Ghana’s real estate market has seen notable growth, influenced by urbanization, population expansion, and an increasing middle class. Major cities such as Accra, Kumasi, and Takoradi have become hotspots for residential, commercial, and industrial development.
In the residential sector, luxury apartments and gated communities are gaining popularity in urban areas, while the country still grapples with a substantial housing deficit, estimated at over 1.8 million units.
Government initiatives, including affordable housing schemes and partnerships with private developers, aim to address this shortfall.
Commercial real estate has also seen growth, with significant investments in retail spaces, office buildings, and mixed-use developments. Areas like Cantonments and Airport City in Accra are prime locations for high-end real estate, while improvements in infrastructure are unlocking new opportunities in previously less developed areas.
The market, however, faces several challenges, such as high construction costs, difficulties in land acquisition, and limited access to long-term financing options. Mortgage penetration remains low, with high interest rates making it difficult for many buyers to secure loans.
Foreign investment continues to play a crucial role, with interest from expatriates and Ghanaians living abroad boosting the demand for properties. New laws supporting foreign property ownership have strengthened market confidence.
Looking ahead, sustainability is expected to become more prominent, with developers exploring eco-friendly building techniques to reduce environmental impact. Additionally, the government’s push for digital transformation in land administration could streamline property registration and enhance investor confidence.
Source : Joycelyn Marigold – African Property Magazine
