At a Glance
- West and North African firms dominate value through listed REITs and master-planned developments.
- Retail-led portfolios and mixed-use precincts deliver resilient cash flows and inflation hedging.
- Sustainability, green buildings and energy efficiency now shape long-term capital allocation strategies.
Africa’s real estate sector has emerged as one of the continent’s most durable wealth engines, driven by rapid urbanisation, population growth and rising demand for modern housing, retail and commercial infrastructure.
From Johannesburg and Cairo to Gaborone and Lagos, a new class of developers is shaping how Africa lives, works and shops, while generating billions in long-term asset value.
Unlike speculative cycles seen elsewhere, Africa’s largest developers are building with scale and patience, anchoring projects around mixed-use precincts, gated residential communities, logistics hubs and income-yielding retail assets.
Many operate as listed property firms or conglomerates, giving investors exposure to stable rental income, capital appreciation and inflation-hedged assets.
Sustainability has also become central. Green buildings, energy efficiency, water conservation and community-focused developments now define leading portfolios, as developers respond to climate risks and regulatory pressure. Across Southern and North Africa, these firms are no longer just builders—they are city-makers, employers and custodians of long-term capital.
Shore Africa chronicled 20 of Africa’s most influential real estate developers, ranked by scale, market presence and strategic importance.
1. Growthpoint Properties
Country: South Africa
Market Valuation: $3.7 billion
South Africa’s largest listed REIT, Growthpoint owns a diversified portfolio spanning offices, retail, logistics and mixed-use assets. With exposure across South Africa, Europe and Australia, the company prioritises income stability, green-certified buildings and capital preservation. Growthpoint Properties Limited is currently the 43rd most valuable stock on the JSE with a market capitalization of R60.8 billion ($3.7 billion), which makes about 0.252 percent of the Johannesburg Stock Exchange equity market.
2. TMG Holding
Country: Egypt
Market Valuation: $3.64 billion
Owned by billionaire Hisham Talaat Moustafa, TMG Holding is Egypt’s most powerful real estate conglomerate. It develops large master-planned cities combining housing, hospitality and retail, creating self-sustaining urban ecosystems. TMG Holding is currently the 3rd most valuable stock on the Egyptian bourse with a market capitalization of EGP172.58 billion ($3.64 billion).
3. Travaux Généraux de Construction
Country: Morocco
Market Valuation: MAD30.41 billion ($3.32 billion)
Travaux Généraux de Construction de Casablanca SA operates as a contractor in construction and public works. It builds in residential, hotel, commercial, industrial and administration sectors. The company was founded by Mohammed Bouzoubaa in 1991 and is headquartered in Casablanca, Morocco. Travaux Généraux de Construction is currently the 9th most valuable stock on the Casablanca bourse with a market capitalization of MAD30.41 billion ($3.32 billion).
4. Vukile Property Fund Ltd
Country: South Africa
Market Valuation: $2.12 billion
Vukile Property Fund owns and manages dominant retail centres in South Africa and Spain. Its strategy centres on convenience-led shopping malls anchored by essential retailers, delivering resilient income streams and inflation-protected returns across economic cycles. Vukile Property Fund Ltd is currently the 59th most valuable stock on the South African bourse with a market capitalization of R34.7 billion ($2.12 billion), which makes about 0.145 percent of the Johannesburg Stock Exchange equity market.
5. Sirius Real Estate Ltd — Europe / Africa-linked
Country: Berlin, Germany
Market Valuation: $2.04 billion
Sirius Real Estate specialises in business parks and light industrial properties across Germany and the UK. Its value-driven strategy targets underutilised assets, improving occupancy and rental income through active asset management and tenant-focused redevelopment. Sirius Real Estate Ltd is currently the 61st most valuable stock on the South African bourse with a market capitalization of R33.5 billion ($2.04 billion), which is about 0.14 percent of the Johannesburg Stock Exchange equity market.
6. Douja Prom Addoha
Country: Morocco
Market Valuation: $1.5 billion
Douja Promotion Groupe Addoha SA also known as Groupe Addoha is a public company, listed on Casablanca Stock Exchange since July 2006 with a market capitalization of MAD13.77 billion ($1.5 billion). Addoha, with its real estate projects spanning across Casablanca, Rabat, Tangier, Marrakech, and Fes, has been a key player in Morocco’s housing sector, drawing both local and international investors. Anas Sefrioui, the founder with a networth of $1.5 billion and majority shareholder of the Casablanca-based real estate firm, holds a 64.78 percent stake—equivalent to approximately 260.8 million shares. Groupe Addoha, based in Casablanca, Morocco is the 18th most valuable firm on the casablanca bourse and was established in April 1988.
7. Alliances Developpement Immobilier SA (ADI)
Country: Morocco
Market Valuation: $1.29 billion
Alliances Developpement Immobilier SA is a public company, listed on Casablanca Stock Exchange since March 2010. Alliances operates within the real estate sector focusing on diversified real estate activities. Alliances is based in Casablanca, Morocco and was established in June 1994. ADI is currently the 21st most valuable stock on the Casablanca bourse with a market capitalization of MAD11.81 billion ($1.29 billion).
8. Lighthouse Capital Ltd
Country: South Africa
Market Valuation: $1.09 billion
Lighthouse Capital is a South Africa–linked real estate investment firm with a strong focus on retail property. Its portfolio spans high-quality shopping centres across South Africa and Europe, prioritising defensive assets, stable cash flows and long-term value preservation for shareholders. Lighthouse Capital Ltd is currently the 88th most valuable stock on the South African bourse with a market capitalization of R17.9 billion ($1.09 billion), which makes about 0.075 percent of the Johannesburg Stock Exchange equity market.
9. Resilient REIT
Country: South Africa
Market Valuation: $1.8 billion
Resilient REIT Limited is a JSE-listed, retail-focused real estate investment trust that owns and develops a portfolio of dominant regional malls, shopping malls and retail centers predominantly tenanted by national retailers. Listed on the JSE since December 2002, the Trust is currently the 66th most valuable stock on the South African bourse with a market capitalization of R29.5 billion ($1.8 billion), which is about 0.123 percent of the Johannesburg Stock Exchange equity market.
10. Emaar Misr for Development
Country: Egypt
Market Valuation: $1.07 billion
A subsidiary of Dubai’s Emaar, Emaar Misr delivers luxury residential, commercial and hospitality projects. Its developments cater to Egypt’s upper-income segment, blending global standards with local market demand. Emaar Misr for Development is currently the 12th most valuable stock on the Egyptian bourse with a market capitalization of EGP50.82 billion($1.07 billion).
11. MAS Real Estate Inc. — Pan-European / Africa-linked
Country: Malta
Market Valuation: $964.11 million
MAS Real Estate is a JSE-listed property group with a portfolio concentrated in Central and Eastern Europe. The company focuses on income-producing retail and residential assets, leveraging disciplined capital allocation and asset optimisation to deliver sustainable, euro-denominated returns. MAS Real Estate Inc. is currently the 93rd most valuable stock on the bourse with a market capitalization of R15.8 billion ($964.11 million), which is about 0.066 percent of the Johannesburg Stock Exchange equity market.
12. Attacq Limited
Country: South Africa
Market Valuation: $756.47 million
Attacq is best known for developing Waterfall City, one of Africa’s largest mixed-use precincts. The JSE-listed firm invests across retail, office and residential assets, blending long-term urban planning with asset optimisation to enhance shareholder value. Attacq Limited is currently the 105th most valuable stock on the South African bourse with a market capitalization of R12.4 billion ($756.47 million), which makes about 0.052 percent of the Johannesburg Stock Exchange equity market.
13. Orascom Development Egypt
Country: Egypt
Market Valuation: EGP26.91 billion ($566.72 million)
Part of the Orascom Group, the company focuses on fully integrated towns such as El Gouna. Its model combines real estate, tourism and infrastructure, generating diversified and resilient income streams. Orascom Development Egypt is currently the 20th most valuable stock on the Egyptian bourse with a market capitalization of EGP26.91 billion ($566.72 million).
14. Palm Hills Development Company
Country: Egypt
Market Valuation: $525.57 million
Backed by the Mansour family, Palm Hills develops large residential communities and commercial hubs. Its portfolio reflects Egypt’s expanding suburban housing demand and rising purchasing power. Palm Hills Development Company is currently the 26th most valuable stock on the Egyptian bourse with a market capitalization of EGP26.91 billion ($566.72 million).
15. SODIC
Country: Egypt
Market Valuation: $485.83 million
Six of October Development & Investment Company is a leading Egyptian developer known for premium residential and commercial projects. SODIC targets affluent buyers and institutional tenants, with a strong emphasis on design and livability. Palm Hills Development Company is currently the 23rd most valuable stock on the Egyptian bourse with a market capitalization of EGP23.08 billion ($485.83 million).
16. Résidences Dar Saada SA
Country: Morocco
Market Valuation: $455.04 million
Résidences Dar Saada SA engages in real estate development activities. It sells residential and commercial properties. The firm also offers brokerage service. The company was founded by Abdelali Berrada Sounni in 2001 and is headquartered in Casablanca, Morocco. Résidences Dar Saada SA is currently the 38th most valuable stock on the Casablanca bourse with a market capitalization of MAD4.18 billion ($455.04 million).
17. New African Properties Limited
Country: Botswana
Market Valuation: $178.24 million
New African Properties manages a diversified portfolio of commercial assets across Botswana. The firm focuses on resilient tenant demand, disciplined asset management and steady shareholder returns. New African Properties Limited is currently the 13th most valuable stock on the Botswana bourse with a market capitalization of BWP2.45 billion ($178.24 million), which is about 0.295 percent of the Botswana Stock Exchange equity market.
18. RDC Properties Limited
Country: Botswana
Market Valuation: $176.8 million
RDC Properties is a dominant retail and commercial property owner in Botswana. Its malls and office assets anchor consumer activity, providing stable rental income and long-term asset growth. RDC Properties Limited is currently the 14th most valuable stock on the BSE with a market capitalization of R2.42 billion ($176.8 million), which makes about 0.291 percent of the Botswana Stock Exchange equity market.
19. Balwin Properties
Country: South Africa
Market Valuation: $91.52 million
Balwin is one of South Africa’s largest residential developers, focused on large-scale lifestyle estates. Its projects target the growing middle class, integrating affordability, security and sustainability through energy-efficient apartment living. Balwin Properties Ltd is currently the 221st most valuable stock on the JSE with a market capitalization of R 1.56 billion ($91.52 million), which makes about 0.0065 percent of the Johannesburg Stock Exchange equity market.
20. UPDC Plc
Country: Nigeria
Market Valuation: $74.66 million
UPDC Plc engages in the acquisition, development, sale, and management of commercial and residential accommodation and retail space. It operates through the Property Development, Sales, and Management; and Hospitality Services segments. UPDC Plc is currently the 59th most valuable stock on the Nigerian bourse with a market capitalization of N106 billion ($74.66 million), which is about 0.099 percent of the Nigerian Stock Exchange equity market.
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