Best Cities in Madagascar to Buy Real Estate

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So you’re thinking about buying real estate in Madagascar, and considering which city offers the best real estate opportunities? This article is for you!

Deciding on which city to invest in requires the consideration of the following criteria: return on investment, economic growth, infrastructure development, business and employment opportunities, as well as security. But above all, the most important factor is to buy real estate in a place where you actually enjoy spending time.

Each of the major cities in Madagascar offer their own pros and cons in terms of real estate investing, so the it’s important that you buy real estate in a place where you feel good.

In this article, we will cover not only the factors that make a place good for real estate investing, but also what makes each city great from a lifestyle perspective. So let’s get into it!

Antananarivo (Tana)

Being the capital city of Madagascar, Antananarivo (or Tana, as it is often referred to colloquially) is often one of the first places that potential real estate investors consider, due to due to its economic opportunities and relatively rapid infrastructure development.

First, its bustling markets, historical sites, and lively atmosphere make Tana a common stopover for tourists visiting Madagascar. Furthermore, Tana is also the home of a large community of expats due to the many jobs that are available in the city.

In Tana, you find a large variety neighborhoods and areas with different types of properties, including residential, commercial, and industrial. The most popular neighborhoods within or around Antananarivo for expats include Antaninarenina, Ankorondrano, Ivandry, and Ambatobe.

It is still viable to be located in a suburbs such as in Iavoloha, Amboanjobe when we consider the southern part. In the northwest, potential investors may also consider investing in Ambohidratrimo, Anosiala, Andakana.

As for the eastern part of Tana, you may find good (and cheaper) opportunities for investing in the neighborhoods of Ambohimalaza, Anjeva, Masindray. Those suburbs part of the cities are already developed in terms of infrastructure due to the city’s urban sprawl.


Antsirabe is located in the region of Vakinankaratra. Known for its pleasant climate and thermal springs, Antsirabe is an attractive destination for potential real estate investors due to its likeness to Antananarivo from a cultural perspective.

Not only does Antsirabe possess lots of touristic sites, but the town is also famous for its cleanliness, orderliness and generally being more secure than Antananarivo.

Furthermore, Antsirabe is located within the agricultural heartland of Madagascar, where the biggest part of the country’s food is grown. This makes Antsirabe a great location for investors also looking to do business in the agricultural or agri-business industries.


Located along the enchanting northwest coast, Mahajangastands as a coastal paradise where the allure of stunning beaches harmonizes with abundant economic opportunities.

Mahajanga is among the most popular cities in Madagascar from a real estate perspective due to its amazing climate and laidback culture.

Furthermore, Mahajanga is also one of the economic hubs of Madagascar.

The city’s economic growth and employment opportunities have been amplified by the steady influx of tourists, transforming Mahajanga into an attractive hub for real estate ventures.

Whether it’s the allure of beachfront villas capturing the essence of coastal luxury or strategically positioned commercial properties catering to the ever-expanding tourism sector, Mahajanga offers an exceptional investment opportunity for those seeking a slice of Madagascar’s thriving real estate market.

As the city progresses with infrastructure and urban planning development, beachfront properties are in high demand, as investors recognize the potential for resorts, hotels, and vacation homes. The market reflects a blend of commercial and residential developments, offering a variety of options for those looking to capitalize on the city’s coastal charm.


Fianarantsoa, located in the central highlands of Madagascar, holds a  unique and underrated charm and has great potential for real estate ventures.

While Fianarantsoa may not be as well-known internationally as some other tourist destinations in Madagascar, it offers a unique blend of cultural, historical, and natural attractions that can make it an appealing stop for those exploring the central highlands of the island.

Known as the wine capital of Madagascar, Fianarantsoa is also among the most visited places in Madagascar. Many tourists like to travel by train known as FCE (Fianarantsoa Côte Est) which is one of the few active train lines of Madagascar that takes travelers on a unique journey through the Malagasy landscape, from the highlands to the east coast of the island.

Due to its strategic location from a touristic perspective, Fianarantsoa is among the perfect cities to invest in real estate.

Apart from its magnificient landscape, Fianarantsoa presents a unique investment opportunity, blending economic stability, evolving infrastructure, cultural richness, and a budding tourism sector.

While it may not be the bustling economic hub like Antananarivo, or an economic powerhouse like Tamatave, Fianarantsoa’s distinctive characteristics make it a city worth considering for real estate ventures.

Diego Suarez (Antsiranana)

Diego Suarez, nestled in the northern tip of MAdagascar boasts a strategic maritime location, which has historically given the city an advantageous position in terms of trade and commerce.

The city which is colloquially referred to as “Diego” offers numerous benefits for lifestyle investors, including picturesque landscape, amazing beaches, proximity to national parks and a laidback attitude, which makes it one of the most exciting yet comfortable cities in Madagascar.

Difficult though its accessibility may be, tourists are not refrained from spending an unforgettable time in this region. It opens up lots of local opportunities, and thus, attracts plenty of interest from foreign investors.

Beyond its diverse landscapes, including the Amber Mountain and the Emerald Sea, and so on, a lot of tourists visit this place to explore its beauty.

Diego’s rising prominence as a tourist destination fuels demand for various real estate ventures in the region, from hospitality establishments to residential properties. Ongoing infrastructure developments contribute to the city’s overall appeal, making it a compelling prospect for investors looking to capitalize on emerging markets.

Fort Dauphin (Taolagnaro)

How about moving to the southern part of Madagascar? Fort Dauphin, also known as Taolagnaro, captivates with its pristine beaches and unique biodiversity. Beyond its intrinsic tranquility, the city’s charm extends to promising economic growth and employment opportunities, setting the stage for a dynamic real estate market.

The natural beauty of each city mentioned so far is all captivating. However, among the cities and beaches I have visited, Fort Dauphin is among the best of the best.

The city cleanliness, the quality of the road, the bustling of transportation, schools and infrastructure but most importantly, people’s willingness to set up their business in this area have made me classify this area as the best of the best.

Seeing tourists enjoying themselves windsurfing on Akomba beach, is more than just amazing. Fort Dauphin is among the most popular expat destinations not only for a vacation, but also for living.

What’s more, Fort Dauphin has a port, commonly known as the Ehoala port, which fosters trade activities and thus contributes to the economic development of the area. That is among the reason why Fort Dauphin is part of the top cities to invest in real estate.

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