Dakar: why buying a home is almost impossible

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Le Monde Afrique

Published on Dec 9, 2023
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More than four million people live in Dakar, a peninsula city that is constantly under construction. But only a small majority of the capital's inhabitants own their homes (54%), while nationwide, this is the case for two out of three Senegalese. The main reason is the price of land. Since the early 2000s, the price per square meter of land in Dakar has tripled. Added to this is the inflation of construction costs, particularly that of materials, most often imported, but also pressure from investors. According to Mamadou Mbaye, president of the Federation of Real Estate Agencies and Brokers of Senegal (FACIS), "foreigners represent 30% of buyers: Ivorians, Nigerians, but also Malians, Guineans, who are suffering from the instability in their country and are looking for places to invest. Senegalese from the diaspora represent 10% to 15% of buyers." Investigation into a booming market that excludes the working classes from property ownership. To follow and understand the news in Africa, subscribe to our YouTube channel! ???? ???? https://www.youtube.com/c/LeMondeAfri...

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