Ghana is the most stable democracy in Africa and has recently seen a surge in the economy due to the oil boom. Accra, the capital and largest city of Ghana is currently experiencing a rapid increase in construction projects and more cash flow from foreign investors. The banking sector continues to make improvements in consumer financing and mortgages resulting in opportunities to strengthen the economy even more. The projected growth in this region is predicted to grow by at least 5.5 percent in 2015. Middle class Ghanaians are a driving force is this insurgence. The demand for planned communities continues to accelerate, resulting in exploding real estate and property development.
Impending Infrastructure Crisis
With the current growth in various sectors of the country, it is anticipated that changes will be need to be made in the outdated infrastructure that is so critical to bolstering the expansion of the region. Like foreign companies, some local companies and investors are now competing for contracts. This is only the beginning of opportunities for companies to take advantage of the growth surge and begin to develop stature in the development of new property construction projects.
Booming Real Estate Development
Fortunately, Ghana is rich in deposits of steel ore that is still untapped. These materials are used to produce the implements used in the construction industry. Screwdrivers, hammers wrenches and handsaws are essential tools used by construction contractors in property development. Because of competitive bidding for new construction development projects, smaller, local companies are now able to enter the market.
Business and Commercial Development Opportunities
Because of the growth in GDP in Ghana, the demand for upper-end commercial properties has increased. The increase in population had led to a greater demand for modern shopping centers and commercial malls. Modern office developments are springing up all across Ghana and are expected to continue to increase in 2015. The formal retail sector is projected to grow with more investing expected in Lusaka, Accra, Nairobi and Lagos beginning in 2015 and continuing for several years.
Increasing Demand for Single-family Homes
The much improved economy and easing restrictions in the real estate market in Ghana is making home ownership more affordable and desirable. Royal Palm Estates and Royal Palm Terraces are two communities in the greater Accra region that draw a select group of homeowners. Their location near the Kotoka International Airport and the Pram-Pram beaches make this a perfect area for purchasing houses for year-round living or a vacation home. This is a preferred destination for many retirees seeking a quiet, comfortable area with many amenities.
Planned Communities in Demand
Many Ghanaians considering home ownership are searching for planned communities that offer them many extra amenities. Many prefer locations close to the Atlantic Ocean and the capital city of Accra. Extensive property development in Kumasi and East Legon is focused in residential construction. Planned communities give owners or renters the opportunity to in invest in a lifestyle as well as a new home.
Real Estate Property Types
Single-family homes are the most popular to buy or rent in Ghana, but other housing types are also in demand. Individuals who want to live in a more carefree environment have the option of choosing to purchase or rent a condominium. This housing type accommodates a busier lifestyle. Multi-family apartments are available to rent or purchase. Potential residents can find spacious two or three bedroom apartment that fit their individual needs. The resource boom in Ghana is continuing to affect the economy by allowing more residents to look for homes for sale or properties for rent.
New Property Development Offers Limitless Opportunities in Ghana
Ghana offers its people the opportunity to achieve the dream of living a comfortable lifestyle with its new development projects and continued economic growth. Potential homebuyers in Ghana can find a range or housing options from which to choose. The airport residential area in Accra has some of the most expensive homes in Ghana with the average value of about $262,000 in United States currency. The average price for homes in Accra in Madina is much more affordable at approximately $55,000. Ghana has homes that average about $33,000 located in Cape Coast.
The Future of Property Development in Ghana
The economy of Ghana is expected to grow as more and more Ghanaians continue to invest in their country. Property development will maintain its healthy growth and forward progress. The construction and building industry will continue to drive the economy along with the development of more businesses in the retail sector. The new property development benefits businesses and individuals living in Ghana. Changes in the business environment and improved, existing infrastructure have been successful in bolstering the new property development of Ghana. Extensive development in many sectors will offer more opportunities for investors in the next few years as Ghana continues to meet considerable challenges.
The post The Future of Real Estate Development in Ghana appeared first on Tonaton.com.