Housing Finance in Equatorial Guinea


This profile is also available in French here.

To download a pdf version of the full 2023 Equatorial Guinea country profile, click here.

Due to EQG’s growing economy, population, urbanization, and industrialization, the housing sector has been active in the last 20 years. In 2022, EQG’s African and Atlantic populations totaled 1.7 million. Urbanization is expected to reach 3.62 percent by 2025. In this region, only Bata and Malabo have over 30,000 people.

EQG’s economy grew quickly after oil was discovered in the 1990s. Natural gas reserves were recently discovered. IMF: Hydrocarbons make up 97% of exports (crude oil, 69%), 80% of government revenues, and 43% of GDP. GDP growth rebounded to 1.4% after a 4.9% contraction in 2020, helped by oil and non-oil sector growth. Private education (4.1%), health (3.4%), business (2.3%), and restaurants and hotels (1.7%) all grew. Horison 2020’s second phase focuses on developing new industries to reduce oil dependence. Slow economic diversification remains important for the country’s growth and stability. 2017 was EQG’s first year as an OPEC member. GEPetrol and Sonagas, EQG’s SOEs, dominate the economy with few spillovers. COVID-19 exposed administrative failures and the country’s crisis management incompetence.

Climate change threatens EQG’s natural resources and location. Rising sea levels, higher temperatures, less rain, and extreme weather affect key sectors. April-May and October-December are rainy seasons on the mainland, and July-January on the islands. Plan, design, and build for urban flooding.

EQG has built 8,611 social homes since 2010. The informal economy and self-construction dominate the housing sector. Poor families who can’t afford even informal external labour use family or neighbors. Oil company employees and high-income families have private homes in Malabo.

Bad loans, gloom, and payment arrears have weakened banking. Banking liberalisation hasn’t reduced financing costs due to a lack of competition. Government debt has increased interest rates and reduced private sector credit. Personal loan rates are 15% to 20%, and mortgage rates are 12% to 18%. Business loans with 20% or higher interest rates limit entrepreneurs’ opportunities. Foreigners’ credit eligibility is unknown.

Infrastructure, energy, housing, water, and sanitation have been modernised since the oil boom. The EQG’s fisheries area is 314,000 km2 and includes bays, rivers, and mangroves. 350 metric tonnes of industrial fishing catch 5,000 metric tonnes of fish and 600 metric tonnes of crustaceans annually.

Find out more information on the housing finance sector in Equatorial Guinea, including key stakeholders, important policies, and housing affordability:

Each year, CAHF publishes its Housing Finance in Africa Yearbook. The profile above is from the 2023 edition, which has up-to-date profiles for 55 African countries.

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