Residential Real Estate - Sierra Leone

Sierra Leone

Sierra Leone is projected to witness a significant growth in its Residential Real Estate market market.
By 2024, the market is expected to reach a value of US$48.52bn.
This projection indicates a promising future for the country's real estate sector.
Moreover, the market is projected to exhibit a compound annual growth rate (CAGR) of 5.42% between 2024 and 2028.
This steady growth is anticipated to result in a market volume of US$59.92bn by 2028.
These figures highlight the potential for sustained expansion and development within Sierra Leone's real estate industry.
In a global context, it is worth noting that China is set to dominate the Real Estate market.
In 2024 alone, China is expected to generate a staggering value of US$117.40tn.
This comparison underscores the scale and magnitude of China's real estate market, which surpasses that of Sierra Leone by a significant margin.
Overall, Sierra Leone's Residential Real Estate market market is poised for growth, and while it may not rival the scale of China's market, it presents a promising opportunity for investment and development within the country.
Sierra Leone's residential real estate market is experiencing a surge in demand due to urbanization and improving economic conditions.

Key regions: Europe, Asia, Australia, United States, Germany

Market

Region

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Analyst Opinion

The Residential Real Estate market in Sierra Leone has been experiencing significant growth and development in recent years. Customer preferences in the market have shifted towards modern and well-designed properties with amenities such as swimming pools, gyms, and secure parking. Buyers and renters are increasingly looking for properties that offer a comfortable and convenient lifestyle. Additionally, there is a growing demand for properties in prime locations, such as near the beach or in close proximity to commercial and entertainment hubs. Trends in the market indicate a rise in property prices, especially in urban areas. This can be attributed to the increasing population and limited supply of land and housing units. Developers are capitalizing on this demand by constructing high-rise buildings and luxury residential complexes. The market is also witnessing a surge in the construction of gated communities and housing estates, catering to the needs of middle and upper-income buyers. Local special circumstances play a crucial role in shaping the Residential Real Estate market in Sierra Leone. The country's natural beauty and tourist attractions, such as pristine beaches and wildlife reserves, have attracted foreign investors and expatriates looking for vacation homes or retirement properties. This has further driven the demand for residential real estate in the country. Underlying macroeconomic factors have also contributed to the development of the market. Sierra Leone has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and improved standards of living. This has created a favorable environment for real estate investment and development. In conclusion, the Residential Real Estate market in Sierra Leone is witnessing significant growth and development driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors. The market is expected to continue its upward trajectory as demand for modern and well-designed properties in prime locations remains strong.

Methodology

Data coverage:

Figures are based on total and average value of residential real estate, residential estate transactions and leases.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.