Why are real estate prices soaring in Dakar?

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Why are real estate prices soaring in Dakar?

More than four million people are concentrated in Dakar, a city on the peninsula under constant construction. But only a small majority of the capital’s residents own their home (54%), whereas across the country, this is the case for two out of three Senegalese.

The main reason lies in the price of land. Since the beginning of the 2000s, the price of a 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 and Guineans, who suffer from the instability of their country and are looking for places to invest. Senegalese in the diaspora represent 10 to 15% of buyers.

Investigation into a booming market, which excludes the working classes from property.

Laureline Savoye(special correspondent in Dakar)

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