by Corinne Gangloff
January 25, 2021
Homebuilding activity in the Africa/Mideast region will continue to be driven by urban population growth, increased standards of living, and – aside from 2020, when the region will see a recession brought on by the COVID-19 pandemic – healthy economic expansion. Nigeria will continue to account for the largest share of new housing units in the region, due primarily to its large population and fast urbanization rate. The fastest gains are projected for Nigeria, South Africa, and Iraq, as these markets rebound from weak performances posted during the 2014-2019 period.
The number of existing dwellings in the Africa/Mideast region totaled 398 million units in 2019, accounting for 18% of the global housing stock. The following trends are common among national housing sectors throughout the region:
New housing construction activity in the Africa/Mideast region is forecast to increase an average of 2.3% per year to 14.3 million units in 2024, the fastest pace of any world region and representing an acceleration from the pace of the 2014-2019 period, as several key markets begin to rebound.
Global Housing, published in January 2021, examines the global housing market in terms of both the global housing stock and the construction of new housing units. Historical data for 2008, 2013, and 2018 and forecasts for 2023 and 2028 are presented in units by country.
Provide the following details to subscribe.