Author: Thierno Birahim Niang KEY FIGURES Adel Bagrou, Nouadhibou, Main urban centres Noukchott, Rosso Exchange rate: 1 US$ = [a] 1 July 2019 36.84 Ouguiya (MRO)
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E N P A 1 PPP$ = [b] 103.80 Ouguiya (MRO) T U I B R L U IQ A U M E E Inflation 2018 [c] | Inflation 2019 [c] 3.0 | 3.9 IS E D LAMIQU Population [b] 4 403 319 Population growth rate [b] | Urbanisation rate [b] 2.7% | 4.4% Percentage of the total population below National Poverty Line (2017) [d] 43.6% Unemployment rate (% of total labour force, national estimate) (2017) [d] 10.2% Proportion of the adult population that borrowed formally (2017) [b] 7.5% GDP (Current US$) (2018) [b] US$5 366 million GDP growth rate annual [b] 3.6% GDP per capita (Current US$) (2018) [b] US$1 219 Gini co-efficient (2016) [b] 40.50 HDI global ranking (2017) [d] | HD country index score (2017) [d] 159 | 0.52 Lending interest rate (2017) [b] 17.0% Yield on 2-year government bonds n/a Number of mortgages outstanding [f] 326 264 Value of residential mortgages outstanding (US$) n/a Number of mortgage providers | Prevailing mortgage rate n/a | 8% Average mortgage term in years | Downpayment 35 | 10% Ratio of mortgages to GDP n/a What form is the deeds registry? [e] Paper Total number of residential properties with a title deed [b] 27 075 Number of houses completed n/a Number of formal private developers/contractors n/a Overview Number of formal estate agents n/a Mauritania is a middle-income country located between the Maghreb and Sub- Cost of a standard 50kg bag of cement [g] 280 MRO (US$7.60) Saharan Africa regions. Notwithstanding an abundance of mineral resources (iron, Price of the cheapest, newly built house by a formal developer or gold, phosphate and copper), the country's gross domestic product (GDP) remains contractor in an urban area (local currency units) 10 371 229 MRO Size of cheapest, newly built house by a formal developer or weak. The Mauritanian economy is recovering, with an estimated growth rate of contractor in an urban area 120m2 1 three percent in 2018 compared to 3.5 percent the previous year. This Average rental price for this unit in an urban area (local currency performance is driven mainly by the good performance of agricultural activity, units) [h] 247 970 MRO construction, fishing and manufacturing. Nevertheless, it was offset by the decline Number of microfinance loans outstanding n/a in extractive activity. Number of microfinance providers 24 Number of housing construction loans outstanding [j] 141 320 Number of providers of construction finance n/a In terms of international trade, the rise in imports was more pronounced than that of exports. Thus, the deterioration of the trade balance widened the current World Bank Ease of Doing Business Rank [e] 148 Number of procedures to register property [e] 49 account deficit from 14.3 percent of GDP in 2017 to 18.0 percent in 2018.2 The Time (in days) from application to completion for residential units in general level of prices has remained at a moderate level. In 2018, inflation stood the main urban city [e] 104 at 3 percent, an increase of 0.7 percentage points from 2017. This followed the increase in grain and bread prices, due to the 14.4 percent increase of international NB: Figures are for 2019 unless stated otherwise. wheat prices. The country's fiscal position resulted in a surplus of 1.5 percent of [a] Coinmill [f] United Nations Secretary-General's Special Advocate GDP in 2018 compared to a deficit of 0.2 percent of GDP the previous year. [b] World Bank World Development Indicators for Inclusive Finance for Development (UNSGSA) [c] IMF World Economic Outlook Database [g] Rfi Afique The urbanisation rate has increased particularly rapidly in the country. In 2018, [d] UNDP: Human Development Reports [h] Numbeo [e] World Bank Doing Business 2018 [i] Central Bank of Mauritania the population was 4.4 million, of whom 1 200 000 lived in the capital, Nouakchott. [j] World Bank Global Findex In 2018, the urban population accounted for 53.7 percent of the total population compared to 52.8 percent in 2017.3 Seventy percent of the urban population is concentrated in Nouakchott. This situation is exacerbated by the difference in the level of economic development between the different environments, droughts, percent in urban areas. Unemployment is more prevalent among youth and food insecurity and job hunting. Only a quarter of the urban population is women. In 2017, 44.2 percent of people between the ages of 14 and 35 were connected to electricity, half to water, and only a few have access to sanitation neither employed, educated nor in education. In addition, although women make networks. up more than half of the working-age population (57.5 percent), only 28.3 percent are employed, compared to 59.6 percent of men. About 86 percent of workers Sixty percent of the population is under 25.4 This reflects a demographic are employed in the informal sector. dependency ratio of 72.7 percent. The Human Development Index (HDI) of Mauritania is 0.520.5 The country is ranked 159th globally. Its Gini coefficient is Access to finance 32.7, reflecting a relative homogeneity of income. However, 31 percent of the Access to finance is the main factor hindering the development of Mauritanian population lives in relative poverty and 16.6 percent of the population lives in private sector enterprises.8 The country does not have a stock market since the conditions of extreme poverty.6 Extreme poverty in Mauritania is more prevalent announcement in 2014 of the Mauritanian Central Bank of the launch of a stock in rural areas. market did not materialise. Most economic actors depend on loans from commercial banks to get credit. In recent years, the number of microfinance The Mauritanian labour market has deteriorated, with an unemployment rate rising institutions (MFIs) has increased. The latter grant short-term loans at high interest from 10.1 percent in 2012 to 11.8 percent in 2017.7 This rate rises to almost 17 rates. 191 Access to housing finance in Mauritania through formal channels remains problematic. A large portion of the population does not have access to the Availability of data on housing finance financial system because they generally operate in the informal sector and remain In Mauritania, the National Office of Statistics (NOS) provides statistical 9 unbanked or under-banked. data. Created by Decree 90-026 / P / CMSN of 04 February 1990, NOS is responsible for implementing an integrated national system for th th Mauritania has moved from 159 to 144 place in the World Bank Doing Business the collection of economic, demographic and social statistics. Its mission 2019 report in terms of the “ease of getting credit” category. The coverage of the is to make available to the State, communities, and private investors the credit register for the Mauritanian adult population has increased from 7.1 in 2018 statistical data necessary for drawing up development plans and to 7.8 in 2019. Mauritania’s credit market remains fragmented, superficial and rationalising economic decisions in general. Apart from international informal. As urban centres are characterised by informality, lack of infrastructure, organisations such as the World Bank and the IMF, statistics on the lack of services, self-employment and low human capital, they are neither country come mainly from the NOS, the Central Bank of Mauritania conducive to private sector investment nor conducive to the development of and the various government ministries. This data is obtained through services with high productivity and tertiary sectors. extensive censuses, sample surveys, or by drawing on documents from the public or private sector. The Mauritanian Central Bank has continued to regulate the banking sector through reforms to streamline compliance with international standards. With the Data that should be published at regular time intervals (monthly, support and technical assistance of international agencies, including the quarterly, annually, etc.) are sometimes delayed. To better guarantee the International Monetary Fund (IMF), the Mauritanian banking sector has stabilised quality of the data, the country's adherence to the Special Standard for and access to credit has become less difficult and less expensive. In April 2019, the Dissemination of Statistical Data, like its neighbour, Senegal, the banking landscape is made up of 25 banks, domestic and foreign, while only constitutes a major challenge for the authorities. 15 percent of the population has bank accounts.10 Credit costs have remained stable since 2009, hovering between 10 and 17 percent in April 2019, reflecting the effect of competition between banks.11 In 2019, there are 21 microfinance institutions operating in the country; two specialised financial institutions; two Similarly, houses are expensive at UM26 525/m2 (US$720).14 For example, a pension funds; and 12 insurance companies. These institutions are under the 50m2 house is worth about UM1 293 084 (US$35 100) in Nouakchott. As a jurisdiction of the Central Bank of Mauritania. result, these dwellings are unaffordable for many residents, as 70 percent of the urban population earns no more than UM847 320 (US$23 000) a year.15 With liquidity that continues to decline, the financial sector remains vulnerable. Most of the financial sector assets are held by commercial banks. Due to Although the gross national income (GNI) is low at UM44 208 (US$1 200), it is budgetary trends and external factors at the end of 2017, the debt-to-service higher than the GDP. This suggests more foreign investment domestically than 12 ratio is estimated at 14.7 percent. Although the banking system appears to be outside investment. It is therefore likely that few Mauritanians will have access to well-capitalised overall, some banks still do not reach the minimum capital these properties. According to the World Bank/IMF Poverty Reduction Strategy requirement and remain under-capitalised. Asset quality remains weak. The Paper III (2011-2015), action plans included improving living conditions by making increase in nonperforming loans, from 20.0 percent in 2013 to 27.6 percent in low-cost housing available and affordable while providing corresponding facilities 2015, led banks to grant less credit. and infrastructure.
Mauritania’s mortgage market is not yet able to meet demand expectations. There Housing supply is an absence of banks specialised in mortgage lending and lack of new binding In recent decades, rural-urban migration has led to increased demand for housing instruments for housing finance. The Central Bank of Mauritania continues to and basic social services in urban areas. Annual housing demand is estimated at strengthen its regulatory framework and supervisory capacity to support the 10 000 units. According to an inventory carried out in 2009 by the Ministry of development and stability of the financial system. However, the opening of Housing, Urban Planning and Territorial Development, the gap between demand branches outside the main urban centres of Nouakchott and Nouadhibou has not and supply is 233 percent (3 000 housing units versus annual demand of 10 000). led to an increase in the use of banking services. To mitigate this situation, in early 2019 the state implemented a series of measures including the merger of Socogim and ANAD into a company called ISKAN, The country does not have a private agency and only 7.8 percent of the adult contributing to the realisation of several housing programs. population is registered in a public credit registry. Household credit was 38 percent in June 2016 and dominated credit in the private sector. The effectiveness The Urban Development Project (UDP) is aimed at fighting poverty in the of mortgage lending has been hampered by banks' lack of diligence in registering precarious neighbourhoods of Nouakchott and Nouadhibou. The UDP combines mortgages and by high registration fees. access to housing, access to credit, vocational training and local development. The project has demonstrated that the risk for development is moderate, banks’ Affordability performance is satisfactory, as is the performance of the borrower. The project 13 About 80 percent of Mauritanian households are homeowners. This situation has also revealed the viability of microcredit operations for the creation of income can be explained by the housing policies implemented by the State for several activities in Mauritania. Slum redevelopment, however, has limitations in the years which have aimed to provide each Mauritanian citizen with a house, by absence of adequate regulatory frameworks for urban planning in urban areas. A facilitating the acquisition of residential land. As a result, the State now barely microcredit system for low-cost housing was set up under the UDP and has houses its employees (less than one percent). As a consequence, the housing produced 5 000 homes in Nouakchott and Nouadhibou. The first project was a rental market is relatively small with 13.7 percent of Mauritanian households being pilot project in El Mina between 2003 and 2007. The government, through the tenants, and an estimated further 3.5 percent of households being housed free of UDP has opted for a more affordable and democratic approach to rehabilitate charge by a relative, or friend. Formal dwellings make up 67.5 percent of dwellings, other illegal camps in Nouakchott and Nouadhibou. and precarious dwellings (tents, huts, shacks, and "m'bar") account for the remaining 32.5 percent. So although households may own their homes, their homes require Construction still represents a small part of GDP.16 Housing resources are upgrading. strained, and a significant percentage of the urban population lives in precarious housing such as tents, huts or shacks. Due to lack of means, low income Accommodation is the most expensive item of expenditure in household budgets. households, as well as the rural population, often do not have access to the formal On an average salary of about UM120 000 (US$3 257), about UM80 000 supply of housing. Self-construction thus remains the main method of housing (US$2 171) is spent on rent for a one-bedroom apartment in the city centre and construction in Mauritania in the lower end of the market. about UM65 000 (US$1 764) outside the city.
192 Africa Housing Finance Yearbook 2019
MAURITANIA
Annual income profile for rural and urban households based on consumption (PPP$) PPP$40 001 – PPP$10 000 000 PPP$37 822 Population: 4 403 319 PPP$23 001 – PPP$40 000
PPP$12 001 – PPP$23 000 Urbanisation rate: 4.37% PPP$11 478 PPP$8 001 – PPP$12 000 PPP$5 001 – PPP$8 000 Cost of cheapest 10 371 229 MRO newly built house: PPP$99 916 PPP$3 601 – PPP$5 000 PPP$2 401 – PPP$3 600 Urban households that could afford this 3.24% PPP$1 601 – PPP$2 400 house with finance: PPP$801 – PPP$1 600 103.80 1 PPP$: Source https://www.cgidd.com/C-GIDD, 2019 Currently, the upscale residential development market is entirely local and of a total of 190 countries, an increase of 12. Registration of property costs 4.5 dominated by the construction of ad-hoc buildings for owner-occupied or rental percent of the value of the property and takes 49 days. purposes, especially for the expatriate market in Tevragh Zeina. Among the diplomatic staff, many people are housed inside embassy precincts.17 Policy and regulation The policy and regulatory framework for housing finance in Mauritania has been In 2017, external investments in the real estate market appeared to materialise. improved in recent years. On the constitutional level, the right of ownership is A hundred-unit project, funded by Qatar, was under development in Jadir Al- clearly delimited and expressly protected. This code also puts an end to the Mahkan municipality in southern Tarrza State.18 The project has been suspended, traditional ownership of tribal authorities by stating that “any property right that with Qatar being accused of supporting terrorism. does not relate directly to a natural or legal person, and that does not result from legally protected development, is non-existent”. Property markets Private property is one of the most criticised political issues in Mauritania. Most To become an owner in Mauritania, one must obtain permission to occupy the of the population live in rural areas, as well as in partially registered or unregistered land with the hakem (an official person). The public often views this license as a land in urban areas. In Mauritania, 80 percent of heads of households own their property in itself, but it has no legal value. It is issued against the price of land and homes. In rural areas, homeowners account for 96 percent versus 65 percent in the cost of demarcation. From this date, the beneficiary has two years to build, urban areas.19 Tenants are more common in Dakhlett Nouadhibou (38 percent) according to the planning rules, before claiming the property. This process is and in the capital, Nouakchott (32 percent).20 complex and slow. In 2018, Mauritania facilitated the application of the terms of the contracts with the introduction of court automation that allows electronic Apart from homeowners and renters, real estate developers play an important payments as well as the electronic publication of files and judgments. role in the housing sector. Real estate agencies such as Al Maarif, Mauritanian Real Estate and Services, and Régie Immobilière Mamy, support the purchase, sale, rental The Mauritanian constitution of 1991 recognises, as of its preamble, the intangible and rent-to-own of both housing and land. guarantee of the right of property. The frameworks for policies and regulations governing the housing sector are as follows: The property market in Nouakchott is well supplied and offers good housing opportunities at negotiable costs. The city has apartment buildings and luxury n Article 15 provides that the right to property is guaranteed. However, the villas. The residential area of Tevragh Zeina, for example, is occupied by wealthy law may limit the scope of the exercise of private property if the people and the housing is of a high standard, with large lots and wide streets. requirements of the economy and social development require it. However, informal housing is widespread on the outskirts of the Mauritanian n The Land Act (Ordinance 83-127 of June 5, 1983) specifies in its first article capital. On the one hand, there are kebbés, which are illegal, unplanned peripheral that “the land belongs to the nation and any Mauritanian, without zones marked by the precariousness of the building (tents or wooden and tin discrimination of any kind, may, in accordance with the law, become the owner, shacks), high densities of occupation, lack of infrastructure, etc. On the other hand, in part” and adds, in its second article, that “the State recognises and there is upgrading of some kébbés, legalised by the authorities, in the other type guarantees private land ownership which must, in accordance with the Sharia, of informal settlement, the gazra.21 The gazra differ from the kébbés because of contribute to the economic and social development of the country”. the support of the state authorities through large operations (subdivision, road- n Law No 99-031 of July 20th, 1990, as modified by the law n° 2005-08 of boring, etc.) aimed at gradually regularising these areas. January 30th, 2005 and its texts of application establishes the real estate development in the country. The dynamism of the Mauritanian real estate market is sometimes the victim of n The World Bank/IMF Poverty Reduction Strategy Paper III (2011-2015) the lack of confidence on the part of investors despite the reforming will of the Action Plan: The approach focused on 1) adopting and implementing a public authorities, the country’s strategic geographical position and its important national housing strategy; 2) a significant increase in the number of dwellings; natural resources.22 In 2016, 27 075 official documents were registered including 3) the promotion of real estate development, with a view to rapidly providing registered titles. There were 38 574 leases recorded. Provisional title deeds stood a diversified supply of housing at an affordable cost to households; 4) the at 500 000 and the issuance of these titles was delayed due to the previous continuation and extension of the Twize low-cost housing programme in the institutional overlap of jurisdictions. main urban areas and 5) the establishment of a housing finance system that takes into account the needs of households as well as real estate The performance of the real estate market is reflected in the Doing Business developers.23 report 2019. Over the period 2017/19, the country rose from 160th to 148th out 193 Opportunities Websites In the last five years, the Mauritanian authorities have completed a series of 17 The World Bank – Open Data https://donnees.banquemondiale.org reforms on 8 of the 10 indicators in the Doing Business Report. The country has Central Intelligence Agency https://www.cia.gov gained 28 places in four years, from 176th in 2015 to 148th in 2019 and ranks International Monetary Fund https://www.imf.org 24 among the top 10 global reformers. The authorities have restated their intention Canback Global Income Distribution Database https://www.cgidd.com to improve the national economy by focusing on areas with significant potential Combien Coûte https://www.combien-coute.net for improvement, such as the payment of taxes, cross-border trade, or the granting Financial Afrik https://www.financialafrik.com 25 of building permits. In addition, through the Strategy for Accelerated Growth National Office of Statistics http://www.ons.mr and Shared Prosperity (SCAPP), the state has set itself the goal of ranking The Middle East Monitor https://www.middleeastmonitor.com Mauritania in 83rd place by 2030. United Nations Development Programme http://hdr.undp.org Citego http://www.citego.org Mauritania is becoming an attractive destination for foreign investors. In February 2019, the government set up a Higher Council for the Improvement of Business Climate.26 This could enhance the attractiveness of foreign direct investment in the country. The absence of regulations prohibiting or limiting foreign investment means that investors can target any sector of the economy, including real estate. Financial inclusion is limited in Mauritania. The contribution of credit to the private sector to GDP per capita growth in Mauritania was one of the lowest in West and Central Africa between 2000 and 2016.27 The rapid increase in the number of banks and MFIs in recent years might have a positive impact on the availability of credit for households and encourage housing finance. Given the high levels of land ownership, and precarious state of many homes, there is significant opportunity for incremental upgrade through micro loans. Opportunities for the development of housing finance in the public and private sectors are not lacking. These include, for commercial banks, restoring refinancing and guarantee mechanisms and creating new products such as housing savings schemes, long-term mortgage loans and renegotiable mortgage products. The development of the real estate sector must go through a strengthening of housing loans and a relaxation of loan conditions. These mechanisms will be aligned with the World Bank recommendations that urge the country's authorities to establish 1) a loan collection company and/or a mortgaged property management company; 2) a mortgage refinancing fund; and 3) a mortgage loan guarantee fund. Mauritania should consider joining the Organization for Harmonization in Africa of Business Law (OHADA). 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Recensement Général de la Population et de l’Habitat (RGPH) 2013. http://documents.banquemondiale.org/curated/fr/471691519149985543/pdf/123620-FRENCH-WP-PUBLIC- http://www.ons.mr/images/RGPH2013/Chapitre11_Habitat_fr.pdf. (Accessed 10 September 2019). 20-2-2018-3-42-50-RSEM.pdf (Accessed 5 September 2019). 14 Combien Coûte. (2019). Prix d'un mètre carré en ville à Nouakchott en 2019? https://www.combien- coute.net/prixm2-centre/mauritanie/nouakchott/ (Accessed 30 September 2019). 15 Canback (2019). Canback Global Income Distribution Database. https://www.cgidd.com/ (Accessed 30 September 2019). 194