Africa -  Senegal - Dakar

The Senegal GDP growth reached 7% in 2017 and is expected to continue at similar levels for the next few years with the success of the “Emerging Senegal Plan”. The Emerging Senegal Plan is a 20-year strategic plan to drive the country’s economic growth, improve infrastructure and expand tourism.

Investments in infrastructure, notably water and energy, combined with the government’s efforts to create a better business environment led to an upgrade of the country’s rating by Standards & Poor (B/B+) in 2017 which in turn helped improve investors’ confidence and diversify the investment environment. The country received direct investment from the UAE, South Korea, China and India and the inflow of FDI increased from US$276 million in 2012 to US$532 million in 2017, mostly targeting Dakar.

The opening of new Blaise Diagne International Airport in Diamniado, 40 kilometres east of Dakar, in December 2017 is likely to boost tourism arrivals in the capital. Although the new airport has a remote location, roads have been rehabilitated and there is a plan for an express railway connecting the airport to the city. The airport can accommodate three million, a 50% increase on the now-closed Leopold Sedar Sanghor airport. In addition, Diamniado is at the heart of the city’s development with a new tech city, research centres and medical campus that are likely to boost business tourism in Dakar.

International hotel brands show an increasing interest in Dakar: Radisson Hotel Group just opened a second property in close proximity to the airport and Hyatt and Marriott are expected to open properties in the city in 2019. The presence of international brands in the capital is expected to induce tourism demand. Values were up by 30.6% in 2017 and are expected to grow by 2% in 2018 and 10% in 2019 despite an increase in supply.

Exchange Rate:

Exchange Rate 2016 Exchange Rate 2017 Change 2016/2017 Exchange Rate 2018 Change 2017/2018
US$ 1 0 0
Senegal - Dakar 0.00167 0.00172 3.0% 0.00182 5.8%

Change In Value For Market:

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: Less than -10%

Senegal - Dakar RevPAR Change

Senegal - Dakar RevPAR

Year RevPAR
2015 60.61
2016 70.99
2017 86.06
2018 (f) 83.58
2019 (f) 91.60
2020 (f) 90.85

For more information, please contact:

Tim Smith, MRICS
[email protected]
  • +27 797 342296 (w)
Rishabh Thapar
[email protected]
  • +27 0 792790584 (m)
Laura Dutrieux
[email protected]