Real estate markets in West Africa have been booming for several years, resulting in a significant increase in property transactions. While we've previously focused on Senegal, today we'll be discussing the advantages of investing in real estate in Ivory Coast in 2024. With rising land prices, favorable tax policies, and returns that can reach 10%, real estate investment in Ivory Coast is an attractive option to explore. We explain all of this in our new article. Happy reading! 🙂
Why invest in Ivory Coast? ✅
A democracy of 29 million inhabitants, Côte d'Ivoire stands out as a major power in West Africa. It benefits from a solid industrial base supported by a flourishing agricultural sector: the world's leading producer of cocoa, the world's leading producer of cashew nuts, and the world's third-largest exporter of coffee. According to the IMF, its growth rate reached approximately 6.2% in 2023 and could reach 7.2% in 2024! 🚀🚀🚀
A driving force of dynamism for the whole of West Africa and home to many multinationals, Ivory Coast, and more specifically Abidjan , represents a promising opportunity for bold real estate investors.
How does the real estate sector work in Ivory Coast? 🏠
The situation in Ivory Coast varies by region, with Abidjan being a notable exception. The city experienced a real estate boom starting in 2012, attracting the attention of local and international investors ( particularly the diaspora ), resulting in a financial windfall and a multitude of projects.
Côte d'Ivoire has long . Transactions were not hindered, as is often the case in newly independent republics or some unstable African states. Despite political infighting and some post-election disputes, investments have always been well protected in Côte d'Ivoire.
Abidjan, the spearhead of Ivorian real estate 🚀
When we talk about investing in real estate in Ivory Coast, we mainly talk about Abidjan . It is the heart of the country, its "global city", where the major challenges of the future are being played out.
Soaring land prices 🚀🚀🚀
While some neighborhoods in Abidjan are seeing real estate prices skyrocket, it's land that's really benefiting! Indeed, land prices have increased by 10% per year over the last 15 years, driven by increased demand from investors.
As in Dakar or other African cities, the challenge is often to invest in emerging neighborhoods, already favored by the city and investors. Areas that are already developed logically offer fewer opportunities.
A city of renters 👦🏾
In Abidjan, 78% of residents are renters , offering a real opportunity for investors! The city is also very cosmopolitan, with over 50% foreign residents from Africa, Europe (including a large French presence), as well as China and Lebanon. It's an international, multicultural city!
With the growth of local industry, many multinational companies are setting up shop, attracting employees for stays of varying lengths. These managers and engineers, often well-paid, are looking for accommodation, sometimes for themselves and their families.
Up-and-coming neighborhoods: 📍
It is worth noting that many foreigners are choosing Grand-Bassam because this seaside town, close to Abidjan, offers residences with sea views, which are particularly popular with Westerners.
Similar to Grand-Bassam, Bingerville , once a commuter town, is now included in Abidjan's vast development plan. These neighborhoods are part of what is known as Greater Abidjan, a key area for investors!
Finally, we can talk about Songon , an autonomous district of Abidjan, whose popularity continues to grow.
What type of real estate investment should you make in Ivory Coast in 2024? 🏠
Depending on your needs and strategies, various types of real estate investment are available to you; here are a few:
- Rental investment 🏢: As mentioned earlier, Ivory Coast, and especially Abidjan, has a large number of renters. Investing in an apartment and renting it out is definitely a good idea, provided you do things right! Select the right location (for example, the student districts of the capital), make sure you offer quality accommodation, and simplify the management of your property by entrusting it to a real estate agency.
- Investing in new real estate 🏗️ : Buying a property off-plan (VEFA - Vente en État Futur d'Achèvement) will allow you to benefit from a new home within a new real estate program, carried out by a builder.
- Investing in land 🌳: Buying a plot of land can be done as part of building a house or apartment building. But buying land can also be done as a speculative investment to realize a capital gain. For this, three rules prevail: location, location, and location .
Some tips for a successful real estate investment ⭐
Investing in real estate in Ivory Coast is not something to be undertaken lightly. It's a decision that requires careful consideration to truly yield results. We advise you first and foremost to seek the assistance of a real estate professional in Ivory Coast, such as a real estate agency. Only they can guarantee a stress-free transaction. Secondly, we strongly recommend that you engage the services of a notary to legalize your transaction, ensuring you have the necessary land documents. Take your time, visit properties yourself, always make sure you are in contact with the property owner, and be wary of offers that seem too good to be true.
Good real estate investment in Ivory Coast in 2024!
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