My four-year journey in Ghana’s real estate sector has been an eye opener not only on the diversity of our continent, but it’s promising future. From East to West, Africa is steadily building, evolving, and asserting confidence in its future, and real estate sits right at the center of this story across the continent.
As you fly into Accra today, you will marvel at Accra’s skyline which is dotted with cranes and scaffolds. Residential real estate development is thriving. There is a clear shift towards finer, more intentional living, increasing travel into the country and families seeking decent homes in secure and well-planned urban communities. Thanks to the private investors and the expanding middle class, the demand for residential real estate is growing by the day. It is also signals the confidence in political stability and a belief in the future of Ghana because people do not invest in property where they are uncertain about tomorrow.
The growing presence of African Americans reconnecting with Ghana, especially after the highly successful Year of Return campaign and Diaspora Affairs GH initiatives continue to contribute positively to the sector, and interestingly, not in the cities alone. The vast majority are looking for quieter environments and that has seen demand for land and planned developments in places like Oyarifa, Aburi, Borteyman, East Legon Hills, Prampram, Tema, and Cape Coast. It is for this that IndigoHomes Ghana Developments, AyimensahPark, OyarifaPark and GreenwichPark have scored highly in providing well planned gated communities, in the outskirts of the city, away from the hustle and bustle of city life, but not too far away from the urban convenience.
Despite this progress, Ghana’s real estate market has only scratched the surface. There is still a significant housing deficit and that is why, the government-led affordable housing initiative, a vision by the Office of the President, Republic of Ghana, steered by Hon. Kenneth Adjei, Minister for Works, Housing and Water Resources, continues to be a viable solution to the housing needs in Ghana.
At the same time, the financial institutions have an opportunity to provide affordable mortgage products for the Ghanaian market, particularly for buyers earning and spending in cedis to make homeownership a reality to the growing middle class.
At a recent forum hosted by the Ghana Real Estate Development Agency, developers urged local manufacturers to seize the opportunity to produce building materials and home fittings locally. This would significantly reduce import dependency, ease pressure on demand for the US dollar, and further strengthen the domestic economy.
My take-home in these four years is “A peaceful nation is a growing nation.” Ghana’s peaceful coexistence and political stability is positioning the country as the hub of West Africa, attracting investors, and this builds confidence from across the continent and the diaspora. Housing In Ghana #RealEstateGhana #AfricanRealEstate #GhanaProperty #PropertyDevelopment #EconomicGrowth #UrbanDevelopment #DiasporaInvestment #IndigoHomes #GreenwichPark
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