Buying a property in Libreville: a complete guide

All sources have been thoroughly verified for credibility. Furthermore, a local real estate expert has reviewed and approved the final article.

Yes, the analysis of Libreville's property market is included in our pack

Considering buying real estate in Libreville? You're not alone!

Many people are fascinated by Libreville's African charm and dream of owning a comfortable villa or a modern apartment in this city.

Is it a wise investment, though? Are property prices increasing in Libreville? What is the price per sqm? Is it more profitable to buy in the city center or suburb? Is there any hidden tax? Which places offer rental yields exceeding 7%?

We have all the answers you need.

At TheAfricanvestor, we've done our homework on this market. As a matter of fact, we've compiled all our findings in one pack. Get it now.

In the lines below, we'll provide you with helpful information.

How is the real estate market in Libreville?

Confused about the property market's status? Everyone has their views. As for us, we prefer stick to new data and stats for clear conclusions.

Types of properties

In Libreville, you can find various types of properties available for sale, including apartments, houses, villas, and commercial spaces.

Apartments are typically suited for individuals or small families, offering a more compact living space. Houses and villas provide larger accommodations and often include outdoor areas like gardens.

Commercial spaces are designed for businesses and may include shops, offices, or other work-related setups.

Whether you're looking for a cozy apartment, a spacious house, a luxurious villa, or a place to start or expand your business, Libreville offers a range of property options to suit different needs and preferences.

Should you buy or rent?

(If you're buying for yourself and not to rent out)

As you contemplate making Libreville your home, the capital of Gabon presents you with the choice between buying or renting a place to live.

Without a doubt, you should buy if you want to acquire equity and have more control over the living space.

Want to make a good decision? Check out the property price-to-rent ratio. It's a way to understand how many years of rental income you need to cover the property's current price.

According to Numbeo, the property price-to-rent ratio in Libreville is around 51.43, which is very high.

If the ratio is high, it indicates that buying properties are more expensive in the short term compared to renting. However, buying can still be a viable option if you plan to live in the property for an extended period or if you believe property values will increase significantly over time.

Property prices in Libreville

On average, according to the last data from National Statistics Directorate (DGSN), purchasing a property in Libreville would cost you around $1,200 per square meter.

Obviously, there are some big differences. The value of a square meter for a house in the Libreville city center might differ from a suburban property. We actually offer a more in-depth analysis in our pack for buying property in Libreville and in Gabon.

To give you a better idea, it is 16 times less (yes, you read it correctly) than the property prices in the center of New York.

Moreover, housing prices in Libreville are slightly cheaper (-4%) than in Brazzaville.

The most expensive neighbourhoods in Libreville are probably Acacias, Quartier Latin, and Quartier du Centre, while the cheapest neighbourhoods are likely those located in the outer suburbs of the city.

Trends

First and foremost, we have to acknowledge that Gabon is, nowadays, a relatively stable country. The last Fragile State Index that has been reported for this place is 66.7.

Keep this in view when pondering the viability of buying a property in in Libreville.

Besides that, if we look at the IMF's GDP forecasts, Gabon's economy is expected to soar by 14% in the coming 5 years, resulting in an average GDP growth rate of 2.8%.

If you want to invest in real estate in Libreville it's a good thing because, usually, when the economy grows, people make more money, and this encourages them to invest in real estate, which drives up the demand and prices for properties.

Also, in Gabon, the average GDP per capita has dropped by 2.1% over the last 5 years. It is a concerning and unsettling statistic.

Looking for more updated data? We've done a big-picture study to find out if it's a good idea to purchase property in Gabon right now.

Buying property in Libreville

It is difficult to buy property in Libreville due to the lack of reliable and updated information, making it the most difficult part of the buying process. That's why we have created the pack to buy property in Libreville and in Gabon.

Buying process

In our pack, we've explained the entire buying process in detail. We've provided clear information about prices and yields based on the area, guidance on negotiating the price, and options for securing a mortgage.

Now, we're offering you a simpler version, step-by-step, to make it easier for you to grasp.

This is the step-by-step process to purchase a property in Libreville:

1. Research property market and regulations in Libreville, Gabon.
2. Engage a licensed real estate agent familiar with local practices.
3. Obtain a tax identification number (Numéro d'Identification Fiscale - NIF) from the tax authorities.
4. Review property documents, including the "Titre Foncier" (land title) and "Certificat d'Urbanisme" (urban planning certificate).
5. Conduct a title search at the Land Registry to verify ownership and any encumbrances.
6. Hire a notary and draft a "Promesse de Vente" (preliminary sales agreement) outlining terms and conditions.
7. Pay a deposit (usually 10% of the property value) to secure the property.
8. Complete necessary property inspections and assessments.
9. Obtain a mortgage or financing from a local bank if needed.
10. Finalize the sale at the notary's office by signing the "Acte de Vente" (final sales contract).
11. Pay the "Impôt de Mutation" (transfer tax) and notary fees, typically 5-10% of the property value.
12. Register the property at the Land Registry and obtain the "Attestation de Propriété" (property ownership certificate) in your name.

Also, if you're not from the country, you might want to check our article on how to buy property as a foreigner in Gabon.

Make a profitable investment in Libreville

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Where to find a property

Explore these websites to find properties in Libreville:

• Expat - Expat.com offers services for expatriates in Gabon, including property listings, community forums, and more.
• GabonHome - A comprehensive online platform in Gabon providing real estate listings for renting and buying properties, including houses, apartments, and land.

Also, know that we have included contacts of real estate agencies, property lawyers, moving companies, expats communities and more in our pack for buying property in Gabon.

Which properties for which budget?

As mentioned before, the average price per sqm in Libreville is $1,200. If you're looking at a one-bedroom property with 60 square meters, it would be priced at approximately $72,000, and a two-bedroom with 85 square meters would cost around $102,000.

However, prices will change based on both the property itself and its location.

Prices are steeper in the upscale parts of Libreville. An apartment in Louis could be around $140,000, while a house in Batterie IV might cost about $210,000.

Certain locations are not as costly. You may find an apartment in Owendo for $40,000, or an apartment in Akanda priced only at $30,000.

We give a more detailed breakdown in our full pack for buying property in Gabon.

Common mistakes

Here are the main pitfalls when buying a property in Libreville, Gabon:

• Ambiguous land tenure and overlapping ownership claims.
• Prevalence of termite damage and inadequate pest inspections.
• Vulnerability to oil price fluctuations affecting property values.
• Lengthy bureaucratic procedures and legal complexities.
• Limited availability of mortgage options for expatriates.
• Inconsistent public infrastructure and unreliable utilities.
• Currency exchange risks due to the Central African CFA franc.
• Lack of comprehensive property data and trustable local agents.

We don't want this to happen to you, so we have included a full checklist for your property investment in our pack of documents. Avoid these mistakes and save a lot of money.

Everything you need to know is included in our Gabon Property Pack

Living in Libreville

Living in Libreville is a great experience, with its vibrant culture, diverse attractions, and beautiful beaches, making it an ideal place to buy property.

Cost of living

The cost of living in Libreville is generally considered to be high. Prices for everyday items such as food, housing, and transportation can be quite expensive compared to other cities in the region.

Here are some examples to better understand the cost of living in Libreville, Gabon:

• Regab (traditional Gabonese drink made from fermented maize and sugar): $3 at a local bar.
• Rent for a one-bedroom apartment in Batterie IV neighborhood: $1,500/month.
• Ntomba (Gabonese dish with fish, plantains, and sauce) for two at a local eatery: $40.
• 1.5-liter bottle of Diamant beer: $3 at a supermarket.
• Electricity bill for an 85m² apartment using SEEG (Gabonese Energy Company): $180/month.
• Monthly membership at Sport Palace Gym in Libreville: $100.
• Ticket to a movie at Casino Croisette Multiplex: $12.
• Cup of Ndolé (Cameroonian dish with bitterleaf and peanuts) at a restaurant: $15.

Neighbourhoods

We want to show information in an easy-to-understand way. So, we made a table that lists all the neighborhoods in Libreville. For yields, prices and rents, check our property pack.

Life in Libreville

The economy in Libreville is largely driven by oil production, which accounts for a large part of the city's GDP. Additionally, the city is home to many industries such as food processing, manufacturing, and transportation.

What expats usually like the most in Libreville are the city’s bustling nightlife, vibrant markets, and stunning beaches.

A good point for a property investor - Libreville has a mass rapid transit system, known as the Libreville Light Rail.

Access to healthcare in Libreville is limited due to a lack of resources and infrastructure.

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Renting out in Libreville

This section is for you if you're interested in purchasing property not for personal residence, but rather for the purpose of renting it out to generate rental income.

Long-term

Tenant Profiles in Libreville

If you decide to buy and rent out to long-term tenants, you should target expats working in the oil and gas industry, young professionals, and students. Additionally, you could also target local families who are looking for affordable and secure housing.

Here is a little summary table we've made for you.

Rental yields

As of today, rental yields in Libreville are quite low, below 2% that's for sure. Among other things, this low performance can be explained by Libreville's high property prices relative to the local average income.

In Libreville, properties near the university and public transportation hubs tend to have the best rental yields due to the high demand for housing from students and commuters. Additionally, areas near popular shopping and entertainment centers often have high rental yields, as they are desirable locations for young professionals.

For further explanation and a more detailed breakdown, you can check the reports and analyses we have made.

Short-term

You could also decide to rent short-term to business travelers, expats, and international students studying in Libreville. Additionally, you could rent to tourists visiting the city to explore its natural and cultural attractions.

If you decide to go with that option, look for properties in Nkembo, Akanda, and Nzeng-Ayong. These areas are close to the city center, have good public transportation, and have rental demand from tourists and business people.

There are approximately 275 active Airbnb listings in Libreville, reflecting a dynamic short-term rental market. The average daily rate stands around $78.

You have the opportunity to generate a nice additional income stream then. According to online testimonials and analytics platform like AirDNA, Guesty and Inside Airbnb, people who offer short-term rentals in Libreville can make around $400 per month. Also, the average occupancy rate is estimated at 29%.

Is it worth buying real estate in Libreville then?

Buying property in Libreville, Gabon, can be a double-edged sword, and it largely depends on your unique circumstances.

On the positive side, if you're planning to settle down in Libreville for the long haul and desire the sense of ownership and control over your living space, then buying might make sense. The city's stable economy and projected growth can offer a promising investment opportunity. Moreover, if you're considering renting out your property, targeting specific tenant profiles such as expats, young professionals, or students could yield a reasonable income, despite the currently low rental yields. Additionally, the diversity of property types in Libreville allows you to find a suitable home or business space.

However, the downsides are glaring. If you're only staying in Libreville for a short stint, buying property doesn't add up due to the high property price-to-rent ratio. The complex and opaque property market, coupled with bureaucratic procedures, can be daunting for newcomers, and currency exchange risks add an additional layer of uncertainty. Mortgage options are limited for expatriates, making financing a challenge.

Overall, Libreville's property market lacks the transparency and ease of access found in more established markets, making it a riskier proposition.

In summary, while buying property in Libreville can be a smart move for those planning long-term residence or investment, it's a decision fraught with complexities and potential pitfalls that may not be worth it for short-term stays or risk-averse buyers.

Make sure you understand the real estate market in Libreville

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The content provided here is for informational purposes only and does not imply endorsement or advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the content and analyses presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.