As you might already know, 2020 was a tough year. It was even tougher on the real estate sector in Cameroon. The COVID-19 pandemic negatively affected the real estate market, triggering an almost 30 per cent slump in its prices and property value.
Cameroon is the largest economy in the Central African Economy and Monetary Community (CEMAC), however, the country is considered a lower-middle-income nation and classified as a least developed country. Notwithstanding, in the last five years, Cameroon has recorded a slow-paced Gross Domestic Product (GDP) growth, reportedly hindered by the fall of oil prices, Boko Haram security challenges in the north, and the ongoing secessionist insurgency in the Northwest and Southwest regions of the country.
What a man desires most at the end of a hard day’s work is a comfortable bed to lay down. Shelter is a basic human need and to a large extent determines your overall quality of life. Sadly, housing has been a major challenge in Cameroon for decades and although the government has embarked on a couple of housing schemes, there are some setbacks such as:
Douala is no doubt the economic hub of Cameroon and home to the largest port in Central Africa. It serves as the economic capital of the entire CEMAC region covering Gabon, Congo, Chad, Equatorial Guinea, Central African Republic and Cameroon. Its major international airport, Douala International Airport (DLA) and seaport handles almost all exports and imports and plays a key role in the economic development of Central Africa. Douala also hosts about 75% of Cameroon’s companies, generates over 60% of the total GDP and accommodates an estimated 3 million inhabitants. A number that is rapidly increasing.
The demand for houses outweighs the supply of houses in Cameroon. To meet this high demand, low-cost homes are developed to cater to the needs of the ever-rising urbanized population (the Growing Housing Problems in Douala, the Economic Hub of Cameroon) However, what people really want is to live in structured communities with top class amenities. In Cameroon, suppose you buy an already built house, you will probably need to renovate the building. If you’re renting, you might equally need to make some upgrades as well and renovations can be costly. Another challenge is getting an architect or a contractor that can make the necessary changes to suit your specification.
At some point in our lives, we all dream of owning a home. The process of owning your first home in Cameroon requires huge financial commitment and a lot of paperwork. Over the years, Cameroon’s urbanization growth rate has consistently risen, reaching 55.78% in 2017. Unfortunately, the growing urbanization rate does not correlate with infrastructural development, resulting in a huge deficit in the housing market particularly, for homes within gated communities.
I bet you’ll agree that buying a bigger home represents moving a class up in life.
Or is it?
As incredible as it seems, living large doesn’t necessarily mean living better. Do you know that most families in the U.S. have so much space in their homes that they can actually downsize without constricting their lifestyle?
My friend Jeff is in his 70’s and now lives the RV lifestyle. He and his wife sold his home, all his possessions, and now drive around in their 400 square foot house on wheels. He said something to me a long time ago which still sticks:
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