Hello and welcome to Africa Home-Building News and Analysis
Our top stories
Devtraco Group Addresses Demand for Affordable Housing on the Outskirts of Accra
Severe Student Housing Shortages Challenge Higher Education in Sub-Saharan Africa
Value of Saudi Arabia’s real estate and infrastructure projects top $1.25tn
Devtraco Group Addresses Demand for Affordable Housing on the Outskirts of Accra
John Entsuah, CEO of Devtraco Group, says Developers like Devtraco Group are meeting the demand for affordable housing on the city’s outskirts.
In an article online. he said the evolving real estate landscape in Accra is driven by urbanization. According to him, In 1877, Accra became the Gold Coast’s capital, marking the beginning of a transformation toward urbanization.
Today, Accra stands as a bustling commercial hub, attracting both investors and higher-income individuals, leading to the challenges of urban sprawl.
He said Accra’s population now comprises nearly 17% of Ghana’s total, occupying just 1.4% of the country’s land.
This rapid urban growth has outpaced infrastructure development, leaving outlying communities lacking essential amenities. Gentrification has driven up property values and spurred investor interest in Accra’s real estate market.
Urban sprawl, marked by low-density housing and blurred regional boundaries, is reshaping the city’s landscape.
In response, the Ghanaian government has taken proactive steps to shape the urban environment, with initiatives like the National Affordable Housing Program. Concurrently, developers like Devtraco Group are meeting the demand for affordable housing on the city’s outskirts.
Severe Student Housing Shortages Challenge Higher Education in Sub-Saharan Africa”
Adamou Labara, the Country Manager for South Africa at the International Finance Corporation (IFC), says a significant challenge facing higher education in Sub-Saharan Africa is the insufficient availability of quality and affordable housing for university students.
Using South Africa as an illustration, Labara pointed out that the country’s tertiary education sector currently faces a shortage of 511,600 beds, and this deficit is projected to increase to 781,000 beds by 2025 due to rising enrollments.
Labara highlighted that the pace of tertiary enrollment in most Sub-Saharan African countries is outstripping the capacity of educational institutions to provide adequate on-campus student accommodation.
According to UNESCO (the United Nations Educational, Scientific and Cultural Organization), the number of tertiary students in Sub-Saharan Africa has nearly doubled since 2008, growing from 4.5 million to its current level.
We head to Nigeria where
Dr. Stephen Akintayo, Chairman of Gtext Holdings and founder of the Stephen Akintayo Foundation, discussed Gtext’s mission for accessible and sustainable housing in a recent interview during a private tour at the Jasper Smart City Housing Scheme in Lagos.
He emphasized that affordability in real estate depends on government policies, not private developers.
Dr. Akintayo has shared his expertise with aspiring real estate investors to prevent costly mistakes.
His efforts are now enabling Africans and the diaspora to invest in the continent’s real estate market legally through Gtext’s business model.
As a prominent figure in African real estate, he’s advocating for a first-time buyer policy in Nigeria to address the housing deficit, proposing a collaboration between the Central Bank of Nigeria, the Federal Government, and lenders to make housing more accessible.
In other news
The value of real estate and infrastructure projects announced since Saudi Arabia rolled out its National Transformation Plan in 2016 has crossed $1.25 trillion, agency Knight Frank has said.
With the execution deadline of the end of this decade fast approaching, the kingdom has commissioned projects worth $250 billion so far since the launch of its Vision 2030 economic and social diversification programme, the global real estate consultancy said in its annual Saudi Giga Projects report.
Saudi Arabia, the Arab world’s biggest economy and Opec’s top oil producer, is aiming to cut its dependence on the sale of hydrocarbons.
Source : Africa Home Bilding News – Joycen Marigold @Diana Okyerebea