Residential Real Estate - Sierra Leone

Sierra Leone is projected to witness a significant growth in its Residential Real Estate market market.
By 2024, the market is expected to reach a value of US$53.57bn.
This projection indicates a promising future for the country's real estate sector.
Moreover, the market is projected to exhibit a compound annual growth rate (CAGR) of 5.62% between 2024 and 2029.
This steady growth is anticipated to result in a market volume of US$70.41bn by 2029.
These figures highlight the potential for sustained expansion and development within Sierra Leone's real estate industry.
In a global context, it is worth noting that 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 comparison underscores the scale and magnitude of China's real estate market, which surpasses that of Sierra Leone by a significant margin.
Overall, Sierra Leone's Residential Real Estate market market is poised for growth, and while it may not rival the scale of China's market, it presents a promising opportunity for investment and development within the country.
Sierra Leone's residential real estate market is experiencing a surge in demand due to urbanization and improving economic conditions.

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 Sierra Leone has been experiencing significant growth and development in recent years. Customer preferences in the market have shifted towards modern and well-designed properties with amenities such as swimming pools, gyms, and secure parking. Buyers and renters are increasingly looking for properties that offer a comfortable and convenient lifestyle. Additionally, there is a growing demand for properties in prime locations, such as near the beach or in close proximity to commercial and entertainment hubs. Trends in the market indicate a rise in property prices, especially in urban areas. This can be attributed to the increasing population and limited supply of land and housing units. Developers are capitalizing on this demand by constructing high-rise buildings and luxury residential complexes. The market is also witnessing a surge in the construction of gated communities and housing estates, catering to the needs of middle and upper-income buyers. Local special circumstances play a crucial role in shaping the Residential Real Estate market in Sierra Leone. The country's natural beauty and tourist attractions, such as pristine beaches and wildlife reserves, have attracted foreign investors and expatriates looking for vacation homes or retirement properties. This has further driven the demand for residential real estate in the country. Underlying macroeconomic factors have also contributed to the development of the market. Sierra Leone has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and improved standards of living. This has created a favorable environment for real estate investment and development. In conclusion, the Residential Real Estate market in Sierra Leone is witnessing significant growth and development driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors. The market is expected to continue its upward trajectory as demand for modern and well-designed properties in prime locations remains strong.

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.

The global housing market has slowed amid high inflation and soaring borrowing costs. Homeownership is one of the most universal signs of success and prosperity: It serves both as a source of stable and secure housing and a long-term investment. After the global financial crisis, property prices rose in many countries and especially in advanced economies. For more than a decade after that, the housing market has been on an upward trajectory, culminating in the housing boom during the COVID-19 pandemic. However, housing shortages in highly competitive markets, the recent rapid house price growth, soaring inflation, and consequently, some of the highest mortgage interest rates recorded in the past 10 years have led to the market cooling.

Soaring inflation and aggressive mortgage interest rate hikes cooled the European housing market after a nearly decade-long period of growth. Since 2015, house prices in the European Union have grown by about 50 percent. When inflation in Europe started to rise at an alarming rate in 2021, the European Central Bank increased interest rates, resulting in substantially higher mortgage interest rates and a decline in homebuying. But how important is homeownership for Europeans?

Generally considered the third key pillar of the food, clothing, and shelter trinity popularized in India over generations, owning a home is still prioritized as a measure of financial security by a vast majority of the Indian population. The COVID-19 pandemic with its successive lockdowns and restrictions to stay within the confines of one’s home, further reinforced this vision. India’s growing urban population, rising household incomes, and decade-long low-interest rates have been propelling the demand for residential units, driving up the sales volume. Even though the residential real estate sector was severely hit in 2020, it marked a strong recovery in consecutive years, crossing pre-COVID sales figures.

Residential Real Estate - Sierra Leone

Value

Volume

Analyst Opinion

Transaction Value

Revenue

Household Type

Living Space

Methodology

Financial

Access more Market Insights on Financial topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Global housing market - statistics & facts

Explore more high-quality data on related topic

Residential real estate in Europe - statistics & facts

Explore more high-quality data on related topic

Residential real estate in India - statistics and facts

Contact

Get in touch with us. We are happy to help.

Residential Real Estate - Sierra Leone

In-Scope

Out-Of-Scope

Related markets:

Residential Real Estate: market data & analysis

Financial

Access more Market Insights on Financial topics with our featured report

Explore more high-quality data on related topic

Global housing market - statistics & facts

Explore more high-quality data on related topic

Residential real estate in Europe - statistics & facts

Explore more high-quality data on related topic

Residential real estate in India - statistics and facts