A Guide to the Benin Real Estate Market

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A Guide to the Benin Real Estate Market

June 30, 2017

 Is it possible to sell land in Benin fast at a good rate? Yes, certainly, as long as you truly understand the real estate market in Benin, and have very good local contacts. The best way to do it is to hire a reputable overseas property specialist, who makes sure that you find a buyer for your property and are able to get a good price for it.

Benin is a poor African country, with a population of 7.8 million, and a GDP per capita income of just $682. It is located between other equally poor African countries, Togo and Nigeria. What makes Benin interesting is that it is the first African country to have made the transition from dictatorship to democracy successfully.

We won’t go into details into the politics of Benin, but it suffices to say that this is a typical African country where communism and authoritarianism held sway for much of the 1970s and 1980s. The nation really began improving in the 1990s and 2000s, thanks to the international community and more importantly, because of the real desire for change that arose from the ordinary people of Benin.

Benin remains one of the poorest countries in the world. The condition of the people here is deplorable, to say the least. Corruption is rampant and a select few, not more than 5 percent of the population, have managed to enrich themselves at the expense of the vast majority of the public.

The people here subsist on agriculture as their main source of income. The agricultural output growth has been more than 5 percent for the last decade, but this is not enough to keep up with the demands of the fast growing population.

There are no restrictions on the purchase of land by non-residents in Benin. Anyone is welcome to buy property here, no matter where they are from. The government actively encourages investment in real estate.

However, there are serious concerns. For one, the land tenure system in Benin is very complicated and it is very unclear as to who the actual owners of the property really is. You can certainly buy land in Benin online, but you should make it a point to get the sales deed checked by a lawyer and get the approval of the local officials, just to be sure.

 While Benin has a free market economy, the fact remains that it is a desperately poor country. The only real export here is cotton, and there is no real industry of any sort. But the economy is fundamentally sound.

Privatization continues at a fast pace in Benin. Water, electricity, telecom and agriculture have been privatized. The government is more of a facilitator than a participant in the market. This is certainly very positive.

The inflation in Benin is only 1 percent. This makes it s refreshing change from other African nations such as Zimbabwe which are affected by hyperinflation. In Zimbabwe, the inflation is over 1000% - this goes to show that Benin is a well governed country, and despite the poverty and lack of industry here, the future of Benin is bright.