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AFRICAN DIASPORA NETWORKS -TV & RADIO
Rebounding Growth: Real Estate and Construction Sectors Drive Ghana’s Post-Pandemic Recovery
NIB Director Returns Unlawfully Acquired State Land Amid Rezoning Controversy
UK Planning Reforms Spark Optimism Among Housebuilders Despite Economic Challenges
The real estate and construction sectors have significantly contributed to Ghana’s economic recovery post-COVID-19. A 9% growth in the construction industry during the first three quarters of 2024 propelled a 6.3% growth in the non-oil sector, emphasizing its role as a cornerstone of economic health.
This sector influences manufacturing, employment, and consumer confidence, showcasing its transformative power.
Prestige by i2 Development, a landmark project strategically located within the Kotoka International Airport Enclave, epitomizes this transformation. Co-Founder and Managing Director Youssef Aitour highlighted the role of real estate in enhancing trade, productivity, and economic growth.
The Prestige project, through its mixed-use development, not only improves infrastructure but also generates over 3,000 direct and indirect jobs, boosting local livelihoods.
The sector’s attractiveness to investors is evident in rental yields of 19.3% to 22.0%, with hotspots like Airport City, Airport Residential Area, and East Legon achieving annual occupancy rates of 70-80%. Beyond direct employment, construction projects stimulate local businesses and industries, fostering economic activity in adjacent areas.
The Prestige project stands as a beacon of sustainable real estate development. Strategically located near Kotoka International Airport, it enhances Ghana’s reputation as a business and tourism hub. By attracting both domestic and foreign investments, the project is set to create a dynamic commercial environment, benefiting the local economy.
The project prioritizes long-term environmental sustainability, aligning with global trends and addressing local needs. Its development aims to improve the quality of life for residents and visitors by providing modern infrastructure and services, transforming the Kotoka area into a vibrant hub for living and working.
Proximity to Kotoka International Airport amplifies property value, positioning the area as a prime investment location. With the airport’s expansion and increased air traffic, demand for residential and commercial properties continues to rise, reflecting global urbanization trends. Additionally, the influx of business travelers and international students has fueled the demand for upscale housing near transportation hubs, creating lucrative opportunities for investors.
The Director of the National Investigation Bureau (NIB), Nana Attobrah Quaicoe, has decided to voluntarily return a parcel of state land he unlawfully acquired. This announcement was made during a phone interview with legal practitioner Martin Kpebu, who revealed that Quaicoe personally informed Samuel Okudzeto Ablakwa, chairman of the government’s Operation Recover All Loot (ORAL), of his decision.
The land in question, located in the agri-mechanisation lands area opposite El Wak Stadium in Accra, was unlawfully rezoned under the Akufo-Addo administration. Martin Kpebu described the rezoning process as fundamentally flawed, citing irregularities such as the absence of parliamentary involvement and procedural lapses, which render the acquisition illegitimate.
ORAL, established by President John Dramani Mahama on December 18, 2024, aims to recover state properties and ensure accountability. Led by Ablakwa, the five-member team is tasked with restoring public confidence in the management of state assets.UK housebuilders have praised the Labour government’s swift planning reforms, which are expected to boost industry growth despite challenges like rising mortgage costs and criticism of tax increases. The reforms, concluded in December, aim to support Labour’s target of delivering 1.5 million new homes by 2029.
Jennie Daley, CEO of Taylor Wimpey, commended the government for its decisive action, noting it was the fastest progress seen in years. England’s previously complex planning system, often criticized for hindering housing and infrastructure development, has been streamlined. Key changes include higher local government housing targets, partial greenbelt development, and support for infrastructure projects like data centres. These reforms are seen as critical to overcoming obstacles to economic growth.
Source : Property Express News -Joycelyn Marigold
