The affordability of housing depends on three factors:
– household income;
– the price of the house;
– the financing conditions.
In Africa, the confluence of low urban household incomes and high short-term mortgage interest rates (if any) or lack of financing translates into very low housing affordability. In Senegal, 74.7% of the population cannot afford the cheapest newly built house and here we are talking about a 55 m2 house at 10,000,000 FCFA.