Africa Prefabricated Housing Market Size

Africa Prefabricated House Market Analysis

The size of the Africa prefabricated housing market is USD 4.8 billion in the current year and is anticipated to register a CAGR of over 5.5% during the forecast period. The market was negatively impacted by COVID-19 in 2020. The growth was impacted due to the economic downturn caused by the COVID-19 pandemic across the residential, commercial, industrial, and institutional sectors in Africa.

• Prefabricated housing created affordable housing solutions and many employment opportunities for the residents. Due to the lack of the ability to provide housing on time in terms of human resources and materials, serious housing shortages exist across Africa.
• The lack of end-user financing and affordability makes the situation more difficult. The government and developers are constantly striving to find solutions to make it possible for middle-income people to buy their own houses. Developers are seeing rapid urbanization as an opportunity.
• In 2021, the GDP of the Nigerian real estate industry recorded positive growth, a 2.3% increase from NGN 3.96 trillion (USD 8.6 billion) recorded in the previous year. Despite the activities witnessed in 2021, the housing deficit in Nigeria remains at about 22 million. The market is yet to see the expected home demand and supply volume.
• Nigeria's housing inventory is dire, with a chronic shortage of affordable and available homes needed to support the nation's population. According to Oxford Business Group, by 2050, Africa's population will double, meaning that the region will include added 3.5 million people per month. Africa will contribute more than half of the world's total population growth by then and more than three-quarters of that growth up to 2100.