9 Countries in Africa Where it Expensive to Rent One Room Apartments
- Many countries in Africa are grappling with affordable housing, which has made accommodation very expensive
- In some of these countries, one-bedroom apartments can go for as high as $1,000 and as low as $354
- Lagos, Nigeria, renting a one-bedroom apartment could go as much as $2,000 depending on the location
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One of the essential needs of humans is shelter, which hardly comes cheap.
Many African countries resort to shanties because of a lack of affordable housing and their inability to afford rent.
Source: Getty Images
What property price is
Investopedia defines the property price to income ratio as the ratio between a median home price comparison to the median annual household income.
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The list also includes an affordability index, according to Business Insider. As a result, an average person can afford the general cost of living in a particular region.
The nine countries with the highest cost of a one-bedroom:
- Ghana has a property price-to-income ratio of 87.65 per cent and an affordability index of 0.04 per cent.
A one-bedroom apartment in Accra'sAccra's city centre may cost as much as $884.46 per month.
- Kenya: The country's property price to income ratio is 24.24 per cent. The affordability index stands at 0.29 per cent. A one-bedroom accommodation in Nairobi'sNairobi's city centre costs an average of $389.62 per month.
- Algeria: The North African country has a property-to-income ratio of 18.25 per cent and an affordability index of 0.61 per cent.
In Algiers, it goes for an average price of $211.85 per month. Meanwhile, the average monthly salary is $250.09.
- Nigeria: Africa'sAfrica's most populous country has a property-to-income ratio of 16.11 per cent and an affordability index of 0.31 per cent.
Lagos, a one-bedroom apartment in the city centre, could go for as high as $1,567 per month.
- Morocco has a property price-to-income ratio of 12.60 per cent and an affordability index of 0.98.
In Rabat, a one-bedroom apartment costs an average of $469.49 per month. Meanwhile, the average net salary in the city is $429.62.
- Egypt: Egypt has a property price to income ratio of 12.04 per cent and an affordability index of 0.61 per cent.
A one-bedroom apartment in Cairo costs an average of $225.40 per month.
- Tunisia: The North African country has a property-to-income ratio of 11.75 per cent and an affordability index of 0.61 per cent.
In Tunis, a one-bedroom apartment could go for $228.95 per month. The average monthly net salary in the city is $271.59.
- Mauritius: This country has a property-to-income ratio of 9.71 per cent and a property affordability index score of 0.61 per cent.
A one-bedroom apartment in the centre of Port Louis can go for an average rental price of $393.97 per month. The average salary is $455.
- South Africa has a property-to-income ratio of 3.07 per cent and an affordability index of 2.93 per cent.
In Johannesburg, a one-bedroom apartment can go for $422.94 per month. Meanwhile, the monthly net salary is $1,535.73.
The list of African countries with highest debt to China, amount and what the debts are used for
Legit.ng reported that Macau is the only country in the world that is debt-free, according to the International Monetary Fund (IMF).
The world’s greates economies rank among the 20 countries with the highest external debts.
They are the US, Russia, United Kingdom, France, Germany, Japan and China, according to a Daily Trust report.
Source: Legit.ng
