Abdirahman Mohamed Abdullahi of the main opposition Waddani Party received more than 50 per cent of the votes cast last week, the electoral commission announced on Tuesday.
Abdullahi, 69, served as Somaliland's parliament Speaker in 2005.
The opposition party campaigned on a platform of democratic reforms and social cohesion.
They promised to turn around the economy and resolve youth unemployment.
Opposition leader Abdirahman Mohamed Abdullahi received more than 50 per cent of the votes cast. (AP PHOTO)
President Muse Bihi Abdi of the ruling Kulmiye Party, who was seeking a second term after seven years in office, came second with just more than 30 per cent.
During his term in office, he pushed for Somaliland's international recognition.
The election was delayed twice since 2022 for a lack of funding and other reasons.
Somaliland, which declared independence from Somalia in 1991 amid a descent into conflict, has sustained its own government, currency and security structures despite lacking international recognition.
Over the years, the region has built a stable political environment in sharp contrast to Somalia's security struggles.
Somaliland's latest agreement with neighbouring Ethiopia granting it access to the Indian Ocean in exchange for recognition has caused political tension with Somalia, which accuses Ethiopia of undermining its territorial integrity.
The opposition has been urging more economic benefits to Somaliland from the agreement and criticised how it was hurriedly and secretly negotiated.
Leaders in Somalia have reacted to the opposition party's win in Somaliland with hopes for better relations between the country and the breakaway region.
Former Somali prime minister Hassan Ali Khaire wrote on X that he hoped the new president would lead the region to a "path of peace, development, and democracy, and take a leading role in strengthening the brotherhood and unity of the Somali people".
The president of neighbouring Djibouti, Ismail Omar Guelleh, congratulated Somaliland's president-elect.
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