Authored by the expert who managed and guided the team behind the Ivory Coast Property Pack
Everything you need to know before buying real estate is included in our Ivory Coast Property Pack
What will happen in Ivory Coast’s real estate market? Will prices go up or down? Is Abidjan still a hotspot for foreign investors? How is Ivory Coast’s government impacting real estate policies and taxes in 2025?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with notaries, real estate agents, and clients who buy properties in Ivory Coast, we’ve gained firsthand insights.
That’s why we created this article: to provide clear answers, insightful analysis, and a well-rounded perspective on market predictions and forecasts.
Our goal is simple: to ensure you feel informed and confident about the market without needing to look elsewhere. If you think we missed the mark or could do better, we’d love to hear your thoughts. Feel free to message us with your feedback or comments, and we’ll work hard to improve this content for you.
How this content was created 🔎📝
1) Foreign buyers will lose interest in rural areas as urban centers become more appealing
In the Ivory Coast, urban living is becoming increasingly popular.
People are flocking to cities, with the urban population growing at a rate of 3.421% back in 2023. This trend is fueled by significant investments in urban infrastructure. For instance, the World Bank has poured $300 million into improving city areas, focusing on essentials like roads and waste management. These upgrades not only make city life more comfortable but also create jobs, making urban centers a magnet for both locals and foreigners.
The real estate scene in cities is thriving, with an expected growth of 5.08% from 2024 to 2029. This boom is largely due to the demand for modern, well-equipped properties. Foreign buyers are particularly drawn to these urban amenities, which offer a convenient and high-standard lifestyle.
Safety and services in cities are also on the rise. Urban areas now offer better access to basic services and infrastructure, enhancing the quality of life. This makes cities more appealing compared to rural areas, where such developments are lagging.
Government policies are also playing a role, often favoring urban development over rural. This focus on cities is evident in the resources allocated to improve urban living conditions, further boosting their attractiveness.
Sources: Trading Economics, World Bank, Statista
2) Rents will rise in northern regions as infrastructure and economic activities improve
In Côte d'Ivoire's northern regions, infrastructure and economic activities are on the rise.
Thanks to government investments and projects like the World Bank's $300 million rural road initiative, these areas are becoming more accessible. This project is crucial because it ensures that more people can reach all-weather roads, which is a big deal for economic growth. With better roads, businesses can operate more efficiently, and farmers can get their products to market faster.
The country's economy is booming, with GDP growth rates hitting 7.2% in 2023 and 7.0% in 2024. This growth is fueled by sectors like energy, construction, and agriculture. As these industries expand, they create jobs and attract businesses to the north, which means more people will need places to live, pushing rents higher.
Transportation improvements are also making a difference. Projects that cut down travel times and improve access to health centers are making these regions more appealing. This better connectivity is a magnet for both businesses and residents, which in turn boosts the demand for housing and nudges rents upward.
Government policies are also in play. The National Development Plan 2020–2025 is all about speeding up economic transformation and cutting poverty. These efforts are expected to ramp up economic activities in the north, which will likely lead to increased rents as more people move in.
Sources: World Bank, African Development Bank Group
We made this infographic to show you how property prices in Ivory Coast compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
3) Investment in low-cost housing will grow due to government policies promoting affordability
Government policies are set to boost investment in affordable housing in the country.
In Ivory Coast, the Presidential Program for Social and Economic Housing (PPCLSE) is on a mission to create 150,000 new homes by 2025. This ambitious goal is a clear signal to developers that there's a stable, long-term opportunity in affordable housing. With over 90% of the population under 65, the demand for affordable homes is only going to grow.
The government is putting its money where its mouth is, with plans to increase its housing budget to 8,184,674.00 XOF Thousand by the end of 2024. This financial backing shows investors that the government is committed to supporting housing projects. Plus, regulatory reforms and potential tax breaks make it easier and more profitable for developers to dive into low-cost housing.
Partnerships are also playing a big role. The government is teaming up with the private sector, including a collaboration with the International Finance Corporation (IFC). These partnerships are crucial because they bring in private investment and set the stage for building high-quality, affordable homes. There's also a buzz about increased foreign investment, with surveys pointing to a rise in debt and equity investments in affordable housing.
Sources: IFC, Reall, Housing Finance Africa
4) Property prices in the northern regions will rise moderately as infrastructure gets better
The northern regions of Ivory Coast are buzzing with significant infrastructure improvements.
Thanks to increased government investment and support from the European Union, these areas are seeing a transformation. The focus is on better access to energy, sustainable agriculture, and managing protected areas like Comoé National Park. This means more opportunities and a better quality of life for residents.
One standout project is the 37.5 MWp solar power plant, the largest in Côte d'Ivoire, which is a game-changer for the North. It's not just about energy; it's about making the region more attractive to investors and residents by improving connectivity and infrastructure.
Foreign Direct Investment is also on the rise, with an increase of 1.8 USD billion in December 2023 compared to the previous year. This influx is a big deal, as it fuels economic growth and further infrastructure development, making the North a hot spot for property buyers.
As infrastructure gets better, utilities like electricity and water become more accessible, making properties in the North more appealing. This is a key reason why property prices are expected to rise in these regions.
Sources: European Union and Côte d'Ivoire, Economy of Ivory Coast, Foreign Direct Investment in Ivory Coast
5) Rental yields in coastal areas will stay steady because tourism demand remains strong
Coastal regions in Ivory Coast are set to enjoy stable rental yields thanks to a steady stream of tourists.
Tourism in Côte d'Ivoire is booming, with the country expecting to welcome 4.2 million visitors in 2024. This influx is projected to generate $4.7 billion in annual GDP from tourism, a major boost for the economy. The consistent flow of tourists is a key reason why rental yields in coastal areas remain stable.
The government is actively enhancing tourism infrastructure through the "Sublime Côte d’Ivoire" program. This initiative focuses on improving the Tourism Code, upgrading transport, and creating new attractions. These efforts are crucial for drawing more tourists, which in turn helps maintain stable rental yields in these regions.
There's a noticeable increase in hotel development, with 15 new hotels adding 2,337 rooms to the market. This significant investment in tourism infrastructure is expected to boost hotel occupancy rates and attract international investors to coastal real estate, further supporting stable rental yields.
Coastal areas are a hit with tourists, thanks to their cultural diversity, stunning landscapes, golden beaches, and natural parks. This ongoing demand ensures that rental properties in these regions remain highly sought after, contributing to consistent rental yields.
Sources: Oxford Business Group, The Washington Diplomat, Fitch Solutions
Don't buy the wrong property, in the wrong area of Ivory Coast
Buying real estate is a significant investment. Don't rely solely on your intuition. Gather the right information to make the best decision.
6) Rents in rural areas will drop as more people move to cities
In Ivory Coast, urban migration is on the rise.
With a 3.4263% growth rate in urban areas in 2023, cities are becoming the go-to spots for many. This shift means more people are leaving the countryside for city life. As a result, the rural population has dipped to 46.85%, down from 47.34% the previous year. This trend indicates a shrinking interest in rural living.
Why the move to cities? Younger folks are drawn to urban areas for better jobs, education, and lifestyle. This preference is reshaping where people want to live, with cities offering more of what they seek. Consequently, rural areas are seeing less demand for housing.
As fewer people choose rural life, the demand for rental properties there is dropping. This shift is likely to lead to declining rents in rural regions. The countryside, once bustling with residents, is now quieter as urban areas attract more attention.
For potential property buyers, this means rural areas might offer more affordable rental options soon. If you're considering investing in property, keep an eye on these changing dynamics. The urban pull is strong, and it's reshaping the housing market landscape.
Sources: Trading Economics, The Global Economy
7) Rents in Abidjan will rise as it grows into a regional economic hub
Abidjan is rapidly becoming a regional economic powerhouse.
With its population expected to jump from 5.5 million in 2022 to 6.7 million by 2025, the city is buzzing with activity. This population boom means more people are looking for places to live, which naturally pushes rents higher. The city is not just growing in numbers; it's attracting significant foreign direct investment, especially in construction and telecommunications. This influx of money is not only building new properties but also increasing the demand for existing ones, which is a recipe for rising rents.
Multinational companies are setting up shop in Abidjan, bringing in expatriates who need homes and offices. This trend is adding more pressure on the real estate market. However, the supply of new housing isn't keeping up. In 2020, only 15,000 new homes were built, which is far from enough. By 2025, the city is expected to face a 600,000-unit housing gap, making it even harder to find affordable places to live.
Adding to the challenge, the cost of construction materials is climbing, making it more expensive to build new homes. This cost increase trickles down to renters, who end up paying more. So, if you're thinking about buying property in Abidjan, it's crucial to understand these dynamics. The city's transformation into an economic hub is exciting, but it also means that the real estate market is competitive and prices are on the rise.
For those looking to invest, the city's growth offers opportunities, but it's essential to act quickly. The demand for housing is outpacing supply, and with the ongoing economic development, this trend is likely to continue. As Abidjan cements its status as a regional hub, the real estate market will remain a hot topic.
Sources: UN Habitat, Oxford Business Group, Real Estate Market Blog
8) Demand for mid-range housing in coastal cities will grow as the middle class gains more purchasing power
The middle class in Ivory Coast's coastal cities is set to boost demand for mid-range housing as their purchasing power grows.
Over the past five years, the middle class has expanded by 25%, meaning more people are now able to afford homes. This shift is largely due to the economic growth in these areas, where people are finding better job opportunities and higher incomes.
In 2023, the GDP per capita in Ivory Coast was $2,493.46, and it's expected to rise to $2,656.00 by the end of 2024. This upward trend suggests that people will have more disposable income, making it easier for them to invest in property.
Urbanization is another key factor. Cities like Abidjan, Yamoussoukro, and Bouaké are seeing a surge in population as people move in search of better opportunities. This migration is driving up the demand for housing, especially in areas where infrastructure is improving.
Infrastructure projects in these coastal cities are enhancing living conditions, making them more attractive to potential homeowners. As roads, schools, and healthcare facilities improve, more people are likely to settle in these areas, further boosting the housing market.
Sources: Trading Economics, Ivory Coast Property Blog, Wikipedia
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Ivory Coast. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
9) Residential property demand in Bingerville will surge as new infrastructure projects are planned
The Abidjan suburb of Bingerville is set to become a hotspot for residential property demand, thanks to major infrastructure projects in the pipeline.
One standout project is the extension of the Bus Rapid Transit (BRT) line, which now includes a 9.8-km lane along Boulevard Latrille in Bingerville. This was part of the Abidjan Urban Mobility Project, a collaboration between SOTRA, Scania, and Trapeze Group, completed in 2023. The World Bank also chipped in with $300 million for a BRT line along the 32-km Yopougon-Bingerville route, making travel smoother and opening up new economic and social opportunities.
These transport upgrades are just the beginning. New road networks and public transit extensions, including 88 km of urban expressways and a 1400-metre bridge in Abidjan, have made Bingerville more accessible and appealing to future residents.
Abidjan's population is on the rise, with a 3.18% increase in 2024, reaching 5,867,000. This growth is fueled by urban development, and Bingerville is catching the wave. The suburb is drawing in professionals looking for more space, with new office and residential projects boosting property demand.
Real estate prices in Abidjan, including Bingerville, are projected to climb by 3% to 7% in 2025 due to economic growth and urban development. Bingerville, in particular, is expected to see significant price hikes, driven by gentrification, new transport links, and redevelopment plans. Its closeness to Abidjan and fresh developments make it a magnet for professionals and families.
Investment in commercial spaces, like new offices and mixed-use projects, is adding to Bingerville's allure. Real estate experts predict a surge in residential property demand, thanks to its strategic location, improved infrastructure, and growing appeal to professionals and families.
Sources: Oxford Business Group, Macrotrends, Oxford Business Group
10) Interest in eco-friendly homes will grow in coastal areas like Grand-Bassam due to rising climate change awareness
Coastal areas like Grand-Bassam are seeing a surge in real estate interest due to climate change awareness.
People are now more conscious of how their homes impact the environment, leading to a rise in demand for eco-friendly properties. This shift is especially noticeable in places like Grand-Bassam, where the charm of coastal living meets the urgency of sustainable practices. Buyers are increasingly drawn to homes that not only offer scenic views but also align with their values of reducing carbon footprints.
One driving force behind this trend is the investment in green construction materials and technologies. The National Association of REALTORS 2024 Sustainability Report highlights how sustainable property presentations are becoming the norm in these areas. This means that homes built with eco-friendly materials are not just a trend but a growing expectation among buyers.
Government incentives are also playing a crucial role. Ivory Coast's $500 million green-financing facility, backed by the African Development Bank, is designed to boost climate resilience in coastal regions. These incentives make it easier for developers to embrace green building practices, which in turn makes eco-friendly homes more attractive and accessible to buyers.
Grand-Bassam is seeing a rise in eco-friendly real estate projects, reflecting this growing trend. The town's status as a World Heritage site has sparked initiatives that promote sustainable development. These projects are not just about preserving the past but also about building a future that appeals to both local and international investors looking for sustainable living options.
As more people seek homes that align with their environmental values, Grand-Bassam stands out as a prime location for those interested in eco-friendly living. The combination of government support, innovative building practices, and a commitment to sustainability makes it a hotspot for real estate investment.
Sources: UNESCO, NAR, Daba Finance
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.