Seeff guides you through the most affordable places to buy property within the African continent.
Are you considering purchasing property in Africa? Each African country offers a different experience in terms of lifestyle, and some are more affordable to live in than others. Some of the best countries include South Africa, Ghana, Mauritius, Kenya and many more.
When purchasing a property, buyers must consider various factors, including access to healthcare, education, the landscape, crime rates, the cost of living, facilities, amenities and the general lifestyle on offer. Based on a combination of these factors, it is essential to consider all the options when choosing the best location for you and your family.
Best African Countries to Buy Property by Property Prices
When buying a property in Africa, price is one of the most critical factors.
According to the Property Prices Index by Country 2022 Report by Numeo (2022), the most expensive African Countries to purchase property include Ghana, Kenya, Algeria, Nigeria and Morocco.
Ghana is the most expensive country in Africa to buy a property and has a price-to-income ratio of 87.65% and a gross rental yield of 12.99% for property in the city centre. Kenya is more affordable with a price-to-income ratio of 24.24% and a gross rental yield of 4.81%, followed closely by Algeria with a price-to-income ratio of 18.25% and a gross rental yield of 3.06%. Nigeria maintains a price-to-income ratio of 16.11% but has a higher gross rental yield of 34.35%.
South Africa conveniently falls into the low end of the bracket with an income ratio of 3.07% and a gross rental yield of 10.86%, meaning most properties are affordable. You will find something within your price range with excellent property hotspots like Cape Town, Johannesburg, and more.
Best African Countries to Buy Property by Cost of Living
Cost of living is the next most important factor when buying African property. According to the Cost of Living Index by Country 2022 Report by Numeo (2022), the African countries that score best in terms of a (low) cost of living are Algeria (26.87%), Tunisia (27.87%), Egypt (29.52%), and Nigeria (30.49%).
Interestingly, although the properties in South Africa are reasonably affordable, the cost of living is more expensive, hence why it ranks as the eighth-most costly African country with a cost of living index of 42.09%.
Despite the high cost of living, property in South Africa is highly sought-after, especially by semigrators and foreign buyers.
Best African Countries to Buy Property by Quality of Life
The final critical factor to consider when buying property in Africa is the quality of life. According to the Quality of Life Index by Country 2022 Report by Numeo (2022), the African countries with the highest quality of life are South Africa (136.02%), Tunisia (114.56%), Morocco (107.54%) and Kenya (92.54%).
South Africa also scored 63.97% on its Healthcare Index, followed by Kenya (63.40%), Tunisia (56.54%) and Morocco (46.69%); this means that they offer vital healthcare services backed by efficient healthcare systems, ultimately improving the quality of life for all residents.
These figures are unsurprising as South Africa’s property appeal continues to grow for foreign buyers looking to invest, so prospective buyers should pay attention to the housing market in 2022.
At Seeff, home is our story, and we want to help you make that vital first step in your story. We have many Seeff branches in South Africa and several satellite offices across the African continent. One of our capable property practitioners will assist you with your purchase.
If you are a first-time buyer, we understand that this is an intimidating experience, so we recommend reading our article on what property buyers should look for when buying their first home.
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