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Ghana and Nigeria identified as top destinations for real estate investments
Tema residents oppose takeover of the land housing the Metropolitan Library and Children’s Park
In International News
Dubai sees $3.5b in weeklong real estate transactions
Ghana and Nigeria identified as top destinations for real estate investments
In a comprehensive report by Business Insider, Ghana and Nigeria have been identified as top destinations for real estate investment. Ghana’s inclusion is attributed to its political stability and favorable economic policies, while Nigeria’s appeal is rooted in robust growth and ongoing structural reforms.
Furthermore, Kenya and South Africa are experiencing a real estate boom driven by urbanization, smart home technologies, and eco-friendly construction practices.
Notably, South Africa’s real estate sector is undergoing a digital transformation with innovations such as virtual property tours and blockchain-based transactions.
Morocco’s real estate market is marked by stability and economic growth, ensuring consistent demand for housing.
Rwanda’s real estate sector is on the ascent, supported by factors like urbanization, population growth, and substantial government investments in infrastructure.
The report said these African countries collectively present a promising landscape for real estate investors seeking profitable opportunities.
Tema residents oppose takeover of the land housing the Metropolitan Library and Children’s Park
Residents of Tema are opposing the takeover of land housing the Tema Metropolitan Library and Children’s Park by a Chinese developer in Tema Community Five.
The land, located between the Tema Secondary School and the WAEC examination hall, has hosted the only public library in Tema for many years.
Mr. Abraham Lartey, a local social activist, observed construction equipment on the land, including an excavator digging trenches and heaps of sand and stones, indicating the commencement of a construction project.
The residents are concerned that this project will negatively impact their social and educational activities, as they rely on the library and park for various purposes.
Let’s stay a while longer on this
Mr. Ian Tabalor Okwei, Protocol Officer of TDC Development Company Limited, responded to allegations that TDC had sold the land to Chinese developers.
He explained that TDC’s role was to manage the documentation of public lands in its layout, while the local assemblies oversaw day-to-day activities on such lands.
In accordance with the law, TDC granted a sub-lease request from the Tema Metropolitan Assembly (TMA) to the developers, W.B. Impex Limited, for a supposed commercial recreational center for a 55-year period.
This request was initially made during the leadership of Mr. Kempes Ofosuware, the former Metropolitan Chief Executive, and later validated by Mr. Felix Mensah Nii Anang-La, the immediate past MCE for the Tema Metropolis.
Mr. Ofosuware initiated the process to ascertain the ownership and purpose of the land when approached by a Chinese investor and his Ghanaian counterpart to request the land for apartment construction to address the housing deficit.
As part of the lease arrangement, the TMA asked the developer to construct a new library on Kwame Nkrumah Memorial Park at Tema Community One near the TDC traffic light.
This new library project, started in January 2021 and originally scheduled for completion by December 2021, remains unfinished and abandoned, with squatters and miscreants occupying the structure.
In other news
Dubai has seen $3.5b in weeklong real estate transactions
A total of 1,659 real estate transactions were conducted during the week ending 13th October, 2023, according to figures released by the Dubai Land Department (DLD).
The DLD report showed that 297 plots were sold with 1,362 apartments and villas were purchased
The top three transactions were a land in Palm Jumeirah another in Al Thanyah Fifth .
Madinat Hind 4 recorded the most sales transactions for this week with 55 transactions w followed by Palm Jabal Ali with 49 sales transactions worth AED 1.16 billion, and Al Hebiah Fifth with 38 sales transactions worth AED 112.18 million.
The top three apartment and villa transfers included one in Al Safouh Second worth AED 1.83 billion, another in Palm Jumeirah worth AED 36 million, and an apartment in Palm Jumeirah worth AED 27 million.
Source : Property Express News, Joycelyn Marigold