Ghana Real Estate Market promises to Flourish in 2013
The rise of Ghana property market has been well documented in the past decade and there has been an improvement in infrastructure deficit with better prospects for growth still to come.
Millions of dollars are being realised by private entrepreneurs, especially in the real estate sector and the ever changing skyline of Accra illustrates this well.
The private sector is possibly one of the main engines of growth in Ghana's economy, says Kenneth Ofori, business manager for Devtraco Plus, a luxury real estate company in Ghana.
The stable democratic atmosphere and the discovery of oil reserves in 2010 have made Ghana the fastest growing economy in the West African Sub region. Currently, reports indicate that 80,000 barrels a day are being supplied. As the economy grows, so will the demand for quality residential and commercial properties.
Statistics from the Ministry of Water Resources, Works and Housing indicates a shortfall of approximately 80,000 housing units per annum.
The Ghanaian economy is currently experiencing an influx of investors from the West, East and the African Sub-Region. Demand for luxury residential and commercial buildings have been on the rise and building more executive developments in the prime areas of the capital cities will aid in meeting the needs of high earning individuals.
Data gathered from the Ghana Investment Promotion Council (GIPC) indicates that the real estate industry is an attractive sector for foreign investors as it promises high returns.
Devtraco Plus reported this month that they are about to complete Palmers Place in Accra, one of their flagship developments in Ghana, which comprises seven five bedroom luxury townhouses in phase one.
These townhouses are triple storey semi-detached homes in a secure complex with a guardhouse, clubhouse and swimming pool.
Mr Ofori further explains that challenges facing real estate companies go beyond the lack of synergy between the property market and the financial sector. Difficulties attached to the acquisition of land in prime areas, as a result of litigation and complex land transfer procedures, are the main difficulties facing Ghana's luxury real estate market.