Ghana’s housing market continues to show steady growth, driven by urbanization, population growth, and increased demand for affordable housing.
However, the sector faces significant challenges, particularly with the housing deficit, which is estimated to exceed two million units. This deficit has led to a growing need for both private and public sector intervention to bridge the gap.
The government’s efforts to address this deficit include the implementation of various policies and initiatives, such as affordable housing projects and partnerships with private developers.
For instance, the National Housing Policy and initiatives like the Affordable Housing Project have aimed to increase home ownership, particularly for low-to-middle-income earners. Despite these efforts, the supply of affordable homes continues to fall short of demand, resulting in inflated property prices, particularly in urban centers like Accra, Kumasi, and Takoradi.
Private sector involvement has been critical in expanding the housing market. Real estate developers have increasingly focused on constructing residential estates, gated communities, and luxury apartments targeted at expatriates and middle-to-upper-income earners.
Some companies are also beginning to focus on eco-friendly housing solutions to cater to the growing demand for sustainability in the market.
Access to financing remains a key obstacle for many potential homeowners. Mortgage rates in Ghana are high, typically ranging between 25% and 30%, making it difficult for many Ghanaians to afford homes.
The government has acknowledged this issue and is exploring solutions such as the National Mortgage and Housing Finance Scheme, which aims to provide affordable mortgages to eligible buyers.
The housing market also presents opportunities for international investors, as the country’s stable political environment and growing economy make it an attractive destination for real estate investment. With increased attention on infrastructure development and foreign investment, the market has the potential for sustained growth.
In conclusion, while Ghana’s housing market offers significant potential, a coordinated effort between the government, private developers, and financial institutions is needed to overcome the challenges posed by the housing deficit and ensure affordable housing solutions for all.
Source : Joycelyn Marigold – Property Express Magazine
