Real estate emerged as the most preferred investment asset among respondents in Nigeria, Ghana, Kenya, and Uganda in 2025.
This insight comes from Risevest’s Cost of Living Report 2025, which analysed over 19,000 validated survey responses across the four countries.
The findings show that investors leaned toward property to balance risk, achieve stability, and secure long-term growth amid evolving economic conditions.
What the report is saying
The report revealed that real estate captured the largest share of investment allocations among surveyed respondents. Stocks and mutual funds followed, reflecting continued reliance on traditional financial instruments.
- Real estate accounted for 22.32% of investment allocations.
- Stocks made up 20.51%, while mutual funds represented 18.10%.
- Fixed deposits captured 7.54%, cryptocurrency 5.28%, agritech 0.60%, and other investments 10.71%.
- Overall, 85.1% of respondents were active investors, while 14.93% did not engage in any investment activity during 2025.
Backstory
Real estate has historically been a preferred investment in Africa due to its tangible value, income potential, and diversification benefits. Across Nigeria, Ghana, Kenya, and Uganda, investors increasingly use property to hedge against inflation and economic volatility.
- Direct property investment involves residential, commercial, or industrial assets with returns from rental income or capital appreciation.
- Real Estate Investment Trusts (REITs) offer a pooled, professionally managed option, providing income through dividends and liquidity.
Kenya and Nigeria have developed active REIT markets, with products like dollar-denominated I-REITs in Kenya and MOFI Series 2 Real Estate Investment Fund in Nigeria.
More insights
Investors across Africa balance between traditional financial instruments and property-focused portfolios to navigate economic uncertainty. Real estate provides stability and growth potential depending on strategy and asset size.
Nigeria’s REIT market includes prominent players such as SFS REIT, UPDC REIT, and UH REIT, offering diversified opportunities for both retail and institutional investors.
- Total mutual fund assets in Nigeria reached N7.67 trillion by December 2025, with real estate funds and REITs accounting for N483.06 billion (6.30%).
- South Africa dominates the continent’s REIT market, holding over 95% of Africa’s $29 billion market, supported by more than 30 listed vehicles on the Johannesburg Stock Exchange.
These trends show that African investors can access diverse real estate opportunities through direct ownership, REITs, and mutual funds, balancing risk, liquidity, and potential returns.
What you should know
Real estate continues to be a cornerstone of investment portfolios in Nigeria, Ghana, Kenya, and Uganda.
Investors benefit from rental income, capital appreciation, and portfolio diversification while navigating regional economic challenges.
- In Kenya, REITs support student housing and commercial developments, including Acorn Student Accommodation REIT and LAPTRUST Imara I-REIT.
- In Nigeria, REITs like SFS REIT, UPDC REIT, and UH REIT, along with MOFI Series 2 Real Estate Investment Fund, provide liquidity and long-term value.
Beyond Nigeria and Kenya, Morocco offers stable real estate investment through structures like Immorente Invest, focusing on offices, logistics, and industrial hubs.
As interest rates, inflation, and housing demand shape African markets, investors are increasingly using real estate to balance stability, growth, and income potential.
