Housing Finance in Algeria
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Loading... - Raha Karim
- 09 Aug 2022
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Algeria is the largest country in Africa. It has a population of 43.85 million inhabitants living in an area of 238 000km2, a density of 18 inhabitants per km2. Its gross domestic product (GDP) is DA35 376 billion (US$263 billion) and its GDP per capita is the highest in North Africa. The percentage of the urbanised population has changed significantly over 20 years, rising from 58.3 to 70%. To meet the increased need for housing, the authorities have implemented a number of programmes including the Public Rental Housing Programme and the Rental-Sale Housing Programme. A total of 3.6 million different kind of dwellings were built between 1999 and 2018, at a cost of DA5 788 million (US$43 million), according to the Minister of Housing, Urban Planning and the City, for which the construction materials have had to be locally manufactured since 2018. Despite these efforts, demand for housing is not matched by supply, with the housing deficit estimated at one million units in 2017. The problem of slums continues to be a priority for the public authorities even after several rehousing operations and, in 2020, the Minister of Housing, Urban Planning and the City announced that a new census of slum dwellers would be taken in an attempt to contain this.
Algeria is experiencing a difficult economic situation due to COVID-19, even though the country has been showing signs of recovery since the second half of 2020 with the gradual lifting of restrictions. The pandemic and other adverse developments, mainly the fall in oil prices and the reduction in the Organisation of the Petroleum Exporting Countries (OPEC) quota have plunged the country into recession with a contraction of its real GDP by 5.5% after a slowdown in growth for the fifth consecutive year. Read More...
