Senegal, located on the western coast of Africa, is experiencing significant developments in its Commercial Real Estate market. The country's growing economy and increasing foreign investment are driving the demand for commercial properties.
Customer preferences: In Senegal, there is a strong preference for modern and well-equipped commercial spaces. Businesses are looking for properties that offer amenities such as high-speed internet, ample parking, and convenient access to transportation. Additionally, there is a growing demand for mixed-use developments that combine office spaces with retail and residential components.
Trends in the market: One of the key trends in the Commercial Real Estate market in Senegal is the development of new office spaces. As more businesses establish their presence in the country, there is a need for modern office buildings to accommodate their operations. This trend is particularly prominent in the capital city of Dakar, where the majority of commercial activities are concentrated. Another trend is the increasing demand for retail spaces. With a growing middle class and changing consumer preferences, there is a need for modern shopping centers and retail outlets. This trend is driven by both domestic consumption and the influx of international brands entering the Senegalese market.
Local special circumstances: Senegal's strategic location and political stability make it an attractive destination for foreign investors. The government has implemented various reforms to promote foreign direct investment, which has resulted in increased interest from international businesses. This has led to a surge in demand for commercial properties, particularly in sectors such as manufacturing, logistics, and services.
Underlying macroeconomic factors: Senegal's economic growth has been robust in recent years, driven by sectors such as construction, telecommunications, and finance. This positive economic outlook has created a favorable environment for the Commercial Real Estate market to thrive. Additionally, the government's focus on infrastructure development, such as the construction of new roads and airports, has further boosted the demand for commercial properties. In conclusion, the Commercial Real Estate market in Senegal is experiencing significant growth due to the country's expanding economy and increasing foreign investment. The demand for modern office spaces and retail outlets is driving the development of new commercial properties. Senegal's strategic location and political stability, along with its favorable macroeconomic factors, make it an attractive destination for businesses looking to establish their presence in West Africa.
Data coverage:
Figures are based on value of commercial real estate.Modeling approach / Market size:
Market sizes are determined by a bottom-up approach. As a basis for evaluating this market, we use national statistical offices. Next, we use relevant key market indicators and data from country-specific associations such as share of industry, manufacturing, and services of the GPD, price level index, GDP. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the market, for example, exponential trend smoothing.Additional Notes:
The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
