Housing Finance in Côte d’Ivoire

Macroeconomic Overview

For the seventh consecutive year, Côte d’Ivoire’s economic growth forecast is projected to exceed seven percent (7.2 percent) in 2019. The Ivorian economy continues to be one of the most dynamic in the world, despite a slight decline of 200 basis points compared to 2018 (7.4 percent).[1] In 2019, the private sector regained its momentum due to government reforms aimed at improving the business and investment climate.[2] A new commercial court was created to help ensure impartiality and accelerate dispute resolution; and a new mining and telecommunication code were enacted to increase investment in those sectors.

Inflation was at an estimated 0.5 percent in 2018[3] and will remain below the three percent threshold for the West African Economic and Monetary Union (WAEMU) due to the contribution of the agricultural sector led by the production of cocoa. The current account deficit is projected to stabilise at 2.8 percent in 2019, in connection with sustained imports of goods related to infrastructure projects.[4] The population is estimated at 26 020 970 with 56.9 percent urban population and a population density of 80.3 per km².[5] According to the National Census of 2014, 49.7 percent of the population live in towns and cities including 19.4 percent in Abidjan. The authorities expect to address the demands of urbanisation through ongoing investment projects aimed at doubling electricity by 2020, implementing an urban plan for the districts located in Abidjan, and upgrading the road between Bamako and San Pedro.

The Government of Côte d’Ivoire (GOCI) has adopted an economic and financial programme (2016-2020) and implemented reforms set out in the memorandum of economic and financial policies 2016-2020 (Plan National de Development 2016-2020, PND) to boost the economy. It welcomes foreign investment and is expecting to attract about US$38 billion in private sector investment through public-private partnerships to implement its PND.[6]

Housing is a growing concern for the authorities. The construction of 60 000 social housing units for the period of 2010-2015 followed by 150 000 units by 2020 was expected to decrease the backlog of 600 000 houses across the country.[7] However, the government estimates the annual housing deficit in the capital alone to be 200 000 and has diversified its housing programme to accelerate production. In 2019, an appraisal of the social housing scheme showed that less than 12 000 units has been built since the inception of the project.[8] To address this, the GOCI has reaffirmed its commitment to access to housing and opened the national market to international private developers with financial capacity. The Shelter Afrique managing director and the Ivorian Minister of Housing, Construction and Urbanism have also entered into a partnership agreement for the realisation of 3 000 units.[9] Producing an adequate supply of cement is being ensured with a new cement plant by Moroccan company Ciment de l’Afrique (Cimaf), which is under construction, as well as Nigeria-based cement company Dangote Cement, a Chinese-Ivorian joint venture Prestige Ciment Côte d’Ivoire (PCCI), and Ciments de Côte d’Ivoire (CIM Ivoire). PCCI inaugurated a US$35 million grinding plant outside of Abidjan over a five hectare facility production with a capacity of 1.2 million tonnes of cement a year. CIM Ivoire will have a three million tonnes a year capacity, partially funded through a US$9.4 million loan from the West African Development Bank. All these cement facilities are expected to create over 160 direct and over 300 indirect jobs in the country.[10]

[1] The World Bank (2019). Côte d’Ivoire Economic Outlook: Urgent Actions Needed to Modernize the Cocoa Sector and Ensure that Benefits Accrue to All Its Actors. https://www.worldbank.org/en/news/press-release/2019/07/11/cote-divoire-economic-outlook-urgent-actions-needed-to-modernize-the-cocoa-sector-and-ensure-that-benefits-accrue-to-all-its-actors. (Accessed 7 October 2019).

[2] The World Bank. (2019). Côte d’Ivoire Economic Outlook: Urgent Actions Needed to Modernize the Cocoa Sector and Ensure that Benefits Accrue to All Its Actors.

[3] African Development Bank. (2019). Côte d’Ivoire Economic Outlook. https://www.afdb.org/en/countries/west-africa/cote-d%E2%80%99ivoire/cote-divoire-economic-outlook. (Accessed 7 October 2019).

[4] African Development Bank. (2019). Côte d’Ivoire Economic Outlook. https://www.afdb.org/en/countries/west-africa/cote-d%E2%80%99ivoire/cote-divoire-economic-outlook. (Accessed 7 October 2019).

[5] Populationof. (2019). Côte d’Ivoire population. https://www.populationof.net/cote-divoire/. (Accessed 7 October 2019).

[6] Export-gov. (2019). https://www.export.gov/article?id=Cote-d-Ivoire-Market-Overview. (Accessed 7 October 2019).

[7] Elvire Ahonon. (2018). Côte d’Ivoire: Le deficit en logement est passé de 400 000 en 2012 à 600 000 en 2018. 3 November 2018. Yeclo. https://www.yeclo.com/cote-divoire-le-deficit-en-logement-est-passe-de-400-000-en-2012-a-600-000-en-2018/. (Accessed 7 October 2019).

[8] Emmanuel Atcha. (2019). Côte d’Ivoire: l’Etat annonce la construction à “grande echelle” de lodgements sociaux. 10 March 2019. La Tribune. https://afrique.latribune.fr/entreprises/industrie/btp-immobilier/2019-03-10/cote-d-ivoire-l-etat-annonce-la-construction-a-grande-echelle-de-logements-sociaux-810133.html. (Accessed 7 October 2019).

[9] Sika Finance. (2019). Shelter Afrique annonce la construction de 3 000 logements en Côte d’Ivoire. https://www.sikafinance.com/marches/shelter-afrique-annonce-la-construction-de-3-000-logements-en-cote-divoire_17887. (Accessed 7 October 2019).

[10] Oxford Business Group. (2029). En Côte d’Ivoire, une hausee des capacités de production de ciment prometteuse pour les exportations. https://oxfordbusinessgroup.com/news/en-c%C3%B4te-d%E2%80%99ivoire-une-hausse-des-capacit%C3%A9s-de-production-de-ciment-prometteuse-pour-les. (Accessed 7 October 2019).

Access to Finance

Côte d’Ivoire accounts for 30 percent of WAEMU’s private accounts, 32 percent of ATM machines, and 70 percent of the mobile banking subscriptions in the union. According to the Central Bank of the union (BCEAO), the country’s financial industry is growing, and innovative activities are taking place to promote financial inclusion. To date there are 28 banks, two financial establishments, 80 microfinance institutions (MFIs) and two financial institutions.[1] According to the BCEAO 2019 August report, the total credits for the country declared to the Central Risk for buildings and public works were estimated at CFA161 billion (US$269 million short-term credit in April 2019) and  CFA17

billion (US$28 million long-term credit in April 2019).[2] In the Ivorian banking sector, prime is around 10.82 percent with interest rate at an average 14.51 percent.[3] The yearly average indicator business climate indicator for the country was 103.7 in 2018 and 105.0 represents the monthly average for August 2019.[4]

Access to finance is limited with approximately 20 percent[5] of the population having access to financial services, with most of the banks’ activities being concentrated in Abidjan. In 2018, the total number of resources collected by the banking sector was estimated at more than CFA9 000 billion (US$1.5 billion), which represents 20 percent of growth. The amount of credit granted to individuals as a percentage of GDP was 22.4 percent in 2016.[6] According to the World Bank’s Global Findex, which measures financial inclusion, only 41.3 percent of adults aged 15 and above have bank accounts, six percent have savings, and three percent have borrowed from formal financial institutions.[7]Mobile money is driving the overall progress of financial inclusion, with 38 percent of the adult population having a mobile money account in 2017, the highest rate in the union. As a result, access to financial services is mostly through mobile money. A mere two percent of the financially included do not use mobile money, and 11 percent of adults are using informal financial services.[8]

In the microfinance sector, total deposits have increased by 247 percent over five years, from CFA72 billion (US$127.05 million) in 2012, to CFA250 billion (US$411.1 million) by the end of September 2017. In the first quarter of 2019, the total assets of the sector were estimated at over CFA 445 billion (US$745 million) with more than 1.7 million members.₁₄ The top four microfinance institutions, UNACOOPEC-CI, CAC, ADVANS and MICROCRED, have around 75 percent of the total clientele.[9]

A number of institutions are involved in the financing of housing. The National Investment Bank (BNI) provides its customers with a 20-year mortgage at 5.5 percent and requires a 10 percent down payment. The borrower must have a cheque account and earn a minimum of CFA 800 000 a month.[10] The Housing Bank of Côte d’Ivoire (BHCI) offers a 20-year mortgage at 6.99 percent with a 57 percent loan to value.[11] Others are the Support Fund for Housing (Fonds de Soutien à l’Habitat, FSH), the Urban Land Account (Compte des Terrains Urbains) and the Housing Mobilisation Account (Compte de Mobilisation pour l’Habitat, CDMH). The CDMH was created to give financial assistance and tax incentives to stimulate the delivery of affordable housing for low income buyers.

Access to housing finance remains a challenge in Côte d’Ivoire. To alleviate the difficulties, the government has been able to negotiate a 5.5 percent interest rate for housing loans, repayable over 25 years. M. Celestin Koalla, director of the housing and land settlement of the ministry of construction, housing and urbanism, has stated that the GOCI will create a guarantee fund for unbanked end-users who would like to take up a home loan with banking institutions. The guarantee fund will serve as security for banks to assist unbanked households to access to housing as well as private developers that need financial assistance to support the housing delivery chain.[12]

However, the FSH and the creation of a mutual guarantee fund for the president’s programme of constructing 60 000 houses between 2010 and 2015 have not fully materialised. Among the many reasons for this are a lack of adequate funds to compensate the traditional owners of land, the lack of financial and technical competence of the local developers, and the underestimation of the selling price of a housing unit, initially priced by the government at CFA5 million (US$8 700).

The GOCI has since adopted new measures to satisfy consumers, housing developers and financial institutions. These are the revision of interest rates and house prices. The cheapest house is now priced at CFA12.5 million (US$21 750). The GOCI also introduced new incentives in 2017 by Ordonnance No 2017 – 279 du 10 mai 2017 to encourage real estate developers. It has put in place a 50 percent reduction of taxes on profit for those developers that dedicate 60 percent of their production to very low income groups (social housing). The government is also encouraging institutions and corporations to participate in housing development for their employees as well as foreign countries to invest in the national housing market. Through its partnership with Côte d’Ivoire, Indonesia will soon issue two loans estimated at CFA130 billion for the financing of GOCI social housing projects and road projects.[13]

[1] BCEAO. (2019). Paysage Bancaire. https://www.bceao.int/fr/content/paysage-bancaire. (Accessed 7 October 2019).

[2] BCEAO. (2019). Bulletin Mensuel des Statistiques 2019. https://www.bceao.int/sites/default/files/2019-10/Bulletin%20Mensuel%20des%20Statistiques%20-%20Ao%C3%BBt%202019.pdf. (Accessed 7 October 2019). Pg. 31.

[3] BCEAO. (2019). Bulletin Mensuel des Statistiques 2019. Pg. 40.

[4] BCEAO. (2019). Bulletin Mensuel des Statistiques 2019. Pg. 62.

[5] Jean Philippe ADO. (2019). Le Secteur de la Microfinance du logement en Côte d’Ivoire: Historique, Défis et Opportunités. http://housingfinanceafrica.org/app/uploads/working-paper-series-3-french-1.pdf. (Accessed 7 October 2019). Pg. 5.

[6] Jean Philippe ADO. (2019). Le Secteur de la Microfinance du logement en Côte d’Ivoire: Historique, Défis et Opportunités. Pg. 19.

[7] World Bank (2018). The Little Data Book on Financial Inclusion. Pg. 50. https://openknowledge.worldbank.org/bitstream/handle/10986/29654/LDBFinInclusion2018.pdf?sequence=1&isAllowed=y (Accessed 7 October 2019).

[8] CGAP. (2018). Advancing financial inclusion to improve the lives of the poor. Corinne Riquet. In Côte d’Ivoire, Financial Inclusion at a Crossroads. http://www.cgap.org/blog/c%C3%B4te-divoire-financial-inclusioncrossroads (Accessed 7 October 2019).

[9] Jean Philippe ADO. (2019). Le Secteur de la Microfinance du logement en Côte d’Ivoire: Historique, Défis et Opportunités. Pg. 12.

[10] BNI. (2019). https://www.bni.ci/produits-services/particuliers/formules-financements/149-pret-immobilier-bni. (Accessed 7 October 2019).

[11] BHCI. (2019). https://www.bhci.ci/particuliers/credit-logement/pret-acquereur/#partenaires. (Accessed 7 October 2019).

[12] APA-Abidjan. (2019). https://apanews.net/pays/cote-divoire/news/credit-immobilier-le-gouvernement-ivoirien-annonce-des-fonds-de-garantie-pour-des-acquereurs. (Accessed 7 October 2019).

[13] Finances.gouv.ci. (2019). Projets de logements sociaux et revêtement de route: l’Indonésie va décaisser 130 milliards de FCFA.

Affordability

The year 2019 started with the government’s ambitious social programme, valued at CFA727.5 billion (US$ 1.2 billion) over two years, aimed at enhancing the social welfare of Ivoirians. This social subsidy will target the poorest households, with a quarterly grant of CFA35 000 (US$ 58).

To accelerate affordability and to boost industrialisation in the housing value chain, the authorities introduced Circulaire No. 12, which reinforced the capacity of the CDMH to finance banks, housing developers and homeowners on favourable terms.[1] The Banque Atlantique hosted a roundtable on the role of financial stakeholders in facilitating access to housing finance. The bank is concerned with a large number of households without access to housing finance and committed itself during the roundtable to finding specific solutions around affordability.[2]

The average Ivoirian earns less than CFA60 000 (US$104.40) a month, which has been the minimum salary since 2013. The minimum salary relates to people working for the government and the formal private sector and barely represents 18 percent of the labour force. Most of the population works in the agricultural sector and the informal sector. They live in shanty houses in areas such as Koumasi, where there is little or no urban infrastructure. According to the local press, rents in these areas range between CFA35 000 and CFA75 000 (US$60.90 to US$130.50) for a room. Rents are rising in the residential zones, especially areas such as Plateau, Cocody and Marcory, where most expatriates live. According to a Frank Knight 2018 report, a four-bedroom executive apartment is about US$3 700 a month.

In an attempt to boost affordability, the government continues with efforts to reinvigorate the housing sector. These include reducing the procedures for obtaining construction licences, decreasing the cost of refinancing for banks to two percent, and maintaining the interest rate for housing loans at 5.5 percent.

[1] Abidjan.net (2018). Le Patriote. Le coût des loyers et cautions va baisser. http://news.abidjan/h/631431.html (Accessed 7 October 2019).

[2] Agence Ivoirienne de Presse. (2019). Côte d’Ivoire/Une table ronde sur le credit immobilier. https://aip.ci/cote-divoire-une-table-ronde-sur-le-credit-immobilier/. (Accessed 7 October 2019).

Housing Supply

Most houses in Côte d’Ivoire are informal and self-built. Informal enterprises produce most of the stock of houses in the country. However, the government has contributed to housing development between 1970 and 1980, especially in Abidjan through economic development policies. SOGEPHIA and SICOGI are the two public companies in charge of housing development and property management[1] and they have produced housing on a large scale. As of 1995, the government stopped subsidising housing, contributing to an acute deficit in housing even before the civil war.

Over the past five years, the government have been focusing on investing in mass-produced affordable houses through different mechanisms to bridge the gap between supply and demand. This has seen increased construction in the country’s cities and more particularly in Abidjan. Among notable construction projects are those of Group Alliance and Group ADDOHA. In December 2017, Alliance delivered a first tranche and ADDOHA delivered one project (out of four projects of 5 000 houses), which has already been entirely commercialised and is in the business area of Le Plateau in Abidjan.[2]

Given the need of an estimated 400 000 to 600 000 units, with a yearly increase of 50 000. The Ivoirian government is planning to address the need of 400 000 new homes essentially for low income households[3] (of which 200 000 are needed in the economic capital of Abidjan). However, as of November 2018, on a scale of 150 000 targeted objective for 2020 to be constructed, only 10 249 were completed, which represents less than 10% of total completion. Housing supply in the capital is less than 3 000 a year and 68 percent of Ivoirians are renters, according to a Knight Frank 2015 study. Following the slow completion rate observed among local developers, the government has approached international developers with financial capacity and more advanced technical skills to meet their 10 000 to 20 000 housing targets on a yearly basis.[4]

The housing deficit is a source of rent speculation and other consumer complaints. To protect the population, Le Ministère de la Construction, du Lodgement de l’Assainissement et de l’Urbanisme introduced a code of urban properties in 2015 (Le code du foncier Urbanisme) to regulate rents and minimise rental guarantees and other miscellaneous rental funds.[5]

In February 2017, Opes Holding SA signed a loan agreement with Ikdam Turc CI SA. The loan consisted of CFA13 billion (US$23.1 million) for the development of a real estate project in Abidjan and its countryside.[6]

In May 2019, SICOGI managing director, Bouaké Fofana, and the managing director of the Chinese  group China Railway construction Corporation, Mo Wenhe, indicated their ambition to construct 50 000 housing units over a three-year period. This operation will be part of the government’s PND social housing programme. This will see the installation of a prefabricated materials plant, to service the subregion. This housing programme should generate 4 000 jobs.

The government recognises the limitations of the country’s housing policy, as illustrated by the gap between supply and demand for homes. The measures introduced in 2016 by the former minister to create a special fund to serve as a guarantee for banks are yet to be fully implemented. These measures are taxes on the importation of construction material, cement and clinker, and a housing tax on salary.

[1] Between the two companies, 24 254 housing units were constructed in Yopougon, 10 770 in Cocody and 6 938 in Port-Bouet during those years. The houses are individual villas, duplexes and one to two-storey buildings with apartments and studios built with adequate construction material and in well planned urban communities with amenities.

[2] BTPnews. (2019). Immobilier. Le Groupe Addoha lance son projet «Prestigia» à Abidjan. 19 April 2019. BTPnews. http://www.btpnews.ma/immobilier-le-groupe-addoha-lance-son-projet-prestigia-a-abidjan/ (Accessed 07 October 2019).

[3] Le Ministère de la Construction, du logement, de l’assainissement et de l’urbanisme.

[4] Dosso, Z. (2019). La Côte d’Ivoire va faire appel à des opérateurs internationaux pour relancer son programme de logements sociaux. 12 March 2019. Agence Ecofin. https://www.agenceecofin.com/gouvernance-economique/1203-64599-la-cote-d-ivoire-va-faire-appel-a-des-operateurs-internationaux-pour-relancer-son-programme-de-logements-sociaux (Accessed 07 October 2019).

[5] Abidjan.net (2014). http://news.abidjan.net/h/493809.html.

[6] Agence Ivoirienne de Presse. (2017). Un operateur Ivoirien Obtient plus de 13 milliards de fcfa pour la

Construction de Logements a Abidjan. http://aip.ci/logements-un-operateur-ivoirien-obtient-plus-de-13-

milliards-f-cfa-pour-la-construction-de-logements-a-abidjan-et-en-region/. (Accessed 14 September 2018).

Property Markets

According to the Knight Frank 2017/18 report,[1]  rents are increasing. The average price for a four-bedroom executive villa at Cocody, which is a prime location, is US$3 700 a month. Demand for retail space and offices is also going up. Response to demand can be seen in new office and retail developments such as Green Buro in Cocody and Renaissance plaza project in Plateau. Rental prices range from CFA125 000 to CFA200 000 (US$217.50 to US$348.52) for a “studio” in Abidjan targeted at the middle income population. There is a huge gap between rents, depending on the geographical location of the property. According to local market information, rents in the low income areas range between CFA45 000 and CFA55 000 (US$78.30 to US$95.70) for a room in a multi-room building in popular zones. For houses built under the government programme, prices range between CFA12.5million (US$21 750) and CFA23 million (US$40 020).[2]

Côte d’Ivoire improved its rank in doing business as far as registration of property is concerned, from 120 in 2015 to 113 in 2018, and 112 in 2019.[3] The cost of registration has fallen to 7.4 percent in 2018 to 7.1 percent in 2019, still high by international standards. The registration process of 30 days and six procedures, though unaffordable for most of the population, is among the lowest in the region. The quality of the land administration index is 10.5 in 2019. This is a slightly improvement considering that for the year 2017/18 there were no data available for this specific component in the doing business report. The country has begun digitising its land registry system, implementing a more efficient delivery system for property documents, and lowering the property registration tax. Over 5 751 property related administrative documents have been issued by the land and housing authority. Among those documents, over 4 000 title deeds were issued as well as over 300 construction permit only for the year 2019.[4] The World Bank’s Doing Business 2019 report ranks Côte d’Ivoire in 142 place out of 190 countries for dealing with construction permits, with 21 procedures, and 162 days, a net progress compared to last year when it was 152/190 for dealing with construction permits.[5]

[1] Research Knight Frank. (2018). Africa Report 2017/18, Real Estate Market in a Continent of Growth and Opportunity. Pg. 19.

[2] Koaci. (2017). Côte d’Ivoire : Les prix de vente des logements sociaux «imposés» aux promoteurs. 18 Mai 2017. https://koaci.com/cote-divoire-prix-vente-logements-sociaux-imposes-promoteurs-109410.html. (Accessed 14 October 2019).

[3] The World Bank group. (2019). Doing Business Economy profile Côte d’Ivoire. 16th edition. https://www.doingbusiness.org/content/dam/doingBusiness/country/c/cote-divoire/CIV.pdf. (Accessed 14 October 2019). Pg. 22.

[4] All Africa. (2019). Côte d’Ivoire: Construction et urbanisme – plus de 5 751 actes administratifs signés. 23 September 2019. https://fr.allafrica.com/stories/201909240444.html. (Accessed 14 October 2019).

[5] The World Bank group. (2019). Doing Business Economy profile Côte d’Ivoire. 16^th edition. https://www.doingbusiness.org/content/dam/doingBusiness/country/c/cote-divoire/CIV.pdf. (Accessed 14 October 2019). Pg. 9.

Policy and Regulation

Before 1998 and according to customary law, women in Côte d’Ivoire were neither allowed to own land nor inherit it. Law No. 98-75, the rural land law, permits women to own land; however, in rural areas men are still the main beneficiaries of land. Although government agencies are responsible for land registration, a law (No2013-481) was passed in July 2013, called Arrêté de Concession Definitive, as the sole document for urban land registration. According to the housing minister, this law is to facilitate the process of land acquisition and protect the right to property.

However, the most recent municipal land regulation and building code was drawn up in 1996. The minimum house size that can be built in Abidjan is 100m2 and the maximum height is four storeys, although in some municipalities more space and height is allowed.

Côte d’Ivoire has improved the strength of its legal rights through amendments in 2012 to the OHADA Uniform Act on Secured Transactions, which broadens the range of assets that can be used as collateral (including future assets), extends the security interest to the proceeds of the original asset, and introduces the possibility of out-of-court enforcement.

Although legal rights have been improved, the government and the citizens recognise the limit of the country’s housing policy. In 2016-2017 new regulations (Ordonnance No 2017–279/ 10 May 2017) were enacted, and efforts are being made to enforce various existing rules and regulations. It is expected that the improvement of housing policies will contribute to bridging the gap between supply and demand for homes, especially affordable houses.

Laws relating to housing include:

• Law 62-253/31-7-62: Invests full authority in the ministry of housing for the development of the country’s urban planning.
• Law 2003-208/7-7-203: Modified law 62-253/31-7-62 and transfers the authority from the central government to local authorities.
• Law 98-750/23-12-98: Transfers customary land rights to private property rights regulated by the state.
• Law (No2013-481) Arrêté de Concession Définitive: Passed in July 2013 and is the sole document for urban land registration. Facilitates the process of land acquisition and protects the right to property.
• Ordonnance No2017–279/ 10 May 2017: Reduction of 50 percent of taxes on profit for those developers who dedicate 60 percent of their production to social housing for the very low income group. This aims to encourage real estate developers to invest in housing development for low income groups. Fixes prices of houses built in the governmental programme: CFA12.5 million (US$21 078) for social housing and CFA23 million (US$40 020) for economic housing.

To improve its regulatory framework, in March 2019 the government formally created[1] a one-stop-shop for obtaining building permits, simplifying procedures, and reducing registration and miscellaneous costs. The country has also introduced an electronic Land Registry to streamline land title acquisition.

[1] Gouv.ci. (2019). Permis de construire: le gouvernement annonce la création d’un guichet unique. 13 March 2019. http://www.gouv.ci/_actualite-article.php?d=1&recordID=9811&p=3. (Accessed 7 October 2019).

Opportunities

The national housing market is developing, and the needs are enormous, which means great opportunities in all segments of the real estate industry – retail, industrial and tourist. The government is making efforts to improve the business climate, implement the ambitious National Development Plan, reform the banking sector, and simplify construction procedures and property registration. In March 2019, the Minister of Housing, while recognising the important delays in the realisation of the 150 000 affordable units promised in 2015 to be delivered by 2020, reiterated the government’s engagement in facilitating a massive affordable housing programme, with the help of international real estate developers.[1]

Côte d’Ivoire increased its cement production in 2018 with the setting up of the Cimaf factory with an annual capacity of 300 000 tons in Bouake.

The increased presence of foreign investors and developers, various government development programmes, and the efforts of the government to modernise and diversify are indicators of opportunities for the housing finance and housing development sectors.

[1] Afrique.la.Tribune.fr. (2019). Côte d’Ivoire, L’état annonce la construction à grande échelle de logements sociaux. 10 March 2019. https://afrique.latribune.fr/entreprises/industrie/btp-immobilier/2019-03-10/cote-d-ivoire-l-etat-annonce-la-construction-a-grande-echelle-de-logements-sociaux-810133.html. (Accessed 7 October 2019).

Availability of data on housing finance

In Côte d’Ivoire, the National Institute for Statistic was created in November 1996. It is responsible for ensuring the technical co-ordination of the activities of the national statistical system and for carrying out the production and dissemination of statistical data for the needs of the government, public administration, the private sector and development partners. With the support of the African Development Bank, the Ivorian government put in place in 2016 the government open data platform, providing relatively updated information on the country housing sector.[1] The central bank and international organisations such as the World Bank provide updated information on the financial sector and some aspects of the housing finance sector, however, it remains challenging to obtain updated information on mortgages.

Additional sources

BA Ibrahima, Directeur Général INS, Directeur Exécutif du RGPH2014; Recensement Général de la Population et de l’Habitat 2014.

Combien coute (2018). Salaire moyen. https://www.combien-coute.net/salaire- moyen/cote-d-ivoire/ (Accessed 14 September 2018).

International Monetary Fund (2017). IMF Country Report No 17/372 Cote d’Ivoire – December 2017.

Recensement General de la Population et de l’Habitat (2014). Ibrahim Ba. Rapport d’exécution et Présentation des principaux résultats. http://www.ins.ci/n/documents/RGPH2014_expo_dg.pdf (Accessed 14 September 2018).

Websites

The World Bank https://www.worldbank.org/

African Development Bank https://www.afdb.org/en/c

Populationof https://www.populationof.net/cote-divoire/

BCEAO https://www.bceao.int/

BNI https://www.bni.ci/

BHCI (2019). https://www.bhci.ci/