Property ownership is considered to be one of the best investments in Ghana. The real estate industry has experienced a surge in property value over the years, partly owing to the country’s growing economy.
Statistics from a leading real estate developer, Devtraco Limited, shows that a property located in Tema, Community 25 has a potential annual capital appreciation of 20 percent.
Additionally, the real estate developer has assessed a 100 percent return on investment (ROI) within three to four years for properties located within its Devtraco Courts estate.
Some major reasons for the positive outlook are growing demand for residential properties, a highway connecting the community to the Tema Motorway, the Free Zones enclave, Central University College and the planned international airport at Prampram.
The country’s housing deficit currently stands at 1.7 million and is expected to increase to two million by 2018. To bridge the gap, there is the need to provide 200,000 homes each year for the next decade.
This housing deficit has created vast opportunities for real estate investors. The major challenge however is the country’s diminishing land resources, requiring a lot more focus on land conservation. This has driven many real estate developers to maximize land use through the construction of apartments.
Devtraco Limited, in a similar bid, is running a short-term promotion to encourage aspiring homeowners to purchase condominiums, which are quite similar to apartments.
This involves buying any of their one, two or three bedroom condominium units while getting it fully furnished. Rewards at stake include a living area sofa, beds in all bedrooms, curtains & curtain rods, a single door fridge, and a 32 inch television. For those purchasing two and three bedroom apartments, an additional reward of a dining room set is on offer.
The promotion, which will end after 31st October 2016, is dubbed “Big Reward Promo”. It is expected to increase demand for apartment units in Accra and Tema while offering an alternative source of affordable accommodation for many.
The General Manager, Marketing and Corporate Affairs of Devtraco Ltd, Elvin Larkai, urged individuals and investors to take advantage of the promotion.
“It is an opportune time to invest in real estate. I urge everyone to take advantage because not only will you be getting excellent value for money, but also enjoy the best investment returns in Ghana”, he said.