If you drive in Accra nowadays, it is not uncommon to find a new high rise building being constructed or a billboard for a new residential estate promising state-of-the-art facilities. Old neighbourhoods are now being gentrified into luxurious apartments and old trotro and taxi stations - idle lands are being built into office complexes. One would ask, what has brought about this wave of real estate boom.
Ready market for investors
Ghana has long been cited as one of the top places for investment opportunities. Foreigners find delight in the culture, the hospitality and potential of opportunities available in the country. Studies show that Ghana has a housing shortage of about 1.7 million housing units which foreign investors are taking full advantage of. With the housing market on the brink of such expansion, it is a strategic move to enter the market and invest in property. With average rental costs in Accra yielding about 8%, the local market compares very favourably with sister cities in the neighbouring countries. This bodes well for foreign investors and multinational companies who wish to reside in the country.
Demand for upscale property
In addition, there has been huge expansion in local commercial property development. This is already changing the Accra skyline and significantly stimulating the economy and therefore the need for upmarket residential property. This current demand for upscale properties is what Devtraco Plus caters for with its luxurious apartments and town homes.
Growing real estate market
With a vibrant economy, a growing population, a sophisticated and well-educated professional class, demand for all kinds of real estate development largely outstrips supply. There is a large part of the real estate sector that is waiting to be explored, especially in other parts of the country like Takoradi, Sunyani, Cape Coast, etc. The onset of the oil discovery, tourism and ports in these areas make for a growing market that is yet to be saturated by investors.
The growing number of expatriates, young professionals and young families who are gravitating towards gated communities and estates further from the city centre, continue to create a market that investors can take advantage of. For a country that has a reputation for political stability, hospitality and an economy that is on the rise, Ghana is slowly turning into the go-to investment destination and a springboard for investors from all over the world, seeking a safe haven to put their investment dollars on the African continent