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 do the latest numbers reveal about Ivory Coast’s real estate market? Are property prices on the rise, or are they stabilizing? Which cities offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Ivory Coast, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Around 28% of tenants in Abidjan spent more than 40% of their income on rent in 2024
In 2024, about 28% of tenants in Abidjan spent over 40% of their income on rent.
Living in Abidjan, especially in the city center, can be pricey. In 2023, renting a one-bedroom apartment cost between $400 and $1,000 per month, while a three-bedroom could set you back $1,000 to $2,000 monthly. These high rents take a big bite out of tenants' budgets.
The price to rent ratio in Abidjan was notably high, making renting a significant financial burden. In 2023, this ratio was 14.49 in the city center and 16.10 outside the center, highlighting how renting dominated living expenses for many.
Housing affordability remains a challenge. The city's growing middle class and rapid urbanization have driven up demand for housing. However, the supply of affordable options hasn't kept pace, forcing many to allocate a large chunk of their income to rent.
Sources: Expat Exchange, Numbeo, Real Estate Market Blog
2) Rental yields for homes in central Abidjan average 7% to 9% annually
Rental yields for residential properties in central Abidjan average between 7% and 9% annually.
Abidjan's growing housing demand is a major factor. As the city expands and wealth increases, more people are flocking to Abidjan for job opportunities, boosting the need for homes and driving up rental yields.
These attractive yields catch the eye of investors. Both local and international investors see the potential for steady rental income and capital growth, making central Abidjan a hot spot for property investment.
Central Abidjan's specific areas, like Cocody and Riviera, are key to these yields. Known for their high demand and property prices, these neighborhoods attract expatriates and affluent locals, contributing to the robust rental market.
Investors are particularly interested in these areas due to their reputation and the consistent demand from the middle to upper class, ensuring a stable rental income.
Sources: Numbeo
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) Annual maintenance costs for residential properties in Abidjan rose by 6% in 2024
In 2024, the average annual maintenance cost for residential properties in Abidjan increased by 6%.
This uptick is linked to the broader real estate trends in Ivory Coast. As the population's wealth grew, real estate prices and rental yields surged, which might have indirectly nudged maintenance costs upward. When people have more money, they often invest in property, driving demand and prices higher.
Moreover, the regulatory framework for construction and maintenance, as outlined by the Ministry of Construction, Housing, and Urban Planning, aimed to enhance the building environment. This push for better standards could have led to increased compliance costs, which in turn affected maintenance expenses. When regulations become stricter, property owners often face higher costs to meet these new standards.
While these elements provide a backdrop, they don't give specific figures on maintenance costs. However, it's clear that economic growth and regulatory changes are playing a role in shaping the real estate landscape in Abidjan. As the city develops, these factors are likely to continue influencing costs.
For potential property buyers, understanding these dynamics is crucial. The combination of rising wealth and evolving regulations means that maintenance costs could keep climbing. It's important to factor these into your budget when considering a purchase.
Sources: The Africanvestor, Go Africa Online, Ministry of Construction, Housing, and Urban Planning
4) Over 75% of residential property deals in Ivory Coast in 2024 involved titled properties
In 2024, over 75% of residential property transactions in Ivory Coast involved properties with titles.
This trend is largely due to the legal requirements for property transactions in the country. When you're buying property, having a title deed is crucial because it confirms your legal right to the property. Without it, you might face complications down the line.
Market trends also shed light on this situation. In Ivory Coast, about 80% of land disputes are tied to dubious or non-existent titles. This high percentage of disputes makes it clear why having a legitimate property title is so important for both buyers and sellers.
When it comes to documentation, the need for valid titles becomes even more apparent. You need a certificate of non-encumbrance, which ensures the property is free from any debt or liens, along with the title deed. These documents highlight the necessity of having a clear and valid title for any property transaction.
For anyone considering buying property in Ivory Coast, understanding these requirements is key. The emphasis on titles is not just a legal formality; it's a safeguard against potential disputes and financial losses. Ensuring the legitimacy of property titles is a critical concern in the real estate market here.
So, if you're looking to invest in property, make sure you have all the necessary documents in order. Having a valid title is essential to avoid any future headaches and to secure your investment.
Sources: Ivory Coast Real Estate, Immooz, Keur Immo
5) At least 60% of new residential constructions in Ivory Coast are in Abidjan
Abidjan's population is on the rise, expected to grow from 5.5 million in 2022 to 6.7 million by 2025.
This surge is driven by industrialization and an influx of middle-class residents, expatriates, and diaspora communities. As a result, the real estate market is booming to keep up with the demand for formal housing.
International companies are pouring investments into Abidjan, focusing on retail spaces, hotels, and other infrastructure. This influx of capital is further boosting the need for new residential constructions.
However, despite the rapid development, there's still a significant housing deficit in the city. Many people are forced to live in informal housing, highlighting a gap that private companies could fill with innovative housing solutions.
In fact, at least 60% of new residential constructions in Ivory Coast are concentrated in Abidjan, underscoring the city's central role in the country's urban development.
Sources: Oxford Business Group
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6) Luxury property prices in Abidjan increased by at least 3% in 2024 due to international investors
In 2024, luxury property prices in Abidjan rose by at least 3%, driven by international investors.
Abidjan's real estate market is thriving, thanks to Côte d'Ivoire's ongoing economic growth. This growth has boosted consumer confidence and purchasing power, making the city an attractive investment hub.
Urban development projects have transformed Abidjan, with improved infrastructure and transportation making the city more accessible and appealing to buyers. The government's efforts to enhance housing conditions have further stimulated demand.
Abidjan's strategic location and economic potential have caught the eye of foreign investors. This influx of international interest has been a significant driver of property price increases, especially in the luxury segment.
International investors are particularly drawn to Abidjan's potential, pushing luxury property prices upward. The city's strategic location and economic promise make it a prime target for global investment.
With these factors in play, Abidjan's luxury real estate market is experiencing a noticeable rise, attracting both local and international buyers eager to capitalize on the city's growth.
Sources: Source 1, Source 3, Source 4
7) Ivory Coast is projected to face a housing deficit of 600,000 units by 2025
By 2025, Ivory Coast will face a housing deficit of 600,000 units.
The country's rapid population growth and urbanization, particularly in cities like Abidjan, have driven up the demand for housing. However, the supply hasn't kept up. Abidjan alone needs at least 25,000 new homes annually, with another 25,000 required for the rest of the country.
Local authorities are aware of the problem and have plans to build 40,000 houses between 2023 and 2025. Yet, this effort is not enough to meet the growing demand. The gap between the homes needed and those being constructed is widening, causing prices to rise and making housing less affordable for many Ivorians.
As the housing market struggles to keep pace, prices are climbing, putting pressure on potential buyers. This situation is particularly challenging in urban areas where the demand is highest.
Despite efforts to address the issue, the housing shortage remains a significant challenge for the country. The need for more homes is clear, but the current pace of construction is insufficient.
Sources: Housing Finance Africa, Ivory Coast Real Estate Market, Africa Business Plus
8) Over 35% of new residential developments in Abidjan featured communal facilities in 2024
In 2024, over 35% of new residential developments in Abidjan featured communal facilities.
Abidjan's real estate market has been booming, driven by rapid urbanization and a growing population. People flock to the city for job opportunities and better living conditions, creating a surge in housing demand. This influx isn't just from locals; expatriates and both domestic and foreign investors are also eyeing the market.
With such a diverse group of buyers, developers are tailoring properties to meet various needs. A major draw for property buyers in Abidjan is access to essential amenities like reliable electricity, water, and internet. Communal facilities such as gyms and pools have become key selling points.
These amenities are especially attractive as the city struggles to provide enough affordable housing to meet the high demand. Developers are increasingly including these features to make their properties stand out.
As a result, communal facilities are not just a luxury but a necessity in new developments. This trend reflects the changing expectations of buyers who prioritize convenience and quality of life.
Sources: Abidjan Real Estate Market, Abidjan Price Forecasts, Sustainable Mixed-Use Development in Abidjan
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) Abidjan's population growth of 3.5% in 2024 increased housing demand
In 2024, Abidjan's population grew by 3.5%, sparking a surge in housing demand.
This boom was fueled by rapid urbanization, drawing young professionals and families seeking better opportunities. As more people flocked to the city, the need for housing naturally increased.
Economic growth in Côte d'Ivoire also played a crucial role. With a stronger economy, people felt more secure financially, encouraging them to invest in property. This confidence translated into a higher demand for homes.
While the exact growth rate of 3.5% isn't detailed in all sources, data indicates a population increase of about 3.17%. This steady rise, combined with economic and urbanization factors, pushed the housing demand higher.
Abidjan's appeal isn't just about jobs; it's about lifestyle. The city offers a vibrant culture and modern amenities, making it an attractive place to live. Families and young professionals are drawn to its dynamic environment, further boosting the housing market.
As the city expands, developers are racing to meet the demand. New residential projects are popping up, offering a range of options from affordable apartments to luxury homes. This construction boom is reshaping Abidjan's skyline, reflecting its growth and potential.
Sources: Macrotrends, World Population Review, Economic Blog
10) Residential construction permits in Ivory Coast rose by 12% in 2024
The number of residential construction permits issued in Ivory Coast increased by 12% in 2024.
This surge is largely due to the Ivorian government's efforts to create a more efficient regulatory framework for urban development. By implementing laws that streamline the building permit process, they have made it easier for developers to navigate the system.
In 2023, the Urban Investigation and Control Brigade Service (SBICU) ramped up its building inspections, leading to a significant rise in compliance. Builders, eager to avoid penalties, were more inclined to secure the necessary permits.
The housing crisis in Abidjan, where many buildings previously lacked permits, underscored the importance of strict enforcement. This situation pushed both the government and developers to focus on obtaining permits, contributing to the increase seen in 2024.
Moreover, the heightened scrutiny on building safety, following a series of collapses, has made obtaining permits a priority for developers. This focus on safety has likely played a role in the rise in permit applications.
With these changes, the construction landscape in Ivory Coast is evolving, offering potential buyers a more secure investment environment. The government's proactive measures are paving the way for a more organized urban expansion.
Sources: Construction, Maintenance et Architecture, Africanews
11) Residential real estate transactions in Ivory Coast surpassed $1.2 billion in 2024
The real estate market in Ivory Coast is booming.
In 2022, the number of notarized real estate transactions jumped by 33% compared to 2021, totaling 9,267 transactions. This surge highlights a vibrant market, even if it doesn't directly reflect the $1.2 billion in residential real estate transactions expected in 2024.
Urbanization and foreign investments are key drivers of this growth. Cities like Abidjan are seeing a high demand for housing and commercial properties, making them hotspots for real estate activity.
By 2024, the market value of real estate in Ivory Coast is projected to hit $358.70 billion. This projection underscores the market's expansion, fueled by economic recovery and urbanization trends.
Foreign investors are increasingly eyeing Ivory Coast, attracted by its dynamic and expanding real estate sector. This influx of investment is reshaping the landscape, offering new opportunities for buyers.
With urban areas thriving, the real estate market in Ivory Coast is set to continue its upward trajectory, driven by strong economic fundamentals and a growing population.
Sources: Ivory Coast Real Estate Market, Lebatiment.net, Statista
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12) Construction in Ivory Coast contributed at least 6% to the national GDP in 2024
The construction sector in Ivory Coast is a major economic force, employing 10% of the workforce as of 2019.
Between 2012 and 2018, the industry saw an impressive annual growth rate of around 26%, thanks to public investments in infrastructure like roads and urban development. This consistent growth highlights its strong contribution to the GDP.
Even during the COVID-19 pandemic, the sector showed resilience. With global assistance, including funding from Chinese businesses for projects like a hydroelectric dam and a motorway, it managed to bounce back, underscoring its economic importance.
The National Development Plan for 2021-2025 has been a significant catalyst, focusing on infrastructure development and providing a boost to the construction industry. This aligns with the country's broader economic goals, further enhancing the sector's growth.
Rapid urbanization has increased the demand for housing, prompting government investments in social and economic housing programs. This demand has fueled the construction sector's growth, reinforcing its contribution to the national GDP.
In 2024, the construction sector in Ivory Coast is expected to contribute at least 6% to the national GDP, reflecting its ongoing significance in the economy.
Sources: Borgen Project, Housing Finance Africa
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.