Real estate emerged as the most preferred investment asset among investors in Nigeria, Ghana, Kenya, and Uganda in 2025, according to Risevest’s Cost of Living Report 2025.
The report analysed more than 19,000 validated survey responses across the four countries, revealing a strong tilt toward property as investors seek stability, long-term growth, and protection against economic uncertainty.
According to the report, real estate accounted for the largest share of investment allocations among respondents:
- Real estate – 22.32 per cent
- Stocks – 20.51 per cent
- Mutual funds – 18.10 per cent
- Fixed deposits – 7.54 per cent
- Cryptocurrency 5.28 per cent
- Agritech – 0.60 per cent
- Other investments – 10.71 per cent
Overall, 85.1 per cent of respondents said they were active investors in 2025, while 14.93 per cent did not participate in any investment activity.
The findings highlight investors’ growing preference for tangible assets amid inflationary pressures and shifting macroeconomic conditions across Africa.
Real estate has historically been a dominant asset class across Africa due to its perceived stability, income-generating potential, and hedge against inflation.
Investors typically access the market through:
- Direct property ownership – residential, commercial, or industrial assets that generate rental income and capital appreciation.
- Real Estate Investment Trusts (REITs) – professionally managed, pooled investment vehicles offering dividend income and improved liquidity.
In Kenya and Nigeria, REIT markets have gained traction. Kenya offers dollar-denominated I-REITs, while Nigeria has products such as the MOFI Series 2 Real Estate Investment Fund and listed REITs including SFS REIT, UPDC REIT, and UH REIT.
Market Trends and Regional Outlook
Nigeria’s mutual fund industry grew to N7.67 trillion in assets by December 2025, with real estate funds and REITs accounting for N483.06 billion (6.30%) of total assets.
While Nigeria and Kenya are expanding their REIT markets, South Africa remains dominant, controlling over 95 per cent of Africa’s $29 billion REIT market, supported by more than 30 listed vehicles on the Johannesburg Stock Exchange.
In Kenya, REITs such as Acorn Student Accommodation REIT and LAPTRUST Imara I-REIT have driven growth in student housing and commercial property. Morocco also maintains a stable real estate investment environment through vehicles like Immorente Invest, which focuses on offices, logistics, and industrial hubs.
