Coming up
All set for Ghana Housing Show UK on Friday, June 24.
Nigeria dominates African Proptech Market While Egypt tops in revenue
generation
In International news
The housing market in the US has 39% fewer homes for sale than before the
pandemic.
Ghana Housing Show UK to Showcase Affordable Housing Solutions on Friday,
June 24.
The Ghana Housing Show in the UK, organized by the Property Express group, will take
place on June 24 at Wembley Park.
This event serves as a platform to showcase the finest developers and contractors from
Ghana in London, with the goal of strengthening the bilateral relationship between the
two countries and attracting additional investors.
The Housing Minister of Ghana will seize the opportunity to enlighten diasporans about
the advantages of investing in the local market as a means of generating wealth. Both
private developers and the Ministry will engage with fund managers to explore funding
options for their projects and establish partnerships to expand their businesses.
The event will be graced by the presence of Ghana’s Ambassador to the UK, Paapa
Owusu Ankomah, along with other influential figures in Ghana’s Housing Market.
Exhibitors at the show include Sucasa Properties, Lemonade Finance, E Wells Realty,
GoldKey Properties, Ace Heights, DGM, PS Global, Landser Properties, Adom City
Estates, Special Investment Limited, Felix Boakye Enterprise, Rehobooth Properties
Limited, Elegant Homes, Gulf City Investors, and Coppan Group.
Furthermore, a Diasporan Awards Night and Property Awards will be held as part of the
event.
The organizers are renowned for the annual Ghana Property Awards.
Nigeria Dominates African Proptech Market While Egypt Tops in Revenue
Generation
Financing stands out as a key issue affecting Africa’s Proptech Sector and as such the
market is still small when compared to the global market.
Experts say other setbacks witnessed in the sector include but are not limited to power
shortages in some regions, coupled with some regions having a localized property market
making integration of technology a challenge.
In terms of proptech players distribution, Nigeria stood out strongly out of sampled 225
proptech companies spread across Africa, followed by South Africa, and Kenya, as at
- However, in terms of revenue generation, Egypt topped the list with an average
sum of $1.8m
This was followed by South Africa, Nigeria and Kenya which generated an average
revenue of $205,100, $50,420, and $16,290 p.a, respectively.
Still staying on this
Experts say East Africa’s proptech market continues to remain largely unexplored and as
such there is a need to establish an ecosystem such as Nigeria’s and South Africa’s
Additionally, they have emphasized on the adoption of technology in property which is
the next frontier for real estate, with the global adoption of AI companies increasing as
people try to keep up with the rest of the world.
Kenya’s real estate industry has witnessed a significant transformation in recent years,
thanks to the emergence of Proptech.
The Proptech market in Kenya has experienced remarkable growth, driven by factors
such as urbanization, increased internet penetration, and a rising demand for efficient real
estate solutions. Proptech
In international news
The housing market in the US has 39% fewer homes for sale than before the pandemic.
That’s according to data from housing group Redfin, who reported that in the four weeks
leading to June 11, the total number of US homes for sale saw the biggest decline in 13
months.
The inventory issue isn’t likely to ease up soon. There’s a slump in homebuilding, and
new home listings just fell 23%, marking the 10th consecutive month of double-digit
declines.
Mortgage rates are currently about double what they were in 2021, when ultra-low rates
fueled a home-buying boom.
Now, homeowners that locked in low rates previously are unwilling to move and
refinance a purchase at near-7% levels.
Experts say it is likely to keep mortgage rates elevated and may even push them up a bit.
People who are sitting on the sidelines are , waiting for mortgage rates to decline, should
know that’s unlikely to happen in the foreseeable future