Research pegs Ethiopia as most affordable location to buy luxury property

With a boom in construction, Addis Ababa is slated to emerge as one of the most modern cities in Africa.

A recent study reviewed that Ethiopia is the most affordable location to buy luxury real estate in the emerging markets.

Purchasing luxury real estate in Ethiopia costs an average of 396.58 EUR per square meter, according to a new ranking from online property portal Lamudi.

At the other end of the scale, luxury property for sale in Angola is priced at 3965.52 EUR per square meter on average, the report showed.

“As Ethiopia’s property market matures, high-end real estate is increasingly in demand. At the same time, prices here remain low comparative to many of our neighbours, making Ethiopia the most affordable place to buy luxury real estate anywhere in the world." said Wunmi Osholake, MD of Lamudi Ethiopia.

In recent months, a number of luxury developments were announced, including the 21-tower project from Chinese developer Sinomark Real Estate, which will be the country’s biggest real estate project to date.

Africa dominates the luxury property ranking, with Ivory Coast in second place, where the price per square meter for high-end real estate is 427.65 EUR on average. Tanzania claims the third spot in the ranking (486.03 EUR per square meter).

Latin America also has a strong showing. Mexico, which has an abundance of luxury property on offer, ranks fourth with high-end real estate in the country costing 675.65 EUR per square meter on average. Rounding off the top five is Colombia, with high-end real estate priced at 756.97 EUR per square meter. 

In Asia, Indonesia boasts the most affordable luxury real estate, with an abundance of luxurious properties available on the market, costing on average EUR 870.73 per square meter. The country’s luxury market has been in the spotlight in recent years, with Knight Frank’s global Wealth Report 2015 ranking Bali as the third hottest luxury property market in the world, and Jakarta following in 13th position.

The data also reveals that the Philippines is the second most affordable location for luxury real estate in Asia, with an average price of 1078.82 EUR per square meter. 

TOP 10: LAMUDI’S AFFORDABLE LUXURY PROPERTY RANKING