Earn Your Leisure Podcast: “Africa’s Real Estate Boom Is Just Getting Started | How to Invest Safely”

Hosts: Rashad Bilal & Troy Millings
Guest: Real Estate Expert/Entrepreneur based in Dakar, Senegal
Release Date: December 26, 2025

Overview

In this episode, Rashad and Troy dive into the burgeoning African real estate market, with a specific focus on investing safely in regions like Senegal and West Africa. Their guest—a seasoned real estate entrepreneur—shares practical, on-the-ground advice for prospective investors, the outlook for Africa’s property sector, market dynamics, and the crucial steps to avoid common pitfalls.
The episode highlights Africa’s unique opportunities, the importance of due diligence, the rise of the middle class, and the emerging bridge between African and diaspora entrepreneurship.

Key Discussion Points & Insights

Starting a Real Estate Journey in Africa

• Career Pivot and Motivation

  • The guest shares his journey: working in hospitality in France, then moving to Dakar, Senegal to make a more meaningful impact.
    • “When you go work in big cities, you just add some small percentage over small percentage... Here, you become a player quickly.” (04:16)
  • The chance to become an influential investor is greater because the market is less saturated and more dynamic for newcomers.

• Market Opportunity

  • "The purchasing power when you’re American and you can put $100,000 in an apartment... and looking at ROI around 10% is not crazy. It’s interesting.” (05:18)
  • Real estate values are increasing; an apartment that cost $80,000 five years ago now costs $110,000-$120,000.
  • High returns: “The return is very high because it’s 23%.” (05:42)

Practical Real Estate Investment Advice

• Cash Purchases vs. Mortgages

  • Most property is bought in cash: “They don’t trust banks that much and they don’t want to be in the system to show their earnings.” (06:23)
  • Mortgages are difficult to secure compared to the US, with significantly higher barriers to entry.

• Avoiding Common Pitfalls

  • “You have to go through the proper channels. It cannot be, you know, a guy who knows a guy... That’s over—forget about this.” (07:41)
  • Invest only through registered real estate agents and notaries; escrow accounts provide safety.
    • “Anybody selling you that kind of ‘I know a guy who knows a guy,’ half the time it’s bullshit.” (07:44)

• Navigating Property Titles

  • Three types of contracts:
    1. Temporary permission from the city (mayor),
    2. Leasehold (often 50–99 years),
    3. Permanent title (“titre foncier”)—the gold standard that ensures legal ownership. (09:20-10:18)
  • “If you are a foreigner... ask for the official title… it’s impossible for anybody to get that land from you except if he gives you money in exchange.” (09:49)

Understanding Market Dynamics

• Location, Supply, and Demand

  • Dakar’s real estate is constrained by geography (“almost island”), so coastal property is appreciating fast, though rents remain stable. (11:07)
  • For local tenants, proximity to work and schools often outweighs ocean views. (12:03)

• Targeting the Right Demographic

  • The biggest growth lies in addressing the needs of the middle class and youth, rather than just luxury niches. (21:55; 23:11)
    • “Anything that has to do with the youth and the next generation... is a big matter and topic.”
    • "What can we do for the middle class? What are the mass market products that I can create for that middle class?” (23:11)

Entrepreneurship, Education, and Information Gaps

• Knowledge Sharing

  • Accessibility of information is a major challenge.
    • “There is a shortage of accessing information—succession, how to build your real estate LLC, what you should do when you get your first money... Accessing information in Africa is definitely key.” (15:23)

• Raising Awareness

  • More creators and platforms are needed to bridge the US-Africa gap. (21:08)
    • “Awareness brings level of expectations, brings a level of performance—when people know, then you cannot easily get around their knowledge... there is a void in what you guys are doing.” (21:11)

Safe Investment Strategies

• Avoiding “Ego” Investments

  • Warns against ostentatious projects: “Real estate and hospitality are huge platforms for ego assets... I’m the biggest player in town, I want the biggest building, even though it doesn’t respond to a need.” (24:02)
  • Focus on due diligence, demand, safety, and execution, not vanity projects.

• Execution Over Innovation

  • “Innovation and new ideas, let’s say, it’s okay, but the most important is the quality of your execution. Can you execute... can you gather around you the good guys to work with you... Execution is key.” (25:31)

Wealth, Lifestyle, and Costs

• What’s Middle Class and “Rich” in Africa?

  • Middle class: “In Ivory Coast... middle class [is] from $1,000 to even $1,500, $2,000 [per month]... a guy that makes $1.5K here lives significantly better than a guy that makes $1.5K in France.” (26:14)
  • A US income of $100,000/year puts you “well off” in Africa: “With that kind of money, you’re–you’re well off here. Really.” (28:46)

• Cost of Living

  • Entry-level salaries are low ($200–250/month), so foreign income goes far.
  • Even $5,000/month from remote work “and you make that kind of money, you can invest, you can... you’re doing really good.” (29:06-29:13)

Hospitality Background

• Translating Hospitality Skills to Real Estate
  • The guest reflects on how anticipation, execution, and leadership learned in hospitality now apply to his real estate ventures.
    • “Execution is the first thing. Anticipation... Leadership and smart, anticipating leadership is key.” (29:47)
  • Importance of understanding Africa’s diversity: “It’s overrated to talk about ‘Africa’... we need to get in that point where we say Dakar, Abidjan, Nyame, Nairobi, etc.” (31:17)

Regional Market Preferences & Stability

• Investor Recommendations
  • Markets with recent political stability such as Benin, Morocco, and Guinea are highlighted for their impressive growth and opportunity. (34:32)
    • “The first gift we should wish for Africa is political stability, regime stability... When you give them stability, it skyrockets.” (34:45)
  • Morocco’s rapid development is praised: “Every five years I go there and I say, ‘What’s going on? How are they able to execute that quick?’” (35:23)

Notable Quotes & Memorable Moments

• “Anybody selling you that kind of ‘I know a guy who knows a guy,’ half the time it’s bullshit.”
  — Real Estate Expert (07:44)

• “You have to go through the proper channels... If you have money, you go through the official channels, everything’s gonna be fine for you.”
  — Real Estate Expert (07:41)

• “The gold standard is the permanent title... it’s impossible for anybody to get that land from you except if he gives you money in exchange.”
  — Real Estate Expert (09:49)

• “Awareness brings level of expectations, brings a level of performance; when people know, you can’t get around their knowledge.”
  — Real Estate Entrepreneur (21:10)

• “Innovation... is okay, but the most important is the quality of your execution. Execution is key.”
  — Real Estate Expert (25:31)

• “With $100,000, you’re well off here. Really.”
  — Real Estate Expert (28:46)

• “Let’s not only focus on luxury goods, let’s also learn how to manufacture mid-scale range projects or even mass market products.”
  — Real Estate Expert (33:44)

Timestamps for Major Segments

• [04:10] — Why move from Europe to Africa for business?
• [05:18] — Concrete numbers: apartment ROI and appreciation
• [06:23] — Cash vs. mortgages; banking challenges
• [07:34 – 08:30] — Safe buying process & notary example
• [09:20 – 10:18] — Types of title/ownership & why “permanent title” matters
• [11:07] — Impact of geography on value in Dakar
• [13:17] — What’s the safest investment for new/foreign investors?
• [15:23] — Education, access, and information challenges
• [21:10] — Role of content creation and bridging US-Africa
• [21:55; 23:11] — The youth, middle class, and “mass market” opportunity
• [24:02–25:31] — “Ego investments” and why execution matters
• [26:14] — What is considered middle class and “rich” in West Africa
• [29:47] — Hospitality skills that translate to entrepreneurship
• [31:17] — Africa’s diversity and traveler market shift
• [34:32–35:45] — African countries with strong growth and stability
• [36:43] — Importance of the growing connection between African diasporas

Takeaways for Listeners

• Africa’s real estate market has vast, accessible opportunities for those who do their homework and follow formal, legal channels.
• The true boom is driven by the rise of the middle class and need for mass market solutions—not luxury alone.
• Political stability and safe, documented ownership are non-negotiable for serious long-term investment.
• Execution trumps innovation—build with local needs, strong teams, and attention to detail.
• The need for information bridges between continents is opening exciting entrepreneurial doors.

This summary skips all non-content, advertisements, and sponsor segments to focus solely on actionable, insightful discussions from the episode’s main content.