Published on and written by Cyril Jarnias
In the Senegalese real estate landscape, Thiès is quietly emerging as one of the most attractive markets for rental investors. Prices remain well below those in Dakar, while rents are rising along with the growth of an urban middle class, the arrival of industries, and new infrastructure projects. The result: rental yields observed in Thiès often exceed those in the capital and are significantly higher than what is found in many European countries.
In 2026, an apartment in Thiès can generate an attractive rental yield, typically between 5% and 8% gross per year, depending on the location and quality of the property. This market, less speculative than Dakar, benefits from growing demand driven by urbanization and infrastructure projects, offering a good balance between moderate purchase prices and stable rental income in the Senegalese real estate context.
Thiès: A more affordable market than Dakar but rapidly accelerating
Thiès is often presented as the country’s second most dynamic city. The city benefits from its position as a crossroads between Dakar and the Petite Côte, its proximity to the airport, and the rise of industry, services, and residential projects. This combination keeps land costs significantly lower than in Dakar, while pushing rental demand upward.
Price data clearly shows this advantage. The median price per square meter for an apartment in Thiès is around 800,000 FCFA, while the capital easily exceeds 1.5 million FCFA in central neighborhoods. In other words, for the same surface area, buying in Thiès is often 30 to 40% cheaper than in Dakar.
For instance, the following orders of magnitude are reported for the Thiès region:
| Indicator | Median / Average Value (Thiès Region) |
|---|---|
| Median apartment price (sale) | ~800,197 FCFA/m² |
| Median house price (sale) | ~903,000 FCFA/m² |
| Median apartment price (Thiès city) | ~814,854 FCFA/m² |
| Median house price (Thiès city) | ~867,587 FCFA/m² |
The recent trend is mixed but generally positive. Apartments saw their median price increase by about 6% over one year (before a slight correction of around –1% over the last observed quarter), while houses experienced a more pronounced correction of about –7% over the year. This means that the apartment segment, being more accessible and better suited to rental demand, remains particularly strong.
Nationally, the cost of residential square meters typically ranges between 400,000 and 1,000,000 FCFA, with Thiès well below the upper end of that range. Within the city itself, land and built properties can still be found between 100,000 and 233,000 FCFA/m² in some developments, clearly illustrating the price differential with Dakar.
Relatively moderate rents but high yields
What makes Thiès attractive for an investor is not just the purchase price. It’s primarily the relationship between the rental amount and the property price, in other words, the rental yield.
Nationally, average gross residential yields are around 6.5%, with a broad range from 5 to 8% depending on the type of property and location. In some popular neighborhoods of Dakar or in secondary cities, gross yields exceed 9 to 10%, while very high-end areas (Almadies, Plateau, Ngor) often top out at 4.5 to 6% due to very high purchase prices.
A standard apartment in Thiès shows a gross yield close to 17.5%, an extreme case among rental yields generally ranging from 8 to 12% per year.
One simulation example, often cited to illustrate the local potential, is particularly telling.
| Example of a standard apartment in Thiès | Value |
|---|---|
| Purchase price | 12,000,000 FCFA |
| Average monthly rent | 175,000 FCFA |
| Annual rent | 2,100,000 FCFA |
| Gross yield | 17.5% |
| Estimated net yield (after expenses) | ~11.9% |
This example is based on a very favorable case, with a particularly low purchase price and high rent for the local market. But even with more conservative assumptions, it is not uncommon to remain in the range of 8 to 12% gross yield in Thiès, placing the city well above the 3 to 4% often seen in “mature” real estate markets in Europe or North America.
How much to actually rent an apartment in Thiès in 2026?
To practically answer the question of yield, we must first look at the rents actually being charged. Available data shows that rent levels in Thiès are about three times lower than those of a typical studio in Dakar, but they remain more than sufficient to generate good cash flow given the purchase prices.
For a one-bedroom apartment (F2 type) or a small F3, the following ranges are generally observed:
| Type of accommodation in Thiès | Monthly rent range |
|---|---|
| 1 bedroom (city center) | 100,000 to 250,000 FCFA |
| 3 bedrooms (apartment or small house) | 250,000 to 500,000 FCFA |
| Average rent for a main home in the region | ~250 USD, i.e., about 150,000 FCFA |
Aggregated data indicates that a “standard” three-room apartment in Thiès can rent for around 110,000 FCFA per month in some neighborhoods, while newer or better-located properties can go up to 175,000 FCFA or more.
For an investor targeting the local middle class in Libreville, realistic rents are 100,000 to 250,000 FCFA for a T2 and 250,000 to 500,000 FCFA for a T3, although broader estimates reach 526,000 FCFA for a furnished F2 in the city center, reflecting high-end cases for affluent or expatriate clientele.
Numerical example: gross and net yield for a T2 in Thiès
To better understand what an apartment in Thiès actually “yields” in 2026, let’s take a concrete example based on observed price and rent ranges.
Imagine a 50 m² apartment, one bedroom + living room type, in a decent neighborhood of the city, neither the most expensive nor the cheapest.
We use the following assumptions, consistent with market data:
Summary of key data for a 50 m² apartment with a purchase price of 40,000,000 FCFA and a target rent of 200,000 FCFA per month
Purchase price: 40,000,000 FCFA for 50 m², i.e., about 800,000 FCFA/m² (close to the observed median).
Target monthly rent: 200,000 FCFA (mid-range of 100,000 – 250,000 FCFA). Conservative vacancy rate: 10% (estimates of 10 to 12% for some secondary cities).
Annual charges and fees (maintenance, repairs, management, taxes): 35 to 40% of annual gross rents (range 35–50% for net yield).
First, we calculate the gross yield.
Annual gross rent: 200,000 FCFA × 12 = 2,400,000 FCFA
Gross yield: 2,400,000 / 40,000,000 = 0.06, i.e., 6%.
On this basis, the apartment generates a gross yield of 6%, which is right at the upper national average. But this calculation does not account for vacancy or expenses.
By applying a vacancy rate of 10%, the rental income actually collected drops to 90% of the theoretical rent.
Rent collected after vacancy: 2,400,000 × 0.90 = 2,160,000 FCFA.
If we then apply an expense ratio of 35% of the collected rents (management, repairs, insurance, effective taxation), the net income before personal taxes would be:
Net income (before personal taxes): 2,160,000 × 0.65 ≈ 1,404,000 FCFA.
Approximate net yield: 1,404,000 / 40,000,000 ≈ 3.5%.
This conservative scenario shows that, even with reasonably conservative assumptions, a standard apartment in Thiès can generate around 3.5% net annual yield. If vacancy and expenses are reduced (through optimized management and a well-calibrated furnished unit), it is possible to approach 5 to 7% net, which remains very competitive internationally.
When the numbers soar: case of a small apartment bought “at the right price”
The previous example starts from a price per square meter close to the median, but opportunities exist at much lower price levels, particularly through aggressive new developments or undervalued resales. Available data shows, for example, that construction costs or plots in the city of Thiès can still be found between 100,000 and 233,000 FCFA/m².
For an apartment bought for 12 million FCFA and rented at 175,000 FCFA/month, the gross yield reaches 17.5% and the net yield is estimated at about 11.9%, illustrating the impact of rents on profitability when purchase prices are low.
We can summarize these two contrasting situations in a table.
| Scenario | Purchase price | Monthly rent | Gross yield | Estimated net yield |
|---|---|---|---|---|
| T2 “median” 50 m² | 40,000,000 FCFA | 200,000 FCFA | ~6% | ~3.5–5% |
| T2 “opportunity” | 12,000,000 FCFA | 175,000 FCFA | 17.5% | ~11–12% |
The gap between these two scenarios shows how critical the entry point—the initial price paid—is. In Thiès, where prices remain heterogeneous depending on neighborhoods and projects, the ability to find a property below the median price can turn a decent yield into exceptional profitability.
Comparison with Dakar and other Senegalese cities
To truly appreciate the yield of an apartment in Thiès, it must be compared to other markets in the country.
In Dakar, most data indicates an average gross yield of about 7%, with a typical range of 5.5 to 9% depending on the neighborhood and unit size. Studios and small T2s around 25–50 m² show the best rent-to-price ratios, with high rents per square meter and very strong demand. But purchase prices are also significantly higher, with per-square-meter values frequently exceeding 1.5 to 2 million FCFA in central neighborhoods and up to 2.5 million FCFA or more in highly sought-after areas.
In popular neighborhoods like Parcelles Assainies, Guédiawaye, or Pikine, gross yields can climb between 8 and 12%, even up to 13% on some well-located studios. Conversely, in premium neighborhoods (Almadies, Plateau, Ngor), rental profitability drops to around 4.5–6%, with investors focusing more on capital preservation and long-term appreciation than cash flow.
Villas with pools near the sea on the tourist coast often generate this gross yield rate in seasonal rentals.
Thiès, for its part, falls into a hybrid zone: a major secondary city, connected to the capital and the coast, with a solid economic base and a rental market driven by a local clientele (civil servants, employees, students, middle classes). Yields of 8 to 12% on certain segments, particularly villas and small apartment buildings, rival those of Dakar’s popular neighborhoods, without the same entry price constraints.
Thiès and the rise of “affordable” homeownership projects
One of the few very precise numerical references for the city is that of an F3-type villa offered at around 14 million FCFA in 2023 by a private developer. The financial structure provided for a 25-year loan, with 20% down payment, an interest rate of 8%, and a monthly payment of 216,000 FCFA. The total cost of the property over the term amounted to 71 million FCFA, but the monthly affordability remained compatible with the budget of nearly 80% of the urban population.
This product was mainly intended for homeownership, but it reveals the price levels targeted by developers and household solvency. For an investor, this implies two key points to consider.
First, the stock of affordable housing tends to increase, which can offer purchase opportunities at reasonable prices if one steps in at the launch of the programs. Second, rental demand remains supported by a large base of potential tenants who, unable to buy immediately, will continue to rent, especially in neighborhoods close to transport axes, universities, and industrial zones.
Gross yield, net yield: how to calculate them correctly in Thiès
Most yield figures mentioned in listings or analyses are gross yields. They are calculated simply by dividing the annual rent by the purchase price.
The formula is as follows:
Gross yield = (annual rent / property price) × 100.
But to truly know “how much an apartment yields,” you need to move to net yield, taking into account mandatory expenses: management fees, maintenance, repairs, property tax, vacancy, and sometimes non-recoverable charges.
Net yield is calculated as follows:
Net yield = (annual rent – annual expenses) / property price × 100.
In Dakar, landlords effectively retain 60 to 80% of their gross yield once all expenses are paid.
For Thiès, we can reasonably assume similar ratios, perhaps slightly higher for small well-located properties, since management costs can be optimized if excessive vacancy is avoided. The main risk for an investor is underestimating periods without a tenant, especially in a market where average vacancy rates in secondary cities can climb to around 10–12% for some segments.
Long term: rent growth and potential capital appreciation in Thiès
An apartment offers not just rental yield; it also carries potential for capital appreciation. In Senegal, residential prices in dynamic areas generally rise between 3 and 7% per year over the medium term, with peaks observed in some booming sectors.
For Thiès, the outlook is rather favorable. The city benefits from several structuring factors:
– role as a crossroads to Dakar and the Petite Côte;
– planned extension of the Regional Express Train (TER);
– rise of industrial and service projects;
– development of the city as a housing hub for workers employed in Dakar (commuter town function).
Under these conditions, several analyses project annual growth in real estate values in the range of 5 to 7%, or even more in areas directly impacted by major transport infrastructure. Over a five- to ten-year horizon, this could represent an appreciation of 30 to 50% in prices under an optimistic scenario, provided of course that one selects promising neighborhoods that are well-served and have strong rental demand.
Scenarios for the Senegalese market range from optimistic growth with 30 to 50% appreciation over the second half of the decade to a downturn in the event of a political or economic shock. Currently, the dominant signals point toward an intermediate to optimistic scenario, with marked regional disparities.
In this context, the overall return of an apartment in Thiès depends as much on the rental income stream as on the property’s ability to increase in value over time. A gross rental yield of 8 to 10%, combined with an appreciation of 5 to 7% per year, results in an overall annual performance that is very difficult to match in Western markets with suppressed yields.
Which type of apartment to favor in Thiès to optimize yield?
National data shows that the best yields are concentrated on small units, particularly studios and small one-bedroom apartments, in the 25–50 m² range. These units maximize rent per square meter and benefit from a large pool of tenants: young workers, students, childless couples.
Across Senegal, these small units often achieve gross yields between 7 and 9%, with rents per square meter between 5,000 and 7,000 FCFA per month. Larger family apartments, more expensive to buy and more sensitive to vacancy, generally show more modest yields, around 5–7% gross.
In Thiès, applying this logic means favoring: collaboration between local players for sustainable development.
– T1 or T2 units of 25 to 50 m² in central neighborhoods or near amenities (schools, main roads, employment zones);
– well-designed buildings with minimal but effective services (security, reliable water and electricity, possibly internet connection);
– properties that are easily divisible or adaptable to changes in demand (shared accommodation, furnished rentals, rentals to transient workers, etc.).
For an investor targeting maximum yield rather than personal comfort, a small well-located apartment, possibly furnished, is more interesting than a large F4 or family villa, unless targeting a specific clientele (expatriates, seasonal rentals on the nearby coast, etc.).
Long-term rental in Thiès or short-term rental in the region?
Even though the core of demand in Thiès remains long-term rental, it’s worth noting that the broader region (Saly, Mbour, Somone, Sindia, Ngaparou) is experiencing significant growth in seasonal Airbnb-style rentals. Available figures for these municipalities show solid average annual revenues, but also strong seasonality and highly variable occupancy rates.
Average annual revenue in dollars for short-term accommodations in the rural community of Malicounda.
For a purely rental investor seeking stability, long-term rental in Thiès retains an obvious advantage: less dependence on the tourist season, lower tenant turnover, simpler management, and lower operating costs. The trade-off is a gross yield that is sometimes slightly lower than what a villa on the Petite Côte can offer in peak season, but with a much lower level of risk and volatility.
What an apartment in Thiès really yields in 2026: summary
By combining all the price and rent data, and taking into account the yield ratios observed nationally, we can paint a synthetic picture of the rental profitability of an apartment in Thiès.
It can be summarized as follows:
| Type of apartment / situation | Typical price | Typical monthly rent | Estimated gross yield | Estimated net yield |
|---|---|---|---|---|
| T1/T2 at median price (50 m²) | 35–45 M FCFA | 150–220k FCFA | 5–7% | 3.5–5.5% |
| Mid-range T2/T3 | 45–60 M FCFA | 200–300k FCFA | 5–8% | 4–6% |
| “Opportunity” below median price (e.g., 12 M FCFA) | 10–15 M FCFA | 150–200k FCFA | 12–18% | 8–12% |
| High-end furnished apartment | 50–70 M FCFA | 250–400k FCFA | 6–9% | 4–6.5% |
These orders of magnitude take into account the following observations:
The average gross real estate yield in Senegal is 6.5%, with extreme values reaching 17.5% gross and 11.9% net for low-priced purchases.
To simply answer the initial question, in 2026, a standard apartment in Thiès typically yields between 5 and 8% gross per year, with a net yield often in the range of 4 to 6%, and it is not uncommon, for well-purchased properties, to exceed 8–10% gross, or even more.
Why Thiès yields attract investors, including international ones
This level of profitability takes on a special dimension when compared to real estate markets in developed countries, where gross yields on residential apartments often range between 2 and 4%. In Senegal, a diaspora or foreign investor can target yields of 6 to 13% depending on the type of property and segment (residential, tourism, industrial), making the country a high-potential market for those willing to accept a higher level of risk and regulatory complexity than in Western Europe.
Apartment prices in Thiès are nearly 38% lower than in Dakar, offering a lower entry ticket for rental investors.
Still, it is essential to carefully choose the location, type of property, and rental strategy (long-term, furnished, shared accommodation, etc.), and to include actual expenses and taxation in the calculation, so that the displayed yield truly translates into solid net income over the long term.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
