Morocco has ranked as the fifth most expensive African country to rent a one-bedroom apartment, Business Insider Africa reported on Sunday.
Basing its ranking on data obtained from Numbeo, a website that provides data on the cost of living across the world, Business Insider Africa revealed the nine most expensive African countries to rent property.
While the average net salary in Morocco’s capital city of Rabat is $429.62 (MAD 4,565), a one-bedroom apartment in the center of the city costs an average of $469.49 (MAD 4,989) per month.
“Morocco has a property price-to-income ratio of 12.60% and an affordability index of 0.98,” indicated Business Insider Africa.
With a property price-to-income ratio of 87.65% and an affordability index of 0.04%, Ghana was ranked as the most expensive country on the African continent to rent a one-bedroom apartment.
A one-bedroom apartment in the center of Accra – Ghana’s capital city – costs as much as $884.46 per month, while the average monthly net salary in the city is $344.84. The West African country is followed by Kenya, Algeria, and Nigeria, respectively. Morocco – fifth place holder – is followed in the ranking by Egypt, Tunisia , and Mauritius, respectively.
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Meanwhile, South Africa came ninth with a property-to-income ratio of 3.07% and an affordability index of 2.93%. A one-bedroom apartment in the center of the biggest South Africans city, Johannesburg, costs an average of $422.94 per month. The average monthly net salary in the city is $1,535.73.
Business Insider Africa highlighted the expensive living conditions across the African continent, noting: “This reality is most problematic in many African countries where millions of people often resort to shanties due to their inability to afford decent living conditions.” Rising inflation, driven by the COVID-19 pandemic and the war in Ukraine, has made living expenses higher across the globe.
SOURCE: Morocco News
