Residential Real Estate - Senegal

Senegal is a country with a promising future in the Residential Real Estate market market.
By 2024, the value of this market segment is projected to reach an impressive US$237.50bn.
This indicates a positive trend in the growth of the market.
Looking ahead, it is expected to maintain an annual growth rate (CAGR 2024-2029) of 5.22%.
As a result, the market volume is estimated to reach US$306.20bn by 2029.
Despite these promising figures, it is important to note that in the global comparison, China is set to dominate the Real Estate market.
In 2024 alone, China is expected to generate a staggering value of US$112.9tn.
This highlights the significant scale of the Chinese market compared to other countries, including in Senegal.
Nonetheless, Senegal's Residential Real Estate market market shows great potential for growth and development in the coming years.
The residential real estate market in Senegal is experiencing a surge in demand, driven by urbanization and foreign investment.

Definition:

The residential real estate market covers the leases and transactions of residential properties. Residential real estate leases refer to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums, while residential real can be defined as buying, selling, or transfer of ownership of residential properties.

Structure:

The residential real estate market covers real estate transactions and leases, and the section, residential real estate leases, is divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and for real estate renters as well.

Residential real estate transactions
Residential real estate leases

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

The Residential Real Estate market in Senegal is experiencing significant growth and development in recent years. Customer preferences in the Senegalese real estate market are driven by several factors. Firstly, there is a growing demand for modern, well-designed homes that offer comfortable living spaces and amenities. Senegal's urban population is increasing, and as a result, there is a need for more housing options to accommodate this trend. Additionally, there is a preference for properties located in desirable neighborhoods with access to essential services such as schools, healthcare facilities, and shopping centers. Trends in the market indicate a shift towards the development of gated communities and high-rise apartment buildings. This can be attributed to the increasing urbanization in Senegal, as well as the desire for secure and convenient living. Developers are responding to this demand by constructing residential complexes that offer a range of amenities such as swimming pools, fitness centers, and communal spaces. Local special circumstances in Senegal also contribute to the development of the residential real estate market. The government has implemented policies to promote affordable housing, which has led to the construction of more affordable housing units. Additionally, the Senegalese diaspora plays a significant role in driving the market, as many individuals living abroad invest in real estate in their home country. Underlying macroeconomic factors also play a crucial role in the growth of the residential real estate market in Senegal. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and purchasing power. This, in turn, has led to a higher demand for housing. Furthermore, Senegal has seen an influx of foreign direct investment, which has contributed to the development of the real estate sector. In conclusion, the Residential Real Estate market in Senegal is growing and evolving to meet the changing needs and preferences of customers. The market is driven by customer preferences for modern, well-designed homes in desirable neighborhoods. The trend towards gated communities and high-rise apartment buildings reflects the increasing urbanization in the country. Local special circumstances such as government policies and the Senegalese diaspora also contribute to the market's development. Underlying macroeconomic factors, such as economic growth and foreign direct investment, further support the growth of the residential real estate market in Senegal.

Data coverage:

Figures are based on total and average value of residential real estate, residential estate transactions and leases.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

Data is modeled using current exchange rates. 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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Residential Real Estate - Senegal

Value

Volume

Analyst Opinion

Transaction Value

Revenue

Household Type

Living Space

Methodology

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