AIRE Consulting has published its 2024 Africa Real Estate Report, providing a comprehensive and detailed overview of the commercial, retail, industrial, and residential property markets across the continent.
While Africa offers numerous opportunities and challenges in the real estate sector, AIRE Consulting’s analysis delves into selected countries’ unique socio-economic fabric, uncovering insights into the trends, developments, and investment landscapes shaping these markets:
Ivory Coast:
A view of Plateau, Abidjan.
Office
Despite nearly doubling in size over the past 6 years, Abidjan’s Grade A and B office market has demonstrated a record performance with the highest occupancy and rental rates among Francophone markets. Demand for office space is driven by political stability ahead of the 2025 elections, steady economic growth, and an increasing demand for higher-quality spaces including those with green certifications. Recently, supply in historically residential districts such as Cocody and Zone 4 has surged however, most of the future supply is expected in Plateau, the CBD thereby strengthening its dominance in the office market including the city’s skyline with projects such as Tour F.
- Average rental price for A-Grade: $35 per m2 per month.
- Average rental price for B-Grade: $28 per m2 per month.
- Occupancy levels for A-Grade: 85% – 90%.
Industrial:
Abidjan’s industrial market is concentrated within the traditionally industrial nodes namely Treichville, Vridi, Koumassi, and Yopougon. However, they are saturated and unable to meet the demand for additional space. The development of key infrastructure in the agglomeration is facilitating the growth of peripheral zones, such as PK24, by improving road access and creating a link with the Ivorian hinterland. In the short to medium term, this growth is expected to alleviate congestion in Abidjan and redefine the market at a national level with the creation of secondary industrial and logistics hubs in cities such as San Pedro, Yamoussoukro, and Bouake.
- Average rental price for A-Grade: $10 per m2 per month.
- Average rental price for B-Grade: $6 per m2 per month.
Retail:
The Abidjan retail market offers a wide range of options from malls to ground-floor shopping in Grade A mixed-use assets. It benefits from the presence of a variety of local and international actors, continuous growth of the middle class, as well as progressively shifting consumption habits which foster the development of projects in middle to upper-end districts. Despite an important recent supply, all retail projects show high occupancy and low turnover.
- Average rental price for A-Grade: $40 per m2 per month.
- Average rental price for B-Grade: $29 per m2 per month.
- Occupancy levels for A-Grade: 95%.
Residential:
The residential market is currently dominated by local developers with small to mid-scale projects. However, Abidjan has witnessed a growing number of large developments in the high-end segment, located in the primary residential nodes of Cocody Riviera and Zone 4. In parallel, the Ivorian Government’s Housing Program aims to develop 150 000 affordable housing units in the next five years, slowly tackling the shortage in the economic heart of Ivory Coast.
More than 20 000 housing units are under development (2024) in the affordable housing sector. For high-end properties, the market recorded over 1 000 new residential units under development. This growth is fuelled by a burgeoning middle class and increased foreign investment with real estate investment contributing approximately 9% to GDP.
Kenya
Nairobi, Kenya.
Office:
Nairobi has an existing office supply of over 1.76 million square metres of office space within the Grade A and B segments. The oversupply in the market is expected to apply further pressure especially for the ageing stock with upcoming developments of about 69 000 square metres set for completion in five to seven years. These surplus grants occupiers a strong bargaining position with landlords, rendering speculative office projects risky. To mitigate this risk, landlords are increasingly securing pre-lease agreements. Despite property quality improvements, rental rates are anticipated to stagnate. Tana and Athi Rivers Development Authority’s (TARDA’s) regional headquarters and a 22-storey twin tower by Tanzania National Social Security Fund (NSSF), both in Upperhill, are notable future office developments that are at the planning stage.
- Average sales price: $1 056 per m2.
- Average rental price: $7 to $11 per m2 per month.
- Occupancy levels (A-Grade): 85% to 90%.
Industrial:
Nairobi has over 50% utilized industrial stock by owner-occupiers and the existing stock is predominantly comprised of substandard ‘Go-Downs’ totalling over 8 million square metres of GLA. Grade A facilities by institutional developers are still nascent with key private players such as Africa Logistics Properties’ (ALP’s) facilities in Tatu Industrial Park and Tilisi, and Nairobi Gate Industrial Park. This will be part of the over 1.9 million square metres of GLA of future industrial space. Industrial parks will continue to gain traction given their improved access, infrastructure, and Special Economic Zone (SEZ) status whose fiscal incentives attract private players.
- Rental price range: $2 to $6 per m2 per month.
- Average sales price (serviced land): $73 to $83 per m2 within industrial parks.
- Occupancy levels: 90% for best-performing assets.
Kenya’s economic risk level is relatively low(er) compared to the Sub-Saharan Africa average. Despite new GDP data indicating a stronger recovery trajectory, Kenya remains susceptible to weather-related shocks, fiscal challenges, and high public debt.
Retail:
Nairobi has about 0.9 million square metres GLA of formal retail space measuring more than 5 000 square metres GLA. Previously, new retail supply focused on malls, leading to oversupply in this segment. Development of large retail format developments ceased after 2019 until the completion of Business Bay Square in Eastleigh in 2023. Despite the oversaturation, the entry of
international retailers like China Square and Panda Mart and local midmarket brands such as Naivas are filling up some most of the retail spaces. While many formal retail gaps have been filled, opportunities remain for new retail spaces, particularly in support and convenience retail.
- Rental price (formal): $18 to $24 per m2 per month.
- Rental price (convenience): $16 to $19 per m2 per month.
- Occupancy levels: 80%.
Residential
In Nairobi, over 90% of households are tenants and properties offered for sale often enter the rental market as investors seek rental yields. While traditionally, rental stock has been of low quality, there’s been a gradual improvement. The Kenyan Government’s Affordable Housing Programme (AHP) is progressing albeit slowly, with the most recent development being the implementation of the housing levy. Uncertainty surrounds the successful implementation of public developments under the AHP and the extent of their impact on the market remains to be seen.
- Average rent price*: $24 per m2 per month.
- Average sales price*: $1 360 per m2.
- Occupancy levels: >90%.
*Performance of a typical two-bedroom apartment in the affordable market segment. The rents and prices are lowest in the Muchatha/Banana area and highest in Thome/Garden City area.
Overall, the real estate market in Kenya is contrasted between the various sectors. The industrial sector has been witnessing significant growth, the hospitality sector is recovering from its lowest point seen during the pandemic and the residential sector is being boosted by increased demand for affordable housing, rapid urbanization, and supportive government initiatives. Meanwhile, the retail sector remains subdued, while the office sector is still recovering from an oversupply situation created over the past decade. The Government’s efforts in infrastructure development, such as road expansion and the Nairobi Railway City project aiming to have a fully functional railway across Nairobi by 2030, is expected to stimulate growth in the real estate sector.
Mauritius
Port Louis, Mauritius.
Office:
As a hub for offshore financial services, technology, and hospitality sectors, Mauritius attracts local and international investors seeking prime office spaces. With the steady rise in multinational corporations establishing their presence on the island, demand for modern, well equipped office facilities has increased, spurring significant developments in established key business districts and in new(er) business parks to the North. The government’s initiatives to promote foreign investment and ‘Ease of Doing Business’ have further fuelled growth in the office real estate sector, making Mauritius an attractive destination for companies seeking a business-friendly environment. It is expected that blue chip companies will have an increasing demand for green office buildings to meet their internal ESG targets, which offers the opportunity for the development of the same.
- Average rental price (A-Grade): $15 per m2 per month.
- Average rental price (B-Grade): $10 per m2 per month.
- Occupancy levels: 75% to 80%.
Industrial:
The industrial real estate market in Mauritius has experienced growth through the country’s strategic geographic location, favorable business environment, and robust infrastructure development. Demand is fuelled by foreign investment influx and government initiatives aimed at promoting industrialization. The rental market is currently tenant-driven with some operators offering below-market rentals, primarily in the lower-grade market segments. Some industrial zones receive grants from the government allowing them to offer much lower rents. Rental growth across all grades of stock has been muted or non-existent in the last few years.
- Average rental price (A-Grade): $7.10 per m2 per month.
- Average rental price (B-Grade): $3.60 per m2 per month.
Overall, Mauritius’ real estate market remains dynamic, driven by both domestic and international demand. With its attractive investment climate and ongoing development initiatives, the country continues to be a promising destination for real estate investors.
Retail:
With its evolving economy and growing middle class, demand for retail spaces has steadily increased with supply keeping pace. Modern shopping malls such as Bagatelle and Phoenix Mall have emerged as popular destinations, catering to diverse consumer preferences. Mixed-use projects with residential and commercial components are increasingly integrating retail spaces. Despite economic fluctuations and shifting consumer behaviors, Mauritius’ retail real estate market remains resilient and offers opportunities for investors. However, the market is approaching saturation as new retail options emerge in previously underserved areas. Rental levels throughout the island widely differ depending on location.
- Occupancy levels: 90%.
Residential:
The residential market in Mauritius has exhibited steady growth and resilience in recent years, buoyed by economic stability, government incentives for foreign investment, the island’s natural beauty and its appeal as a lifestyle destination. Mauritius offers a diverse range of residential properties, from beachfront villas and gated communities to modern apartments. Foreign investors from Europe and Africa are drawn to Mauritius for its favourable tax regime, political stability, and high quality of life. Property investment initiatives such as the Property Development Scheme (PDS) facilitate the acquisition of property by non-citizens, further stimulating demand. Despite occasional fluctuations, the market maintains its attractiveness.
- Average rental price*: $12 per m2 per month.
- Average sales price*: $2 450 m2 per month.
- Occupancy levels: >90%.
Mauritius has seen substantial development in luxury property segments over the last decade, particularly in areas to the North and Central West. These properties cater to high-net-worth individuals seeking holiday homes, retirement residences, or investment opportunities. There’s also a growing demand for middle-class housing driven by the expanding local economy and rising incomes. Developers are increasingly focusing on more affordable housing projects to cater to this segment of the domestic market.
Morocco (Casablanca)
Casablanca, Morocco.
Office:
The office market in historic districts faces challenges with aging buildings struggling to compete. Despite this, significant developments in areas like CFC, Marina, and Casanearshore have diversified offerings and adapted real estate tools to meet user needs over the past decade. The COVID-induced slowdown in the tertiary sector has led to an oversupply and increased vacancy rates. Asking rents for Grade A buildings have declined. Nevertheless, major urban projects and a favorable economic climate have made Casablanca an attractive destination for local and international investors. The Grade A office supply is expected to increase, leading to intense competition among landlords. Additionally, there is a growing focus on ESG aspects, with environmental certifications like HQE and EDGE being incorporated into new projects.
- Average rental price (A-Grade): $21 per m2 per month.
- Average rental price (B-Grade): $12 per m2 per month.
- Occupancy levels: 70%.
Industrial:
Casablanca’s industrial and logistics market is defined by a multiplicity of zones, boasting specific advantages. Historical hubs and special economic zones are in proximity to the key transport infrastructure but are under-developed due to a lack of demand or land scarcity. The emerging Zenata/Mohammedia hub is set to become the core of Morocco’s logistics network, enhancing the Casablanca–Rabat–Tangier axis. This growth is driving demand for secondary hubs like Tit Mellil, which offer lower rental rates. In the medium term, international clients are expected to seek large premises in this mature African market.
- Average rental price (A-Grade): $5 per m2 per month.
- Average rental price (B-Grade): $4 per m2 per month.
Morocco is set to co-host the 2030 FIFA World Cup with Spain and Portugal. This major event is expected to lead to significant investments in real estate, including the construction of new hotels and infrastructure. An estimated USD 1 billion is projected to be invested in the hospitality sector alone.
Retail:
The retail market is rapidly evolving, significantly influenced by major operators such as Marjane Holding, which manages several prominent malls, including the new Californie Mall and Les Myriades de Bouskoura. In recent years, there has been a surge in mall developments, with nearly 100 000 m² of retail space opened since 2022. As the market nears saturation with a focus on high-end needs, opportunities for growth remain in the expanding middle class and increasing purchasing power, especially in the L&E sector and for local brand portfolio expansion.
- Average rental price (A-Grade): $25 per m2 per month.
- Average rental price (B-Grade): $15 per m2 per month.
Residential:
Casablanca’s residential real estate market is shifting with high-end developments moving to areas like Casa Anfa and Oasis as the city center becomes saturated. The demand is fueled by both investors and wealthy local households. New projects feature a range of unit types, with prices for recent apartments in prime locations vary widely between USD 2 000 and USD 3 200 per square meter. Large villa complexes have been developed on Casablanca’s outskirts, especially in Bouskoura, to cater to the demand for spacious homes with easy access to key office areas.
- Average rental price*: $16 per m2 per month.
- Average sales price*: $2 870 per m2 .
- Occupancy levels: >90%.
*Performance indicators for higher-end apartments in a prime district.
Morocco is actively developing smart city projects, such as the Zenata Eco-City near Casablanca. This project spans over 1 830 hectares and aims to house 300 000 residents by 2030, integrating sustainable urban planning and modern infrastructure.
Morocco (Marrakech)
Marrakech, Morocco.
Office:
The office real estate market in the Marrakech-Safi region is experiencing a shortage of high-quality spaces, although there are exceptions such as M Business and the Cité de l’Innovation. Most office buildings are outdated, not meeting international standards. Outside Marrakech, top-quality buildings are found in Benguerir Ville Verte, a new green city growing around the Polytechnic University Mohamed VI. The emergence of Grade B+ offices is expected in the region, and the development of industrial zones like Tamansourt may support additional office space. However, only one development has been identified as part of the future office supply in Marrakech, underscoring its status as a major tourist destination and its limited role as a commercial office hub.
- Average rental price (A-Grade): $12 per m2 per month.
- Average occupancy (A-Grade): >90%.
Industrial:
The industrial real estate market in the Marrakech-Safi region is marked by 13 existing and developing industrial zones, spanning a total of 1 272 hectares. Key projects include the Benguerir Technopole and Tamansourt’s Industrial Park, which aim to attract high-tech industries. Government initiatives since 2009 have driven industrial demand, with the Marrakech-Safi region expected to grow by 2.5% annually through 2028. Land prices range from USD 300 to USD 450 per square metre near Marrakech, dropping to USD 50 per square metre in more remote areas.
- Average rental price (A-Grade): $5 per m2 per month.
Morocco will host the African Cup of Nations in 2025, boosting the real estate market in the short-term. Estimates suggest that Marrakech and other major cities could see a 20% increase in short-term rental demand.
Retail:
The retail market in Marrakech-Safi shows a mix of modern and traditional offerings. In Marrakech, six shopping centres cover approximately 155 000m² of retail space, with Menara Mall being the largest. By 2025, the Morocco Mall Marrakech will add 50 000m² to the total. This asset is expected to bring a new ‘retailtainment’ experience to the city and create a new destination in this touristic hub.
- Average rental price (A-Grade): $50 per m2 per month.
- Average rental price (B-Grade): $20 per m2 per month.
Residential:
Residential developments are rapidly emerging on the outskirts of Marrakech, driven primarily by local developers. These projects typically feature R+2 to R+4 buildings, offering affordable or lower middle-class housing options. In contrast, high-quality residential units are concentrated within Marrakech itself, particularly in areas like Guéliz and Hivernage. An additional 900 high-end units are forecasted to be built in Marrakech within the next 24 months.
- Average rental price*: $18 per m2 per month.
- Average sales price*: $2 250 per m2 .
- Occupancy levels: >90%.
*Performance indicators for higher-end apartments in a prime district.
The luxury real estate sector in Morocco has seen impressive growth. In areas like Marrakech’s Palmeraie and Casablanca’s Anfa neighborhood, property prices have increased by approximately 40% over the past five years, driven by high demand for upscale villas and apartments.
Nigeria (Lagos)
Lagos, Nigeria.
Office:
The office market presents a mixed outlook, characterized by cautious optimism tempered by prevailing economic and infrastructural challenges. While Lagos remains a key commercial hub in Africa, uncertainties surrounding regulatory frameworks, infrastructural deficits, and macroeconomic instability contribute to a more conservative perspective. Investors and developers navigate these challenges carefully, balancing potential opportunities with risk mitigation strategies. Despite these hurdles, certain segments of the market, particularly in well-established areas such as Victoria Island and Ikeja, maintain steady demand. A prudent approach to investment and development is necessary in the current landscape.
- Average rental price (A-Grade): $42 per m2 per month.
- Average occupancy (A-Grade): 80%.
Industrial:
Lagos serves as a hub for manufacturing, logistics, and warehousing. The demand for industrial spaces is driven by rapid urbanization and an expanding consumer market. Despite challenges such as infrastructural constraints and land scarcity, the sector continues to attract investment due to its strategic location and supportive government policies. Additionally, the presence of industrial parks and special economic zones along the Lekki Peninsula and the Lagos-Ibadan corridor, further enhances the appeal of Lagos as a destination for industrial real estate development, offering modern facilities and infrastructure to businesses looking to establish or expand their operations in the region.
- Average rental price (A-Grade): $5 per m2 per month.
- Average rental price (B-Grade): $2 per m2 per month.
Infrastructure remains a critical factor shaping the Lagos real estate market. Despite ongoing efforts by government and private sector stakeholders, challenges such as inadequate road networks, erratic power supply, and deficient water and sanitation systems persist. These infrastructure deficits not only impact property values but also influence investment decisions and development patterns.
Retail:
The retail market in Lagos is grappling with several significant challenges that dampen its prospects. The city’s infrastructure is struggling to keep up with its rapidly growing population, resulting in congestion and inefficiencies that deter potential investors. Additionally, economic instability and currency fluctuations create uncertainty, making it difficult for developers to commit to long-term investments. Despite the city’s large population, the widespread adoption of shopping centre formats, such as formal malls, has lagged compared to other African markets. There is little indication of substantial improvement in Lagos’s retail market in the short-term.
- Average rental price (A-Grade): $28 per m2 per month.
- Occupancy levels: 70% to 80%.
Residential:
The residential market in Lagos presents a dynamic landscape. With its status as Africa’s most populous city and a major economic hub, Lagos experiences a continuous influx of people seeking housing, which fuels demand. This demand continuously outstrips the available supply, leading to rising property prices and a competitive market. Additionally, infrastructural limitations, such as inadequate roads, water and electricity supply pose significant hurdles for developers and homeowners alike. Despite these challenges, strategic investments in upscale developments, gated communities, and luxury apartments continue to attract buyers and investors, especially in areas like Ikoyi, Victoria Island, and Lekki.
- Average rental price*: $13.50 per m2 per month.
- Average sales price*: $1 600 per m2.
- Occupancy levels: >90%.
*Performance of a typical three- bedroom apartment in the upper mid-end market segment (favourable with foreign investors).
Rwanda (Kigali)
Kigali, Rwanda.
Office:
Kigali’s office stock is concentrated within the CBD and Kimihurura, which represent over 80% of the total supply. Nyarutarama and Kacyiru have a limited but growing stock, and they are still considered nascent secondary office nodes. Over the past four years, demand for office space has been growing at a slower pace than the supply which is expected to continue in the short- to medium-term . Notable future supply will be in line with the Kigali City Masterplan (2020), including the extension of the CBD in Ubumwe. An increase in commercial activity is expected within Gahanga which is set to include a Business Park and a MICE & Expo district.
- Average rental price (A-Grade): $16 per m2 per month.
- Average rental price (B-Grade): $12 per m2 per month.
- Occupancy levels: >80%.
Industrial:
Most of the industrial activity in Rwanda takes place within the SEZs spread out across the country with the Kigali SEZ being the most successful of these in terms of absorption by private developers and its impact on increasing exports and job creation. Demand for industrial space emanates from local and international players and is supported by the government whose efforts are to diversify the economy by reducing its over-reliance on the volatile agribusiness. Key future supply will be located within the second phase of KSEZ as well as within Gahanga Industrial Park on the outskirts of the city.
- Average rental price: $6 per m2 per month.
- Average sales price (serviced land): $50 to $60 per m2 within Kigali SEZ.
- Average occupancy levels: >90% in existing industrial zones.
The Rwandan economy has recorded strong growth underpinned by the growth of the services sector over the past decade, particularly in construction and tourism.
Retail:
Most of the existing stock in Kigali is in the CBD and Kimihurura areas, within the lower levels of mixed-use developments. There are no standalone malls at international standards in Kigali. Good quality retail such as Kigali Height, the Kigali Business Center (KBC), Alliance Towers and Soras Tower have attracted regional retailers. Convenience retail centres are being developed within high-end neighborhoods such as Nyarutarama. Over 20 000 square metres of GLA of future retail developments are at various stages of planning and construction. This includes retail space within mixed-use developments such as the Inzovu Mall within the Kigali Green Project, Nobelia Tower and Amarembo City Center.
- Average rental price (A-Grade): $30 per m2 per month.
- Average rental price (B-Grade): $17 per m2 per month.
Residential:
The residential stock of Kigali is mostly comprised of standalone units. Informal housing represents 70 to 80% of the total housing stock. Villas and townhouses targeting the high-end segment of the market have always been in high supply as an investment product. Rental levels within this segment, are high, due in part to the low supply of good quality stock, but it is expected that these will be under pressure as stock increases. The government’s effort to provide affordable housing, through Joint Ventures (JV) between the Rwanda Social Security Board (RSSB) and private players, seeks to deliver almost 16 000 units in the pipeline.
- Average rental price*: $24 per m2 per month.
- Average sales price*: $1 360 per m2.
- Occupancy levels: >90%.
*Performance of a typical two- to three-bed furnished apartment in areas such as the CBD and Nyarutarama.
Rwanda’s economy is in majority rural and heavily dependent on agriculture with the government seeking to diversify this by promoting sectors such as energy, trade, hospitality, and financial services. The real estate market is concentrated within Kigali which is relatively small compared to other markets in the East African region, thus limited opportunity for growth. In the current conditions, the greatest real estate opportunities are in affordable housing which has a high latent demand amongst most of Kigali’s population.
Senegal (Dakar)
Dakar, Senegal.
Office:
The office market in Dakar is experiencing steady growth, with a notable increase in the supply of Grade A office space over the past decade. Currently, there is a total of 65 000m² of Grade A office space available for lease, with an average annual growth rate of 15%. High occupancy rates for Grade A buildings highlight an undersupply situation driven by strong demand. Grade B offices, which comprise nearly 60% of the existing supply, are mainly concentrated in the Plateau, Point E, and Keur Gorgui neighbourhoods. However, the Plateau district is now considered saturated, prompting businesses to relocate to emerging hubs such as Point E, Almadies, Ouakam, and even Diamnadio. Future supply will be driven by large-scale projects within these emerging hubs.
- Average rental price (A-Grade): $21 per m2 per month.
- Average rental price (B-Grade): $15 per m2 per month.
Industrial:
Dakar’s industrial market faces challenges such as outdated infrastructure and limited land in historical zones. The government initiated the development of SEZs since 2014, offering organized activities and incentives to attract investment. Currently, Dakar hosts four industrial zones and four SEZs. Infrastructure projects and the discovery of offshore oil resources are expected to further boost industrial demand, creating opportunities for industrial real estate development. Future demand for industrial real estate in Dakar will depend on the speed of SEZ development and the government’s efforts to lower production costs.
- Average rental price (A-Grade): $6 per m2 per month.
- Average rental price (B-Grade): $4 per m2 per month.
The implementation of major infrastructure projects like the Bus Rapid Transit (BRT) system contributes to urban renewal efforts, revitalizing neighborhoods and attracting investment. As a result, older properties in areas benefiting from these improvements see increased demand and renovation activity.
Retail:
Dakar’s retail market is challenged by a limited supply of options for a diverse customer base. Urban management issues and cost of land make finding suitable land for retail mall developments difficult, therefore pushing new projects on the outskirts of Dakar. Existing shopping centres cater to the upper-end market, appealing mainly to expatriates and affluent Senegalese households. However, the expanding middle class and rising purchasing power present significant opportunities for growth in the formal retail sector. Additionally, the development of supermarkets, fuelled by competitive pricing strategies, offers an alternative to the informal sector.
- Average rental price (A-Grade): $30 per m2 per month.
- Average rental price (B-Grade): $18 per m2 per month.
Residential:
While previous developments focused on luxury and high-end segments, developers are now shifting towards mid-end projects to cater to a larger share of the population. Demand continues to outstrip supply in the Dakar real estate market, local authorities reporting a deficit of nearly 350 000 housing units in Senegal, increasing by 10% annually. The growth of middle and upper-income segments of the population, sustained interest from the diaspora and investors in the sub-region, and the rising number of expatriates in Dakar are fuelling the demand for housing. As Dakar gradually becomes the new hub for business tourism in West Africa, the interest in high-quality residential units offering high returns on investment is likely to increase.
- Average rental price*: $18 per m2 per month.
- Average sales price*: $2 330 per m2.
- Occupancy levels: >95%.
*Performance indicators for higher-end apartments in a prime district.
In Dakar alone, the number of new housing units has increased by approximately 15% annually over the past five years. This growth is driven by both government initiatives and private sector investments, aiming to meet the rising demand for modern housing solutions in urban areas.