Nigeria Accounts for Largest Share of New Housing Units in Africa/Mideast Region - Freedonia Group Analysis

CLEVELAND, Jan. 25, 2021 /PRNewswire/ -- 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:

• Over 72% of the regional housing stock consists of single-family dwellings, reflecting the large rural population, especially in sub-Saharan Africa.
• In spite of the high percentage of single-family dwellings, the average unit size was only 69 square meters in 2019 – among the lowest in the world – due to low average incomes in many of the region's populous countries.
• The share of multifamily housing has continued to increase due to ongoing rural-to-urban migration throughout the region.
• Much of the population lives in poor quality, informal housing lacking basic amenities, and there is a significant housing deficit in the region.
• While most countries are economically developing, standards of living – and quality of housing – are relatively high in a few of the region's more

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.

About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.

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SOURCE The Freedonia Group