When people think about tourism in Senegal, the beaches of the Petite Côte, Gorée Island or the landscapes of the Sine Saloum often come to mind. Yet a significant share of the people arriving in Dakar are not travelling for a holiday.

Executives, consultants, technicians, international organisation staff, project managers, entrepreneurs and professionals from a wide range of industries arrive in the Senegalese capital every week for stays ranging from a few days to several weeks or even months. Business travel has one particularly important characteristic: it generates accommodation demand throughout the year, and the needs of these travellers are different from those of traditional tourists.

Looking at economic growth, international air connectivity and the evolution of accommodation supply over the past decade reveals a clear trend: Dakar is progressively strengthening its position as a major business and economic centre in West Africa, and this transformation is having a direct impact on its real estate market.

A decade of economic growth has transformed Dakar

Senegal's economic performance is one of the first factors behind this transformation. Between 2016 and 2024, the country recorded economic growth every year, including during the global disruption caused by the pandemic. According to World Bank data, real GDP grew by 6.4% in 2016, 7.4% in 2017 and 6.2% in 2018. Growth subsequently slowed to 4.6% in 2019 and 1.3% in 2020, before rebounding to 6.5% in 2021. Growth in 2022, 2023 and 2024 stood at 3.9%, 4.3% and 6.1%, respectively.

In nominal terms, Senegal's economy expanded from approximately US$19 billion in 2016 to more than US$32 billion in 2024, an increase of close to 70% in less than a decade.

This growth translates into investment, new businesses, infrastructure projects and increased activity in sectors such as construction, energy, telecommunications, banking, professional services and international cooperation. Much of this activity is concentrated in Dakar, generating travel by executives, technicians, consultants, suppliers and other professionals.

Real estate investment in Senegal

Dakar is increasingly connected to the world

Air transport provides another indication of this transformation. The opening of Blaise Diagne International Airport significantly strengthened Senegal's international connectivity and Dakar's position as both the country's main gateway and a regional hub.

In 2024, AIBD handled 2,925,964 passengers and 27,715 aircraft movements, accounting for approximately 96% of Senegal's passenger traffic. The recovery from the pandemic years has also been significant: during the first quarter of 2024 alone, 733,453 passengers travelled through the airport, approximately 20% more than during the same period in 2019.

The international dimension is particularly relevant. Europe remains the largest air travel market, while connections with other African countries also account for a significant share of traffic. Paris remains the leading international route, alongside important connections with Casablanca, Abidjan and other major African business centres.

For a city strengthening its role as a regional business hub, connectivity is essential. Companies may invest and develop projects in Senegal, but their teams, partners, suppliers and clients need to be able to travel easily to Dakar. And when they arrive, they need somewhere to stay.

Dakar's accommodation market is changing too

Growing air traffic is only part of the story. The changing structure of Dakar's accommodation market is particularly revealing.

In 2019, the Dakar region had 325 tourism accommodation establishments* including 127 hotels and 109 residences or aparthotels. By 2024, there were 420 registered tourism accommodation establishments. However, the most significant change is not simply the number of properties, but the type of accommodation experiencing the fastest growth.

Official statistics for the Dakar region show a particularly striking development. In 2022 there were 90 registered furnished residences; by 2023 there were 115, and in 2024 the figure reached 213 establishments. In just two years, the registered number of furnished residences more than doubled, accounting for approximately half of all registered tourism accommodation establishments in the region by 2024.

This growth does not mean that the market is saturated. On the contrary, expanding economic activity, stronger international connectivity and the arrival of business travellers suggest that there is still significant room for development. The opportunity is particularly strong for professionally managed serviced apartments that can provide consistent quality standards and meet the expectations of international and corporate guests.

The challenge, therefore, is not simply to add more accommodation. As the market matures, providing a furnished apartment alone will increasingly be insufficient. Service, maintenance, housekeeping, security, comfort and professional management will become key differentiating factors.

From hotel rooms to serviced apartments

A traveller spending a week, two weeks or a month in Dakar may not want to live in a hotel room for the entire stay. They may need space to work, a kitchen, a living room, several bedrooms or even accommodation suitable for their family. At the same time, they do not necessarily want to give up the service standards they expect from professional hospitality.

This is where another accommodation model becomes particularly relevant: the professionally managed furnished or serviced apartment, positioned between a traditional residential rental and a hotel.

Dakar's hotel capacity has also expanded over the past decade. In 2016, hotels in the Dakar-Gorée area offered approximately 4,374 rooms; this increased to 4,867 in 2017 and 5,502 in 2018. In 2024, the Dakar region had 135 hotels and 5,565 hotel rooms, in addition to furnished residences, aparthotels and other accommodation formats.

The market is therefore considerably more diversified than it was a decade ago. The rapid expansion of furnished residences also suggests that part of the market is actively looking for an alternative to the conventional hotel.

Investing in an aparthotel in Dakar

Occupancy levels point to solid demand

Accommodation occupancy rates in Dakar generally fall within an estimated 60–70% range, although there are significant differences depending on property category, location, service standards and time of year. This range should be understood as a market reference rather than a single official occupancy rate for the entire Dakar region.

Beyond the figure itself, one characteristic of the market is particularly important: Dakar is not solely a leisure destination. Business, institutional and professional activity generates travel throughout much of the year, reducing dependence on conventional holiday seasons.

Business travel therefore helps spread accommodation demand across the calendar. Consultants, technicians, executives and project managers travel according to meetings, assignments and business requirements rather than only during holiday periods. For real estate dedicated to short- and medium-term stays, this represents a significant advantage.

Why business travel affects the real estate market

The relationship is relatively straightforward. As more people need to live temporarily in a city, demand for flexible accommodation increases. However, not every property benefits equally from that demand.

An apartment aimed at business travellers needs more than furniture. Reliable internet, air conditioning, maintenance, housekeeping, quality bed linen, security and the ability to resolve problems quickly are increasingly part of the product guests expect.

International travellers' expectations have also evolved. During the early years of holiday rental platforms, significant differences in quality between one property and another were more widely accepted. Today, particularly within the corporate segment, guests expect much more predictable standards.

The market is therefore moving towards a model positioned between hotels and residential rentals: the space and independence of an apartment combined with services and standards closer to those of the hotel industry.

What we see at DakarByDays

At DakarByDays, we see this transformation every day. Some of our guests travel to Senegal for leisure, while another important share comes to Dakar for meetings, corporate projects, consulting assignments, international cooperation or other professional stays.

Their requirements are often similar: they want to arrive at a ready-to-live-in apartment, have reliable internet access, work and rest comfortably and, above all, know that there is a team available when they need assistance.

Our model therefore combines the independence of a fully equipped home with services traditionally associated with hospitality: regular housekeeping, hotel-quality bed linen and towels, front desk support, maintenance, security and assistance throughout the stay. It is not simply about renting an apartment; it is about providing an accommodation solution for someone who needs to live temporarily in Dakar.

An opportunity for property owners in a market with room to grow

For property owners, this transformation creates opportunities, but it also raises expectations. Growing demand does not mean that every apartment will perform equally well. Location, condition, furniture, air conditioning, connectivity, maintenance and quality of management are becoming increasingly important.

The rapid increase in furnished residences means that competition is growing, but it does not mean the market is saturated. Economic expansion, international connectivity and corporate demand suggest there is still significant room to expand the supply of serviced apartments, particularly properties capable of meeting international standards.

We are therefore likely to see a growing divide between informally managed apartments competing primarily on price and professionally managed accommodation able to attract international and corporate travellers. For the latter segment, professionalisation is likely to become one of the most important competitive factors over the coming years.

Dakar: where real estate meets hospitality

Dakar's evolution over the past decade shows that the boundaries between real estate and hospitality are becoming increasingly blurred. An apartment remains a real estate asset, but when it is used for short- and medium-term stays and combined with housekeeping, maintenance, guest assistance and other services, it also becomes part of the hospitality industry.

Senegal's economic growth, stronger air connectivity and the presence of business travellers are creating accommodation demand that differs from traditional tourism. *he increase from 90 registered furnished residences in 2022 to 213 in 2024 is perhaps one of the clearest indicators of this transformation.

For travellers, this means more alternatives to hotels. For property owners, it creates new ways to generate value from their assets. And for Dakar, it represents another step towards a broader, more professional accommodation market adapted to the city's growing role as a West African economic hub.

Frequently asked questions

• Is there a significant business travel market in Dakar? Yes. Dakar concentrates much of Senegal's economic, institutional and corporate activity and receives professionals working with private companies, international organisations, NGOs, consulting firms, cooperation programmes and major projects.

• Why do business travellers choose apartments in Dakar? For stays of several days or weeks, an apartment can provide more space, a kitchen, living room and working areas than a hotel room, while professionally managed properties can still provide many of the services expected from hospitality accommodation.

• Is the supply of furnished apartments growing in Dakar? Yes. Official statistics show rapid growth: registered furnished residences increased from 90 in 2022 to 115 in 2023 and 213 in 2024. This does not mean the market is saturated; professionally managed serviced apartments still have significant room for development.

• What are occupancy rates in Dakar? As a market reference, accommodation occupancy rates in Dakar generally fall within the 60–70% range, although they vary significantly depending on location, property category, quality and season.

• Are short-term rental apartments profitable in Dakar? They can be, but profitability depends on factors including location, property quality, investment, average daily rate, occupancy, operating costs and management.

• What do business travellers look for in Dakar accommodation? Comfort, reliable internet, air conditioning, security, cleanliness, workspace, flexibility and responsive assistance are among the most important requirements.