Examples of affordable housing projects on the ground from the 2023 Housing Finance in Africa Yearbook
Housing projects in Eritrea are rarely documented, which hinders knowledge of ongoing and completed developments in the sector. The Asmara Housing Project located in the districts of Halibet, Sembel, and Space is the most recent housing project that could be found through online sources.
Cabo Verde launched its first blue bond on the Blu-X sustainable finance platform in January 2023 in alignment with the country’s focus on blue finance, an emerging area in climate finance. This is the first initial public offering (IPO) listed on Blu-X and the bond could generate CVE 360 685 (US$3 568) in private finance. The bond aims to raise investment in Cabo Verde’s Ocean economy while divesting from polluting industries. Cabo Verde had previously issued four sustainable bonds totaling CVE 3.349 billion (US$33.13 million) through a strategic partnership between the Cabo Verde Stock Exchange (Bolsa de Valores de Cabo Verde – BVC) and the UNDP under CaboVerde’s integrated national financing framework (INFF).
Blue Finance seeks to help safeguard access to clean water, protect underwater environments, and invest in a sustainable water economy. Blue bonds and blue loans are innovative financing instruments that raise funds for investments in water and wastewater management or offshore renewable energy. Given the proximity of the housing infrastructure to the seafront and that approximately 80% of the population resides in the coastal zones prone to sea-level rise, these investments will assist with some of the challenges faced in the housing sector in the country and assist in improving the relatively poor river network and improve discharge flows and increase the resilience to water scarcity and/or drought in the country.
UN-Habitat, the Global Green Growth Institute (GGGI), and the Clean Cooling Collaborative support the government of Burkina Faso in implementing a social housing project focused on energy efficiency. The overall goal is to reduce energy demand and improve energy efficiency in the housing sector. The use of local materials by Burkinabè architect Diébédo Francis KERE, winner of the 2022 Pritzker Prize, has contributed significantly to their promotion.
In the commune of Saaba, the Abdoul Service International company has built a modern, secure eco-city called “Cité de la Nouvelle Génération”, covering one hectare and comprising 27 flats in a three-story building, a crèche, a garden, a basketball court, a car park, and a water tower.
The urban restructuring project for the Saaba non-loti area includes innovative financing arrangements. Three innovative financing options are proposed: full financing by 90% of residents, shared financing between developers and 90% of residents, or shared financing between developers, residents, and concessionaires.
The government has shifted its attention from using public funds to help housing of middle- to upper-income earners in urban areas, to providing free social housing to the poorest of the poor in rural areas through a Pro-Poor Housing Project. This approach will improve the livelihoods of impoverished rural dwellers and at the same time allow the private sector to lead affordable housing investment for the middle to upper-income earners in urban areas.
The Pro-Poor Housing Project is being implemented by the Liberia Agency for Community Development at an initial cost of L$1.42 billion (US$8 million) and will comprise 568 housing units to be freely owned by beneficiaries across the 15 counties. Each unit size (62.7 m2) comprises two bedrooms, a living room, a bathroom, and two porches. The walls are made of cement bricks and roofing is done using corrugated roofing sheets. The project is underway, but it is not clear how many units have been completed to date.
Casa Real is an affordable housing developer based in the coastal city of Beira. Since 2018, Casa Real has disrupted the market by promoting access to decent, affordable, and safe homes for low and middle-income families. The condominium development in Inhamizua offers housing typologies ranging from a basic one-bedroom, 26m2 house with a sale price of MT621 000 (US$9 7445) to a 55m2 two-bedroom house priced at MT1.6 million (US$25 109). In the pilot phase, 10 homes were constructed and in phase two, 71 homes have been completed. The developer has plans to complete a 180-house development for 900 people, that is fully serviced with basic infrastructure.
Also Read: Itasca Project Housing Innovation Report