Ghana is seen by many as one of the top investment destinations in Africa, with an emphasis on the residential property market. As house prices continue to rise, investing in property has become the smart option for the savvy investor. In its Africa Report 2015, UK-based property consultancy Knight Frank ranked Accra 10th in Africa for its prime rent ranking, with an emphasis on upmarket residential properties.
Interestingly, in its March 2015 report Real Estate: Building the Future of Africa, PwC highlighted the growing trend towards more ecologically friendly residential properties. As climate change bears a potentially large impact on low-lying coastal cities such as Accra, the awareness of climate change is perhaps higher and more focused in the Ghanaian residential property market.
The fact remains, though, that Ghana has a housing shortage of 1,7 million housing units, leading to a strong drive to attract foreign investment. In addition, there has been huge expansion in local commercial property development, which is already changing the Accra skyline and proving to significantly stimulate the economy and therefor also the need for upmarket residential property.
With the housing market on the brink of such expansion, it would be strategic to enter the market now 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.
In fact, there is currently a strong demand for upmarket residential development in Accra, an area in which Mobus Properties specialises. There is a limited number of well-built, high-end properties in Accra – which is why Mobus Properties are forging ahead with providing such developments. Existing residential property developments include Richfield Lifestyle Estate, Phoenix Villas, Capella and Knight Court.
The PwC report also forecast that the residential property market – across the continent – will become more specialised, with smaller apartments in cities catering to young professionals, while young families will gravitate to gated communities and estates further from the city centre. Add to that the growing number of expats who invest in property for the sake of reconnecting with Ghana and taking advantage of the growing residential property market, and you have several great reasons to invest in buying residential property in Accra, and Ghana in general, today!
Contact Mobus Property for more information.
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