In 2024, Ghana’s real estate market demonstrated robust growth and resilience despite facing various economic challenges. The key drivers of this growth were increasing urbanization, a burgeoning middle class, and a rising demand for housing, particularly in urban regions. Residential real estate maintained its dominance, with a significant projected market volume, making it the largest segment within the industry.
The market also attracted considerable investment from the Ghanaian diaspora. Many saw the country as a prime destination for lucrative real estate investments, given the potential for high returns. Events like the Ghana-Diaspora Home Purchase Expo highlighted the attractiveness of investing in Ghana’s property market, offering insights into the numerous opportunities available. The Expo underscored tax benefits and a stable socio-economic climate as key incentives for diaspora investors.
However, the market was not without its challenges. High borrowing costs continued to be a significant barrier for many potential buyers and investors. Additionally, Ghana faced a considerable housing deficit, with the National Housing Policy estimating a shortfall of over 1.8 million housing units.
This pressing issue prompted both government and private sector efforts to increase the supply of affordable housing.
Despite these obstacles, the overall outlook for Ghana’s real estate market remained positive. The market’s growth was bolstered by urbanization trends, demographic shifts, and international investments, which collectively contributed to its resilience and dynamism. The interplay of these factors created a vibrant and promising environment for the real estate sector in 2024, setting the stage for continued development in the years to come.
In summary, 2024 was a year of significant progress and challenges for Ghana’s real estate market. The sector’s resilience and growth prospects were evident, driven by urbanization, demographic trends, and the active participation of diaspora investors. Despite high borrowing costs and a substantial housing deficit, the positive market outlook underscored the potential for ongoing development and investment in Ghana’s property market.
Source : Joycelyn Marigold – Property Express Magazine
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