The Central Bank of West African States (BCEAO) is the main institution responsible for the conduct of monetary policy and the regulation of the activities of banks and financial institutions. The Ivorian banking landscape includes 31 credit institutions, including 28 banks and three financial institutions with banking activities. Of the 28 banks, 15 are international banks and 13 are regional banks.¹¹

The local banking sector is dominated by six banks in terms of total balance sheet, outstanding loans and outstanding deposits. These banks have more than 50% of the market share and all offer real estate loans. Société Générale Côte d’Ivoire is the only bank with more than 15% of the market share in terms of total balance sheet (15.6%), while the other five banks each hold less than 10% of the market share.¹²

The banking sector continues to improve the quality of services provided. In 2022, the penetration rate of financial services was 209 points of service (PoS) per 10 000 adults, 53 Pos more than in 2021.¹³ Within the West African Monetary Union (WAMU), this rate is the 2nd highest after that of Benin (454 PoS).The overall geographical penetration rate has seen one of the largest increases in the West African Economic and Monetary Union (WAEMU) with 320 PoS more, rising to 1 176 PoS per 1 000 km2 in 2022.¹⁴ In 2022, the strict banking penetration rate (GER)¹⁵ was 29.5%,¹⁶ compared to an expanded banking penetration rate (BER)¹⁷ of 43.2%.¹⁸ The overall rate of use of financial services is 83.6%,¹⁹ the third highest rate in the region, mainly driven by the upsurge in mobile money services.²⁰

The banks’ general conditions in relation to average lending rates are relatively affordable, although progress is expected in reducing the cost of access to credit. Depending on the debtor, the lending rates were at 7.99% for households (June 2024) compared to 6.78% for non-financial corporations and 5.74% for general government.²¹ Mortgage loans, which are very affordable, recorded the lowest interest rate at 3.24%, compared to 7.32% for consumer loans. In June 2024,Côte d’Ivoire recorded the lowest average lending rates in terms of real estate credit in the WAMU, followed by those of Niger (6.04%) and Benin (6.25%).²² However, in practice, the interest rates posted or charged by some local banks vary between 6.99% and 7.99%.

Short-term loans remain the most common types of credit in banks’ total loan portfolio. In February 2024, their total value was estimated at CFA2 535 billion (US$4 billion), after peaking in January 2024 as a result of the African Cup of Nations soccer event.²³ The use of credits declared to the risk centre noted that most of the short-term loans went mainly to the “wholesale and retail trade, restaurants and hotels” at CFA1 086 billion (1.7 billion US$) followed by “manufacturing industry” and “electricity, gas and water”. There is no specific mention of the use of housing loans or mortgage loans in this list. The construction sector occupies 4th place out of the nine branches of activity listed by the central risk agency and represents about 5.7% of the portfolio of short-term loans and CFA143 billion (US$234.2 million) in loans.²⁴

The total value of medium- and long-term loans remains significantly lower than that of short-term loans, clearly indicating a preference by banks for short-term financing, regardless of the industry. In February 2024, medium and long-term loans amounted to about CFA1 371.1 billion (US$2.2 billion), also recording a decrease compared to January 2024.²⁵ The construction sector comes in 7th position at about 7.2% of the total portfolio. ²⁶

The quality of the loan portfolio held by the banking sector deteriorated slightly, with a net deterioration rate of 2.4% in March 2024, 0.2 percentage points higher than in March 2023. The total value of net non-performing loans increased by 20% in one year to March 2024. Nevertheless, the banking sector continues to actively support the economy, as evidenced by the value of net outstanding loans, which continues to increase compared to 2023.²⁷ As of 1 January 2024, the minimum share capital of banks in WAMU has been raised to CFA20 billion (US$32.7 million) from CFA10 billion (US$16.3 million).²⁸ This measure strengthens the resilience of the sub-regional and Ivorian financial sector, particularly in the face of exogenous and endogenous shocks in anticipation of a possible risk of economic crisis.

In addition, microfinance continues to represent an effective alternative solution for low income households and workers in the informal sector. As of 31 December 2023,the microfinance sector had 46 decentralised financial systems (DFS) for a total of 2.3 million people.^{29, 30} Some SFDs (BRIDGE Microfinance, COFINA,ADVANS, etc.) offer loans for the acquisition of land, for renovation or construction of housing, depending on the borrower’s profile and economic situation. However, even as the sector expands, there has been a slowdown in DFS credit activity in the first quarter of 2024. The DFS granted just under 97 000 loans for a total value of CFA144.3 billion (US$263 million) in the first quarter of 2024 compared to about 120 000 loans with a total value of CFA194 billion (US$317.7 million) in 2023. Several factors explain this decline, including “the slowdown in informal sector activities, induced by the campaign to evict illegally occupied spaces in the district of Abidjan”.³¹

Despite the Government’s efforts, the need for housing has increased considerably. The deficit was estimated in 2017 at more than 500 000 housing units with an annual increase of 10%.³² Thus, in December 2023, the need for housing was estimated at more than 800 000 units. ³³

Access to employment is still difficult for most individuals despite the country’s remarkable economic performance. In January 2024, the volume of jobs created fell by almost 19% compared to December 2023. This decline is mainly due to the slowdown in the private sector, which lost more than 2 000 employees during the same period.³⁴

In 2021, 37.5% of Ivorians were living in poverty.³⁵ The inflation rate has slowed but the country continues to operate in an inflationary environment, which has an impact on the purchasing power of low income households.³⁶ The level of inequality remains high, as Côte d’Ivoire’s Gini coefficient remained consistently above 0.38 from 1986 to 2015 (0.41).The average annual expenditure share held by the poorest 10% increased from CFA121 388 (US$199) to CFA140 438 (US$230), an increase of more than 10% from 2002 to 2015.³⁷

Unemployment affected less than 5% of young people aged 15 to 24 in 2023,³⁸ but it remains a major obstacle to the social and economic development of most young people in a country where more than 70% of the population is under 35. The predominance of informal activities, characterised by relatively low wages, is also a limiting factor in access to housing. In 2018, about 90% of jobs were provided by the informal sector.³⁹ The average monthly income of workers in the informal sector was estimated at about CFA41 137 (US$67) in 2021,⁴⁰ an amount well below the Guaranteed Interprofessional Minimum Wage (SMIG) increased to CFA75 000 (US$123).

All these factors have an impact on access to housing, which is reflected in the low proportion of the homeownership rate among households. In 2021 the rate of homeownership in rural areas (79%) was higher than that of urban areas (31%).⁴¹ Households mainly rent in urban areas (57% for simple rental and 4% for rent-purchase), unlike in rural areas (8%).This can be explained by a reduced investment power of urban dwellers in housing. The average annual expenditure of people living in urban areas is almost twice that of rural people. In 2015, these expenses were estimated at about CFA425 000 (US$696) for urban dwellers, compared to about CFA295 000 (US$483) for rural dwellers.⁴²

One of the cheapest new houses by a private developer in 2024 is estimated5at CFA45 million (US$73 712).This is for a low villa of type F4 (three bedrooms and a living room) on a plot of 200m2 and 88.37 m2 of usable area. To acquire it with equity, the client will have to make an initial contribution of CFA11 750 000 (US$19 247) and CFA500 000 (US$819) in application fees with the developer.⁴³ The client will have to pay approximately CFA1.4 million (US$2 293) payable over 24 months. For mortgage financing, the average interest rate will be 7.99% repayable over 20 years with a down payment of 10 to 20%. To be eligible, the client must have a minimum monthly income of between CFA1.2 million (US$1 966) and CFA1.5 million (US$2 457). Such a profile automatically excludes more than 70% of households and more than 90% of young people due to the low wages in the current labour market.

To address the housing deficit the government has undertaken a series of structural and institutional reforms aimed at creating new actors and a more dynamic institutional framework. These reforms have led to the creation of new institutions⁴⁴ and the introduction of a parafiscal tax on certain building materials, such as cement, rebar and marble. This tax is expected to generate between CFA60 and CFA80 billion (US$98 million to US$131 million) to sustainably finance the supply of social housing and primary infrastructure (VRD).⁴⁵

The second phase of the emergency programme of the Presidential Program for the Construction of Social and Economic Housing (PPCLSE-2) has also been launched. The PPCLSE was launched by the Ivorian Government in 2012 and the first phase saw the construction of about 20 000 housing units out of the 150 000 expected. In 2022, this programme was overhauled and builds on other government initiatives recently carried out, such as the creation of the National Housing Agency (ANAH), the Social Housing Guarantee Fund (FGLS), set up to facilitate access to affordable housing for the poorest classes. The PPCLSE-2 aims to build another 150 000 housing units by 2025. To date, the SOROUBAT company has won the construction of 800 housing units on the site of the AntiRiot Brigade (BAE) and 1 160 housing units on the Akoupé-Zeudji PK 24 site. Procedures for secondary roads and utilities in the interior of the country are ongoing.⁴⁶

Also within the framework of the second phase of the PPCLSE, the government has decided to focus its efforts on intervention and increasing the supply of social housing in the city of Abidjan, in particular. This emphasis on the economic capital can be explained by its strategic importance but also by the fact that it accounts for about 36% of the urban population and concentrates a significant part of the affordable housing deficit.⁴⁷ The government has therefore signed a structured public private partnership with the International Finance Corporation (IFC) for the construction of quality mixed-income housing in the agglomeration.⁴⁸

The IFC will work with the Ministry of Construction, Housing and Urban Development (MCLU) “to design, structure and launch a tender to establish a commercially viable Public-Private Partnership (PPP).The objective: to identify a private developer in charge of the design, financing, construction and maintenance of the housing for a defined period. IFC’s advisory role will continue until the government has selected the proponent and the project agreements are signed between the parties.”⁴⁹

The Ivorian real estate market continues to boom, mainly driven by significant investments in the construction industry and the growing interest of investors, especially foreign investors. In 2023,the sector registered 238 real estate developers and more than 125 real estate agents. 50 This market is very lucrative, with profit margins going beyond 10% for residential rentals. However, this kind of profitability mainly exists only for high-end new construction, mainly in Abidjan. In this case, for example, an 80m2 apartment of this standard would cost about CFA100 million (US$163 805) and generate about CFA999 997 (US$1 638) in monthly rent in the residential areas of Cocody or Marcory, i.e. a profitability of 12%. 51

Taxation of land and real estate is still very low and real estate transactions are still subject to relatively low rates. This is the case for resale transactions subject to the 3% capital gains tax, regardless of the type of sale considered (resale of a main,secondary, new property, bare land) and the type of tax resident (Ivorian or foreign). 52 Nevertheless, the collection rate recorded by the tax services on all property and movable property taxes is still very low.

With this growth and dynamism, the land sector has the highest inflation indicators. The price of land has increased by about 10% per year over the last 15 years. 53 The average cost of a bare plot of land per m2 varies between CFA2 434 (US$4) and CFA1 029 411 (US$1 686). The municipalities with the highest land prices are Plateau, Treichville, Marcory and Cocody-centre (ranging from CFA1 029 411 (US$1 686) to CFA164 215 (US$269)). 54

The formal nature of real estate transactions is improving compared to the trends observed before 2010. In 2023, 10 550 sales were notarised, including 6 238 for the city of Abidjan alone, i.e. more than 50% of transactions. These figures represent a clear evolution compared to 2022 (9 267 in total, including 6 059 for Abidjan), 55 demonstrating the dynamism of the market in terms of real estate sales. However, this data does not allow us to know whether these are sales on the secondary market or on the primary market (direct purchase of new construction from developers or builders). The use of property as a financial guarantee with financial and other actors is gradually becoming more popular. The number of conventional mortgages registered in 2023 (2 648) is also up compared to 2022 (2 330).The same trend is observed with Abidjan recording more than 50% of these registrations (1 546 in 2023 compared to 1 394 in 2022). 56

There are also several state initiatives to improve land management. The most important initiatives are the integrated management system of the one-stop shop for building permits (SIGGUPC); the decentralisation of the one-stop shop for building permits (GUPC) as well as the creation of a collaborative platform for the control of buildings (PCCC). 57

The policy of urban planning and the creation of a sustainable ecosystem is ongoing. Of the 75 regional capital cities, 32 have master plans. Detailed urban plans for certain large agglomerations are also planned.⁵⁸ In addition, the new Urban Planning Code for Urban Land contains preventive and stricter control provisions. From now on, it is mandatory to use a consulting engineer for the construction of any building with more than two floors (R+2).⁵⁹

In addition to the numerous legislative and regulatory reforms, there are those relating to the creation of the Unique Land Identifier of Côte d’Ivoire (IDUFCI) and the creation of the certificate of customary right of use (ADU). The IDUFCI is“ to uniquely identify all land plots on the national territory. Its modus operandi is defined in Interministerial Order No. 757/MCLU/MINADER/MT/MEER/MBPE of 24 July 2020.”⁶⁰ The ADU was created on the basis of Decree No. 2021-784 on procedures for the development, approval and application of subdivision plans and Order No. 059/MCLU/DGUF/DDU determining the modalities for the management of subdivisions involving village communities.⁶¹ The ADU therefore aims to standardise the various models of village certificates that existed before the reform in order to better secure the land acquisition process while reducing the risk of disputes. The ADU has been in force since 1 July 2024, and enforces deadlines depending on the circumstances of the users (buyers, landowners, customary chiefs, and others) to allow regularisation and adherence with this new reform.⁶² However, despite these promising objectives, the ADU has not been welcomed by the majority of village authorities, who essentially see it as a dilution of their authority over land acquisition to the benefit of the state.

The housing sector continues to benefit from monitoring by the Government, in particular the numerous State initiatives and interventions recorded at the institutional, legal and regulatory levels over the past ten years.

Rapid urbanisation, the youthful population, accelerated population growth, and the increase of the middle class all affect the housing market. But two new additional factors stand to increase the growth and attractiveness of property markets. This is the launch of the emergency phase of the PPCLSE-2, which will lead to the start of major projects and offer a pilot study to assess the strengths and weaknesses of large-scale affordable housing projects. The second aspect concerns the preparation of the first public private partnership in housing with a strong partner such as the IFC. Building on its international experience, the  collaboration with the IFC will make it possible to further cover the key aspects identified according to international standards in order to reassure and attract investors.

Finally, the new reform of the ADU, despite its slow progress, has nevertheless succeeded in formalising the sector in terms of land administration. Although still widely contested by the customary chiefs who formerly held the power to issue and sign village certificates, this approach to standardising and unifying the land acquisition procedure remains a major asset in terms of land administration.

On the other hand, the State’s weak involvement in price regulation and in the control of land speculation remains a very important risk to consider for the sustainability of social housing initiatives. This aspect is all the more important in an environment where the price of land has increased by 100% in 10 years, while the housing deficit is struggling to be absorbed.

Most of the data on housing finance is accessible on the BCEAO website through various study reports and analysis of the performance of the sub-regional banking sectors. Data on microfinance are collected by the Directorate-General for Microfinance and is updated almost annually. Additionally, the development of a Land and Housing Database (BDFH) that secures information on land ownership is underway (but not completed in 2023).

The National Institute of Statistics (INS) is responsible for ensuring the technical coordination of the national statistical system and for producing and disseminating statistical data. Some housing data are published. The Directorate General of Taxes (DGI) provides information on private property tax, the application and follow-up process, conventional mortgages and notarial sales of land and property. The Ministry of Construction, Housing and Urban Planning (MCLU) has several data on housing and land. One of the services under its supervision, the Centre for the Promotion of Social Housing (CPLS), has data on social housing.

The launch of this emergency phase of housing construction for acquisition by rent-to-own and simple rent took place in July 2024 in the presence of the Prime Minister and all key stakeholders.⁶³ The PPCLSE programme aims to build 25 000 multi-family housing units for middle- and moderate-income households.⁶⁴ This phase has benefited from financing of CFA43 billion (US$70 million) from the Arab Bank for Economic Development in Africa (BADEA) at an interest rate of 2.5%/year. The repayment period is 25 years, including 5 years of deferral.⁶⁵ For this phase, 20 000 units in nine-storey buildings (R+9) are expected in Abidjan and 5 000 units in four-storey buildings (R+4) are expected in Yamoussoukro, Bouaké, San Pedro and Korhogo.⁶⁶

In Abidjan, for example, the two planned police estates will occupy a total area of 10 ha for a total of 2 680 apartments. These are 15 ha set aside for the construction of 3 560 apartments, including 1 200 in the industrial zone of SICOGI and 2 360 in Akoupé-Zeudji PK 24. Additionally, 16 ha have been mobilised for the construction of 960 apartments in Bouaké, 2.94 ha for 420 apartments in Yamoussoukro, 4.54 ha for 480 apartments in Korhogo and 4.28 ha for 480 apartments in San Pedro.⁶⁷ The completion of this pilot is expected to generate jobs and stimulate various sectors of activity, from construction to services.

1 Countrymeters. Côte d’Ivoire population. https://countrymeters.info/fr/Cote_d’Ivoire# (Accessed1 August 2024). 2 Ministry of Planning and Development. (2022). General Population and Housing Census 2021. Final overall
results. Synthesis. October 2022. https://www.caidp.ci/uploads/7113b93cc641ba78c591e9f79a4e729c.pdf
(Accessed1 August 2024). Pg. 2. 3 World Bank. (2024). Côte d’Ivoire, Overview. 6 Ma 2024. 4 Ibid. 5 Bloomfield Investment. (2024). Country Risk Report – Côte d’Ivoire. https://bloomfield-investment.com
(Accessed1 August 2024). Pg. 41. 6 Jeune Afrique (2024). In Côte d’Ivoire, growth on credit. 16 April 2024. Jeune Afrique. 1 Directorate-General of theTreasury (2024). Ivory Coast, economic and financial situation. 23 July 2024.
https://tinyurl.com/bd29btv (Accessed1 August 2024). 1 See footnote 3. 1 BCEAO. (2024). Economic outlook of WAEMU countries. June 2024. https://tinyurl.com/ntdbrf8f (Accessed
1 August 2024). Pg 11. 10 Abidjan Economy. (2024). Rodrigue C. Social housing: the 25,000 project starts on 4 July 2024. 29 June 2024. 11 See footfootnote 4. Pg. 27. 12 See footnote 5. Pg. 28. 13 BCEAO. (2023). Report on the situation of financial inclusion in WAEMU during the year 2022.
https://tinyurl.com/ymkrrwh8 (Accessed 1 August 2024). Pg. 26. 14 See footnote 13. Pg. 27. 15 Adults with a bank account only. 16 See footnote 13. Pg. 29. 17 Adults with a bank account and adults with an account with a microfinance institution. 18 See footnote 13. Pg. 29. 19 Adults with a bank account, in addition to adults with an account with a microfinance institution and adults using
mobile money services. 20 See footnote 13. Pg. 31. 21 BCEAO. (2024). Monthly Bulletin of Statistics, June 2024. https://tinyurl.com/ykpum5f7 (Accessed 1 August 2024).
Pg. 41. 22 See footnote 21. Pg. 41. 23 See footnote 21. Pg. 28. 24 See footnote 21. Pg. 28. 25 See footnote 21. Pg. 28. 26 See footnote 21. Pg. 28. 27 See footnote 21. Pg. 60. 28 See footnote 5. Pgs. 28-29. 29 Directorate General of Microfinance. (2024). Economic outlook on the microfinance sector in the 1st quarter of
2024. https://tinyurl.com/3hmw88ze (Accessed1 August 2024). Pg. 6. 30 Directorate General of Microfinance. (2023). Key figures of the sector as of 31 December 2023. 31 See footnote 29. Pg. 7. 32 World Bank. (2017). Review of the construction sector in Côte d’Ivoire. https://tinyurl.com/37f8awtp
(Accessed10 August 2024). Pg. 4. 33 APA news. (2023). Côte d’Ivoire: housing deficit estimated at more than 800,000 units. 13 December 2023. 34 National Institute of Statistics (INS). (2024). Socio-economic dashboard. https://tinyurl.com/bd6p323d
(Accessed10 August 2024). Pg. 9. 35 African Development Bank. (2024). Economic Outlook in Côte d’Ivoire. 36 See footnote 21. Pg. 63. 37 AFD. European Union. (2020). State of Inequality in Côte d’Ivoire. Research paper. https://tinyurl.com/2ur3mhym
(Accessed12 August 2024). Pg. 21.
38 See footnote 35. 39 International Organization for Migration. (2023). National Labour Market Study in Côte d’Ivoire. 8 June 2023.
Pg. 22. 40 National Institute of Statistics. (2023).Assessment of the effects of COVID-19 on informal production units in
Côte d’Ivoire. Final Report 2021. 15 March 2023. https://tinyurl.com/43u9vy3a (Accessed 12 August 2024). 41 Sika Finance. (2023). M. Camara. Côte d’Ivoire: 52% of households own their homes. 19 February 2023. 42 See footnote 40. 43 Phone interview with Mr.Talibi Haidara, Ivorian Real Estate Investment Company (S3I), 30 May 2024. 44 These include the transformation of SICOGI into the National Housing Agency (ANAH), the Social Housing
Guarantee Fund (FGLS) and the Banque de l’Habitat de Côte d’Ivoire (BHCI). 45 KOACI. (2024). Côte d’Ivoire: Bruno Koné and the Social Housing Revolution, fromVision to Implementation.
3 July 2024. 46 See footnote 45. 47 Land Alert (2024). Ivorian civil society warns of the problems related to the sprawl of cities in Côte d’Ivoire and
the harmful consequences on village territories and sustainable food security. 29 January 2024. 48 IFC pressroom. (2024). Côte d’Ivoire will strengthen its affordable housing supply through a public-private
partnership structured by IFC. https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=27582 (Accessed
12 August 2024). 49 See vote 48. 50 Onpoint Africa. (2023). Residential real estate in Côte d’Ivoire: a booming sector that is undergoing a
transformation. 23 October 2023. 51 Immoneuf. (2024). R. Rainfray. Côte d’Ivoire:The real estate market continues to boom. 14 February 2024. 52 Ibid. 53 See footnote 51. 54 Sika Finance. (2024). Land Price Observatory in Côte d’Ivoire.
https://www.sikafinance.com/immo/prix_terrains_ci (Accessed 13 August 2024). 55 Directorate General ofTaxes (DGI). (2024). Number of notarial sales recorded in 2023.
https://tinyurl.com/yzsueyud (Accessed 13 August 2024). 56 Directorate General ofTaxes (DGI). (2024). Number of conventional mortgages registered in 2023.
https://tinyurl.com/3jwharf6 (Accessed 13 August 2024). 57 Kouika, J. B. (2023). Building permits: implementation of the integrated management system of the one-stop shop
for building permits. 1 June 2023. Fratmat. 58 See footnote 33. 59 See footnote 33. 60 IDUFCI. IDUFCI. https://idufci.construction.gouv.ci/ (Accessed 13 August 2024). 61 MCLU. (2024). Certificate of customary use rights: relevance of the reform. https://tinyurl.com/yr654ky8
(Accessed 13 August 2024). 62 MCLU. (2024). 1 July 2024. Launch of the certificate of customary use right (adu): holders of the old village
certificates invited to apply for ACD. https://www.gouv.ci/_actualite-article.php?recordID=17105 (Accessed
13 August 2024). 63 RTI Info. (2024). F. Goré Bi. Prime Minister Robert Beugré Mambé is launching the first phase of the construction
program of 25000 housing units in rent-to-own and simple rental. 5 July 2024. https://tinyurl.com/bd8dwbyu
(Accessed 12 August 2024). 64 See footnote 10. 65 See footnote 63. 66 See footnote 45. 67 See footnote 45.

1. Country meters. Côte d’Ivoire population. https://countrymeters.info/fr/Cote_d’Ivoire# (Accessed1 August 2024).
2. Ministry of Planning and Development. (2022). General Population and Housing Census 2021. Final overall results. Synthesis. October 2022. https://www.caidp.ci/uploads/7113b93cc641ba78c591e9f79a4e729c.pdf (Accessed1 August 2024). Pg. 2.
3. World Bank. (2024). Côte d’Ivoire, Overview. 6 Ma 2024.
4. Ibid.
5. Bloomfield Investment. (2024). Country Risk Report – Côte d’Ivoire. https://bloomfield-investment.com (Accessed1 August 2024). Pg. 41.
6. Jeune Afrique (2024). In Côte d’Ivoire, growth on credit. 16 April 2024. Jeune Afrique.
7. Directorate-General of theTreasury (2024). Ivory Coast, economic and financial situation. 23 July 2024.
   https://tinyurl.com/bd29btv (Accessed 1 August 2024).
8. See footnote 3.
9. BCEAO. (2024). Economic outlook of WAEMU countries. June 2024. https://tinyurl.com/ntdbrf8f (Accessed 1 August 2024). Pg 11.
10. Abidjan Economy. (2024). Rodrigue C. Social housing: the 25,000 project starts on 4 July 2024. 29 June 2024.
11. See footnote 4. Pg. 27.
12. See footnote 5. Pg. 28.
13. BCEAO. (2023). Report on the situation of financial inclusion in WAEMU during the year 2022. https://tinyurl.com/ymkrrwh8 (Accessed 1 August 2024). Pg. 26.
14. See footnote 13. Pg. 27.
15. Adults with a bank account only.
16. See footnote 13. Pg. 29.
17. Adults with a bank account and adults with an account with a microfinance institution.
18. See footnote 13. Pg. 29.
19. Adults with a bank account, in addition to adults with an account with a microfinance institution and adults using mobile money services.
20. See footnote 13. Pg. 31.
21. BCEAO. (2024). Monthly Bulletin of Statistics, June 2024. https://tinyurl.com/ykpum5f7 (Accessed 1 August 2024). Pg. 41.
22. See footnote 21. Pg. 41.
23. See footnote 21. Pg. 28.
24. See footnote 21. Pg. 28.
25. See footnote 21. Pg. 28.
26. See footnote 21. Pg. 28.
27. See footnote 21. Pg. 60.
28. See footnote 5. Pgs. 28-29.
29. Directorate General of Microfinance. (2024). Economic outlook on the microfinance sector in the 1st quarter of 2024. https://tinyurl.com/3hmw88ze (Accessed 1 August 2024). Pg. 6.
30. Directorate General of Microfinance. (2023). Key figures of the sector as of December 2023.
31. See footnote 29. Pg. 7.
32. World Bank. (2017). Review of the construction sector in Côte d’Ivoire. https://tinyurl.com/37f8awtp (Accessed10 August 2024). Pg. 4.
33. APA news. (2023). Côte d’Ivoire: housing deficit estimated at more than 800,000 units. 13 December 2023.
34. National Institute of Statistics (INS). (2024). Socio-economic dashboard. https://tinyurl.com/bd6p323d (Accessed10 August 2024). Pg. 9.
35. African Development Bank. (2024). Economic Outlook in Côte d’Ivoire.
36. See footnote 21. Pg. 63.
37. AFD. European Union. (2020). State of Inequality in Côte d’Ivoire. Research paper. https://tinyurl.com/2ur3mhym (Accessed 12 August 2024). Pg. 21.
38. See footnote 35.
39. International Organization for Migration. (2023). National Labour Market Study in Côte d’Ivoire. 8 June 2023. Pg. 22.
40. National Institute of Statistics. (2023).Assessment of the effects of COVID-19 on informal production units in Côte d’Ivoire. Final Report 2021. 15 March 2023. https://tinyurl.com/43u9vy3a (Accessed 12 August 2024).
41. Sika Finance. (2023). M. Camara. Côte d’Ivoire: 52% of households own their homes. 19 February 2023.
42. See footnote 40.
43. Phone interview with Mr.Talibi Haidara, Ivorian Real Estate Investment Company (S3I), 30 May 2024.
44. These include the transformation of SICOGI into the National Housing Agency (ANAH), the Social Housing Guarantee Fund (FGLS) and the Banque de l’Habitat de Côte d’Ivoire (BHCI).
45. KOACI. (2024). Côte d’Ivoire: Bruno Koné and the Social Housing Revolution, fromVision to Implementation. 3 July 2024.
46. See footnote 45.
47. Land Alert (2024). Ivorian civil society warns of the problems related to the sprawl of cities in Côte d’Ivoire and the harmful consequences on village territories and sustainable food security. 29 January 2024.
48. IFC pressroom. (2024). Côte d’Ivoire will strengthen its affordable housing supply through a public-private partnership structured by IFC. https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=27582 (Accessed 12 August 2024).
49. See vote 48.
50. Onpoint Africa. (2023). Residential real estate in Côte d’Ivoire: a booming sector that is undergoing a transformation. 23 October 2023.
51. Immoneuf. (2024). R. Rainfray. Côte d’Ivoire:The real estate market continues to boom. 14 February 2024.
52. Ibid.
53. See footnote 51.
54. Sika Finance. (2024). Land Price Observatory in Côte d’Ivoire. https://www.sikafinance.com/immo/prix_terrains_ci (Accessed 13 August 2024).
55. Directorate General ofTaxes (DGI). (2024). Number of notarial sales  recorded in 2023. https://tinyurl.com/yzsueyud (Accessed 13 August 2024).
56. Directorate General ofTaxes (DGI). (2024). Number of conventional mortgages registered in 2023. https://tinyurl.com/3jwharf6 (Accessed 13 August 2024).
57. Kouika, J. B. (2023). Building permits: implementation of the integrated management system of the one-stop shop for building permits. 1 June 2023. Fratmat.
58. See footnote 33.
59. See footnote 33.
60. IDUFCI. IDUFCI. https://idufci.construction.gouv.ci/ (Accessed 13 August 2024).
61. MCLU. (2024). Certificate of customary use rights: relevance of the reform. https://tinyurl.com/yr654ky8 (Accessed 13 August 2024).
62. MCLU. (2024). 1 July 2024. Launch of the certificate of customary use right (adu): holders of the old village certificates invited to apply for ACD. https://www.gouv.ci/_actualite-article.php?recordID=17105 (Accessed 13 August 2024).
63. RTI Info. (2024). F. Goré Bi. Prime Minister Robert Beugré Mambé is launching the first phase of the construction program of 25000 housing units in rent-to-own and simple rental. 5 July 2024. https://tinyurl.com/bd8dwbyu (Accessed 12 August 2024).
64. See footnote 10.
65. See footnote 63.
66. See footnote 45.
67. See footnote 45.