This country report forms part of The Centre for Affordable Housing Finance’s Investor Programme which aims to reduce key information asymmetries on who, why and how investments are made in the African housing sector. With the intention of identifying and championing increased investment in affordable housing, the report includes insights and analysis into the depth and breadth of investment in Madagascar’s housing and housing finance sector. The overall goal of this project is to quantify investment activity for housing and housing finance across Africa, and to set up a mechanism to track this on an ongoing basis. This project has collected data and highlights gaps and opportunities in the investment landscape. To stimulate greater investment in affordable housing and connecting investors with potential investments, the report profiles investors and investment instruments with the greatest impact on the housing finance market within the Southern Africa Development Community (SADC). Growing financial sector experience and increasingly sophisticated financial instruments are driving investor interest in African real estate. This includes new market opportunities related to a rising urban middle class, an increasingly localised construction material industry and innovations in housing finance such the emergence of Real Estate Investment Trusts (REITs) and mortgage liquidity facilities (MLFs) across Africa. However, the chronic lack of rigorous data on financial infrastructure investment presents a key barrier to this growth. This is particularly true for the housing sector as stimulating targeted investments relies on highly differentiated data that illustrates market segmentation. In supplying market intelligence that makes the case for investment in underserved markets (segmenting and quantifying the demand side; and scoping, understanding, and tracking the supply side), we can support a better policy environment and increased private sector activity in affordable housing markets. In this way, we catalyse scale interventions.