Ghana’s real estate landscape over the last 2 decades has evolved at a remarkable pace. Where vast swathes of land or dying buildings once existed, new impressive, infrastructure has taken over.
This infrastructural growth can be attributed to the country’s political stability over the years, conducive business atmosphere and a steadily growing economy which by 2011, was declared lower middle income.
Some pundits have argued this is an inaccurate reflection of the state of the economy considering the many gaps – even in infrastructure – that still exist. These valid concerns notwithstanding, Ghana’s new economic status shows that the economy is improving, even if at a snail’s pace.
For the business savvy looking to invest in real estate, the country has never looked better. Accra, the nation’s capital, has seen the bulk of this real estate revolution and offers an impressive portfolio of property that runs the gamut of styles, price, amenities and locations.
The city’s skyline has changed dramatically as buildings with bolder designs and multiple uses spring up. The Airport City enclave is of particular interest. The last 5 years alone have seen a rise in the number of hotels, office complexes and retail centres in this area. Ibis Styles Hotel, Marina Mall, The Marriott Hotel, One Airport Square are but a few of these new developments – spanning shops, offices, leisure and accommodation.
About 5 minutes away from the enclave takes you to Villagio, boutique-style apartment buildings developed by Trasacco Estate Developers, one of the biggest players in the Ghana Real Estate Market. Just a stone’s throw away is the Accra Mall, arguably Ghana’s busiest shopping mall! The mall, completed in 2008 by Delico Property Development limited has become a mainstay of lifestyle in Accra, hosting numerous social events in addition to its commercial roots.
Compared to stocks, bonds and other investment options, an investment in Ghana’s real estate sector offers one of the best returns you can find. The rental space, in particular, is great for steady returns on investment. Ghana’s housing deficit is estimated to be about 1.7 million units. Yet, the majority of houses are empty thanks to their crazy pricing and the upscale target market. It can take some time to make money off these upscale options with rent prices eagerly shadowing places like New York. With more competitive pricing, however, investors will be laughing all the way to the bank. The same goes for luxury homes for sale in Ghana.
Big players like Trasacco, Devtraco, Regimanuel Gray, Mobus Property Developers and even Clifton Homes among others have first movers advantage working great for them. They have built affordable and luxury estates in Accra as well as a top of the line apartments. They were one of the first in their respective specializations and now enjoy significant market share. It’s not too late for savvy investors to jump in now while the boat is still ashore. The last decade alone has seen new trends in real estate such as more developed malls and mixed-use developments. Therein lies an opportunity to invest in the next phase of real estate in Ghana while the window is still open.
Real estate is a relatively safe investment and Ghana is no different. The more Accra develops, so does its attraction to both expatriates and citizens from other cities. This puts considerable pressure on existing structures and increases the demand for accommodation. Browsing property listing portals such as meqasa, OLX and Tonaton shows how vibrant and active the need for a property is in Ghana. This means property owners can rake in steady income without worrying too much about how to make money.
Residential developments are not the only type of real estate springing up all over the country. Commercial spaces such as malls and office complexes have seen a boom too. Event centres and recreational facilities, however, remain untapped. The dearth of these has created a monopoly of sorts by popular events centres such as the National Theatre and the Accra International Conference Centre. With the number of events that occur in the country all year round, climaxed during Christmas, it will be a wise move to invest in this untapped area of real estate in Ghana.
The best investment on earth is earth has never rung truer for real estate, especially in Ghana. As Hecko Realty rightly puts it, “аnоthеr kеу advantage оf real еѕtаtе іnvеѕtіng іѕ thаt іt іѕ a gооd way to dіvеrѕіfу роrtfоlіоѕ that аrе backed by hard аѕѕеtѕ. Real еѕtаtе is not the same as buying ѕhаrеѕ in a company that mау bе hеrе today аnd gоnе tоmоrrоw, because Rеаl estate іѕ аn аѕѕеt thаt іnvеѕtоrѕ can lіtеrаllу touch and feel. Yes, some building occupants may come аnd go, but thе рrореrtу itself is not going to disappear”. Ghana unlike other parts of the world isn’t as disaster-prone so you can rest assured that your investment will stand the test of time.
Ghana’s real estate market is on a positive trajectory that isn’t slowing down. The future holds so much promise. Some of the recent developments this year alone, 335 Place at Dzorwulu, Icon House at Airport City, the Takoradi Mall, Kumasi Mall, Appolonia City of Light at Oyibi are the testament to the incredible investment potential in the commercial and residential real estate sector in Ghana. Meqasa.com, which touts itself as the number one property website has a useful document – the Accra Housing Guide – on housing in Accra that can be applied to the whole country.
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