Ghana’s real estate sector demonstrated remarkable resilience in 2024, navigating global economic uncertainties while leveraging domestic opportunities to sustain growth.
The year was marked by an increasing demand for residential, commercial, and industrial properties, driven by urbanization, a growing middle class, and foreign investment.
Residential Real Estate
The residential market remained a cornerstone of the sector, with heightened interest in affordable housing solutions. Government-backed initiatives, including public-private partnerships, sought to address the housing deficit, estimated at over 1.8 million units. Developers concentrated on mixed-use developments, integrating modern housing with retail and recreational spaces to meet the evolving needs of urban dwellers.
High-end residential properties also gained traction, particularly in affluent neighborhoods such as Airport Residential Area, Cantonments, and East Legon. These areas attracted expatriates, high-net-worth individuals, and professionals seeking luxury homes equipped with smart technology and eco-friendly features.
Commercial Real Estate
The commercial real estate segment experienced a surge in demand, fueled by the expansion of businesses across sectors such as technology, finance, and retail. Accra and Kumasi emerged as hotspots for Grade A office spaces, with developers prioritizing energy efficiency and flexible workspaces to attract multinational corporations.
Retail real estate also saw growth, with the opening of modern shopping malls and mixed-use developments. The rise of e-commerce complemented physical retail spaces, as developers incorporated logistics and fulfillment hubs within commercial complexes.
Industrial Real Estate
Industrial real estate flourished, underpinned by Ghana’s ongoing industrialization agenda. The government’s One District One Factory initiative and the operationalization of the African Continental Free Trade Area (AfCFTA) Secretariat in Accra spurred investments in warehousing and logistics facilities. Strategic locations such as Tema, Takoradi, and the Greater Kumasi Industrial Area became focal points for industrial developments.
Challenges and Opportunities
Despite these advancements, the sector faced challenges such as high construction costs, land litigation issues, and limited access to affordable financing for developers and buyers. However, the adoption of innovative construction techniques, such as prefabrication and the use of local materials, helped mitigate these challenges.
The implementation of policies aimed at streamlining land acquisition and boosting transparency also improved investor confidence. Additionally, the Bank of Ghana’s support for real estate-backed securities provided an alternative funding avenue for developers.
Outlook for 2025
As Ghana’s economy continues to recover, the real estate sector is poised for further growth in 2025. Industry stakeholders are optimistic about increased foreign direct investment, the expansion of mortgage markets, and the adoption of sustainable building practices. The focus on affordable housing and infrastructure development is expected to remain a priority, ensuring the sector contributes significantly to Ghana’s economic transformation.
Ghana’s real estate sector in 2024 showcased its ability to adapt and innovate, positioning itself as a critical driver of national development. The lessons learned and successes achieved this year provide a solid foundation for sustained progress in the years ahead.
Source : Joycelyn Marigold -African Propreerty Magazine
