The Real Estate Business in Ghana

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If there was a first time visitor to Ghana between 2006-2010 and that same individual comes back this year, that person might thing he is in another country.

The reason being the fast moving real estate sector that is still booming all over the country. This was not the case 12years ago. So what is the reason behind this boom and to sustain it.

 

Definition of Real Estate

  A real estate business is a business entity that deals with the buying, selling, management or investment of real estate properties. According to The Balance, real estate is “the property, land, buildings, air rights above the land and underground rights below the land.”

In Ghana there is an ongoing trend in Accra (nation’s capital) nowadays, it is not uncommon to find a new high rise building being constructed or a billboard for a new residential estate promising state-of-the-art facilities. Old neighborhoods are now being gentrified into luxurious apartments and old trotro (commercial buses) and taxi stations – idle lands are being built into office complexes

 

Ready market for investors

Ghana over 10 years has been tipped by experts; to grow into a heaven for direct foreign investment and the real estate sectors has provided the leverage for local and foreign investors. Ghana has a housing shortage of 1.7 Million people so there is plenty of space for people to invest in the sector and reap adequately.

it is a strategic move to enter the market and invest in property. With average rental costs in Accra yielding about 8%, the local market compares very favourably with sister cities in the neighboring countries. This bodes well for foreign investors and multinational companies who wish to reside in the country.

 

Demand

There is an increase in demand for upscale apartments in the country; this has probably increased the role of some foreign real estate companies spread all over the country. Luxurious apartments have changed the skyline notably of Accra (Ghana’s capital). Income has increased, so has taste of people hence, the need for luxury has been on the rise.

 

Growing real estate market

 Though corona virus has slowed a lot of sectors in the country not surprisingly the real estate sector seems to be marching on though at some slower pace than normal. The slump is expected due to the uncertainties globally.

The growing number of expatriates, young professionals and young families who are gravitating towards gated communities and estates further from the city Centre, continue to create a market that investors can take advantage of. For a country that has a reputation for political stability, hospitality and an economy that is on the rise, Ghana has slowly turned into the go-to investment destination and a springboard for investors from all over the world, seeking a safe haven to put their investment money on the African continent

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