Nigeria accounts for the most important proportion of latest housing models in Africa / Center East
CLEVELAND, January 25, 2021 / PRNewswire / – Housing in the Africa/ The Middle East region will continue to be driven by urban population growth, increased standards of living and, apart from 2020, when the region is set in recession by the COVID-19 pandemic, healthy economic expansion. Nigeria will continue to represent the largest proportion of new housing units in the region, largely due to the large population and rapid rate of urbanization. The fastest wins are projected Nigeria, South Africa, and Iraqas these markets rebound from the poor performance in 2014-2019.
The number of existing apartments in the Africa/ The Middle East region totaled 398 million units in 2019, which is 18% of the world’s housing stock. The following trends are common in the national housing sectors across the region:
- Over 72% of the regional housing stock consists of single-family houses, reflecting the large rural population, especially in sub-Saharan Africa.
- Despite the high proportion of single-family homes, the average housing unit was only 69 square meters in 2019 – one of the lowest in the world – due to the low average income in many of the region’s highly populated countries.
- The proportion of apartment buildings has continued to increase across the region due to ongoing migration from country to city.
- Much of the population lives in poor quality, in informal housing without basic services, and there is a significant housing deficit in the region.
- While most countries are developing economically, the standard of living – and quality of housing – is relatively high in some regions of the region
New construction in residential construction in the Africa/ The Middle East is projected to grow by an average of 2.3% per year to 14.3 million units in 2024. This is the fastest pace of any world region and an acceleration from the 2014-2019 pace as several key markets begin to recover.
Global Housing, published in January 2021examines 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.
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SOURCE The Freedonia Group