreciation, benefiting from infrastructure development and population inflows from conflict areas. These regions have absorbed displaced populations and capital flight from unstable areas.
Agricultural land in safe regions has become particularly valuable as investors seek alternatives to traditional property investments. Coastal areas near Kribi and regions around the two major cities have seen land prices rise by 15-25% as development pressure intensifies.
The price gap between stable and unstable regions continues to widen, creating potential opportunities for long-term investors betting on eventual conflict resolution, but also significant risks for those holding land in affected areas.
What impact has political instability had on mortgage availability, interest rates, and lending conditions in Cameroon's banking sector?
Political instability has significantly tightened Cameroon's mortgage market, with banks adopting more conservative lending practices and maintaining elevated interest rates.
Mortgage interest rates currently average around 13% for individual borrowers, reflecting both political risk premiums and broader economic uncertainties. These rates have remained stubbornly high compared to pre-crisis levels, as banks price in the additional risks associated with political volatility.
Lending criteria have become substantially stricter, with banks requiring larger down payments, more extensive documentation, and longer approval timelines. Many banks now conduct enhanced due diligence on borrowers and properties, particularly for assets in or near politically sensitive areas.
Credit availability has become more constrained for non-prime borrowers, with banks focusing their limited mortgage lending on government employees, established businesses, and borrowers with foreign currency income sources. This has created a two-tier lending market where access depends heavily on borrower profile and income stability.
The approval process has lengthened considerably during periods of heightened unrest, with some banks temporarily suspending new mortgage originations during crisis peaks while reassessing their risk exposure and lending policies.
How much longer does it typically take to sell a property in Cameroon now compared to before recent political tensions?
Property sale timelines have extended significantly across Cameroon, with most markets reporting 20-40% longer selling periods compared to pre-2018 conditions.
In Douala and Yaoundé, mid-range and luxury properties now take an average of 4-8 months to sell, compared to 3-5 months before the political tensions began. The extended timeline reflects increased buyer caution, more extensive due diligence, and selective purchasing behavior.
High-end properties face particularly long selling periods as the pool of qualified buyers has shrunk and those remaining are more price-sensitive and location-selective. Luxury buyers often wait for political calm before making major purchase decisions.
Properties in politically sensitive areas or near conflict zones can take 12-18 months or longer to sell, if they can be sold at all. Many owners in these areas have withdrawn their properties from the market entirely, choosing to wait for improved conditions.
The extended selling periods have forced property owners to become more flexible on pricing, payment terms, and property conditions, with many accepting below-market offers to achieve liquidity during uncertain times.
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What are the most common strategies property owners in Cameroon are using to protect value during instability?
Property owners have developed several defensive strategies to protect and maximize their asset values during the ongoing political instability.
1. **Short-term and furnished rental conversion**: Many owners have shifted from traditional long-term leases to short-term rentals targeting NGO workers, expatriates, and oil sector employees who pay premium rates and provide more stable income streams. 2. **Geographic diversification**: Owners are selling properties in high-risk areas and reinvesting proceeds in safer regions, particularly in Douala and Yaoundé's established neighborhoods or emerging areas like Kribi. 3. **Agricultural land investment**: Some property investors are diversifying into agricultural or commercial land in stable regions, viewing farming and agribusiness as more resilient to political shocks. 4. **Market timing strategies**: Owners are temporarily withdrawing properties from sale during political crises and relisting during calmer periods when buyer demand and prices typically recover. 5. **Currency hedging through property**: Using real estate as a hedge against CFA franc depreciation by targeting properties that attract hard currency-paying tenants or can be sold to foreign buyers.It's something we develop in our Cameroon property pack.
How have infrastructure projects or government housing policies been delayed or halted due to political instability, and what has been the impact on property prices?
Political instability has significantly disrupted infrastructure development and government housing initiatives, creating supply constraints that have paradoxically supported property prices in unaffected areas.
Major infrastructure projects, including road construction, electricity grid expansion, and water system improvements, have faced delays or complete suspension, particularly in conflict zones. These delays have limited the development of new residential areas and constrained the overall housing supply.
Government social housing programs have been severely impacted, with budget reallocations toward security spending reducing funds available for affordable housing development. This has intensified housing shortages in urban areas, supporting price growth in existing properties.
The infrastructure delays have created uneven development patterns, with some city districts experiencing rapid price appreciation due to their existing infrastructure advantages, while potential development areas remain stagnant due to delayed or cancelled projects.
Paradoxically, the supply constraints caused by delayed projects have supported property prices in functional areas by limiting competition from new developments and maintaining scarcity in desirable locations with existing infrastructure.
What role has the depreciation of the Central African CFA franc played in amplifying or mitigating property price shifts during instability?
The Central African CFA franc's depreciation has created a complex dual impact on Cameroon's property market, simultaneously constraining local purchasing power while attracting foreign investment.
For local buyers paid in CFA francs, currency depreciation has worsened affordability as construction materials, many of which are imported, have become more expensive. This has put downward pressure on demand from middle-class Cameroonian buyers and contributed to longer selling periods.
However, the weaker franc has made Cameroonian property increasingly attractive to foreign buyers and diaspora investors with hard currency income. Properties priced in CFA francs represent better value for buyers with euros, dollars, or other strong currencies, partially offsetting reduced local demand.
The currency impact has been particularly pronounced in prime urban neighborhoods where foreign buyers are most active. These areas have maintained stronger price growth partly due to the currency advantage for international investors.
Export-oriented regions and cities like Douala have benefited most from the currency effect, as they attract buyers connected to the oil sector and international trade who often have access to hard currency income streams.
What are the short-term forecasts for property prices in Douala, Yaoundé, and the Anglophone regions if political tensions persist through the next two years?
Property price forecasts for the next two years depend heavily on the trajectory of political stability, but current trends suggest continued divergence between stable and unstable regions.
| Region | 2025-2027 Price Forecast | Key Factors |
|---|---|---|
| Douala | +3% to +7% annually | Urbanization, limited supply, port activity |
| Yaoundé | +3% to +6% annually | Government presence, housing deficit |
| Anglophone Regions | 0% to -5% annually | Continued conflict, population displacement |
| Kribi | +5% to +8% annually | Port development, safe haven status |
| Other Stable Regions | +2% to +5% annually | Infrastructure development, migration |
Douala and Yaoundé are likely to maintain their growth trajectory of 3-7% annually, supported by continued urbanization, persistent housing shortages, and their status as safe investment havens within Cameroon. These cities benefit from diversified economies and infrastructure that make them resilient to political shocks.
Anglophone regions face continued price stagnation or decline if political tensions persist, with limited liquidity and growing gaps with stable urban centers. Properties in these areas may become increasingly distressed, creating potential opportunities for very long-term investors but significant risks for current owners.
The overall forecast assumes continued political instability at current levels. Any significant improvement in the conflict situation could trigger rapid price recovery in affected regions, while escalation could put pressure on even the stable urban centers.
It's something we develop in our Cameroon property pack.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Political instability has created a stark divide in Cameroon's property market, with urban centers demonstrating remarkable resilience while conflict zones struggle with declining values and limited liquidity.
For property investors, the key is understanding this geographic divide and timing market entry during periods of relative calm, while focusing on stable urban centers that benefit from ongoing urbanization trends and infrastructure advantages.
Sources
- Douala Property Market Analysis
- Yaoundé Price Forecasts
- Cameroon Price Forecasts
- Should You Buy Property in Douala
- Average Property Price Cameroon
- Average Price Per Sqm Yaoundé
- Average Property Price Yaoundé
- Statista Cameroon Real Estate Outlook
- Cameroonian Real Estate Market Analysis
- Numbeo Douala Property Investment