Real Estate - Senegal | Statista Market Forecast

Senegal's Real Estate market market is expected to reach a value of US$261.90bn in the year 2024.
The market segment that dominates this sector is Residential Real Estate, with a projected market volume of US$237.50bn in the same year.
It is anticipated that there will be an annual growth rate (CAGR 2024-2029) of 4.91%, leading to a market volume of US$332.80bn by the year 2029.
It is worth noting that in a global comparison, the highest value in the Real Estate market market will be generated United States, amounting to US$132.0tn in 2024.
Senegal's real estate market is experiencing a surge in demand due to increased investment in infrastructure and tourism development.

Definition:

The real estate market refers to the transaction of properties, including residential properties (such as houses and apartments) and commercial properties, such as office buildings and industrial properties. Apart from property sales, this market includes leases and the value of real estate.

Structure:

The real estate market comprises residential and commercial real estate. The residential real estate market covers real estate transactions and leases, and residential real estate leases are 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 real estate renters as well.

Residential real estate (houses and apartments)
Commercial real estate (office buildings, retail spaces, warehouses, industrial properties)

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 Real Estate market in Senegal is experiencing significant growth and development, driven by various factors such as increasing urbanization, rising disposable incomes, and government initiatives to attract foreign investment. Customer preferences in the Senegalese Real Estate market are shifting towards modern and well-designed properties that offer a range of amenities. There is a growing demand for residential properties that cater to the needs of the middle and upper-income segments, including apartments, villas, and gated communities. Additionally, there is a rising interest in commercial properties, particularly office spaces and retail outlets, due to the expanding business and retail sectors in the country. Trends in the Senegalese Real Estate market indicate a surge in construction activities, with numerous residential and commercial projects being undertaken in major cities such as Dakar and Thies. This is driven by the need to accommodate the growing population and the increasing demand for modern infrastructure. Furthermore, there is a noticeable trend towards sustainable and eco-friendly buildings, reflecting the global shift towards environmentally conscious practices. Local special circumstances in Senegal contribute to the development of the Real Estate market. The government has implemented policies and initiatives to attract foreign investment, including tax incentives and streamlined bureaucratic processes. Additionally, the country's strategic location as a gateway to West Africa and its stable political environment make it an attractive destination for both local and international investors. Underlying macroeconomic factors also play a significant role in the development of the Senegalese Real Estate market. The country's steady economic growth, driven by sectors such as tourism, agriculture, and manufacturing, has resulted in an increase in disposable incomes and purchasing power. This, in turn, has fueled the demand for real estate properties. Furthermore, the government's investment in infrastructure development, such as the construction of new roads and the expansion of airports, has enhanced connectivity and accessibility, making the country more attractive for real estate investment. In conclusion, the Real Estate market in Senegal is experiencing rapid growth and development, driven by factors such as increasing urbanization, rising disposable incomes, government initiatives, and favorable macroeconomic conditions. Customer preferences are shifting towards modern and well-designed properties, and there is a surge in construction activities to meet the growing demand. The government's efforts to attract foreign investment and the country's stable political environment further contribute to the market's development. With these favorable conditions, the Senegalese Real Estate market is expected to continue its upward trajectory in the coming years.

Data coverage:

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

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. 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 particular market. For example, 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:

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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Real Estate - Senegal

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