Housing prices increased substantially over the last year in Ghana. The gap is growing between supply and demand for real estate and stakeholders say the quantity and quality of investors seeking to invest is changing.
Russia and Ukraine have also been looking at real estate investment opportunities, they believe the returns in Ghana exceed those found domestically and investment from other African countries is growing.
Political stability in Ghana with the discovery of deep-water oil has fuelled a demand in the housing sector and office space that continues growing.
Ghana’s housing deficit is roughly around 1.7 million units, according to the country’s Ministry of Water Works and Housing. The average retail rent in Accra increased by about 50% to $60-to-$65 per square meter from 2012 to the end of 2013 and with housing prices said to increase, it shows that property investment in Ghana is definitely an opportunity not to be missed.
Before 2007, Clients had little interest in West Africa and were more interested in expanding investments in the Middle East and Far East. There was no appetite for Ghana real estate.
Then U.S.-based oil Exploration Company, Kosmos Energy, found a reservoir of oil known as the Jubilee Oil Field off the coast of Ghana which is one of West Africa’s largest. This led to the boom in the real estate market.
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