Growing demand for real estate can fuel Ghana’s economy: Report

Leading property website Lamudi today released its first research report on real estate in the emerging markets. The company’s inaugural white paper provides a comprehensive overview of the future of the property sector in 16 countries in Asia, Africa, the Middle East and Latin America.

The report, Real Estate in the Emerging Markets, provides a comprehensive overview of the future of the property sector in 16 countries, including Ghana. Based on a series of online surveys conducted with house-hunters and real estate agents in each country, the report examines the habits of online property-seekers.

Ghana has been on a positive path towards improved social, economic, and political development. Having recently acquired the middle-income status, Ghana’s economy has been flourishing.  Like many of its neighbours, Ghana is experiencing a shortage in affordable housing, creating opportunities for those interested in investing.

Lamudi co-founder Kian Moini, explains: “Ghana has shown consistent economic growth in the past decade and has moved closer towards gaining sustainable economic prosperity. The West is now also catching up with trends in Africa and should continue to pay attention to upcoming developments, for future investments. With a clear real estate supply shortage, Ghana’s economy holds great potential for those looking to invest.”

The country has been making great efforts to support the local economy, by updating their public policies to attract more foreign capital and to create a fertile investment environment.

Sammy Amegayibor, Secretary to the Executive Council of the Ghana Real Estate Developers Association (GREDA), comments on the supply of low cost and affordable housing: “In my opinion, public-private partnerships provide the best opportunities. The state has made it clear that they do not have funding, so these types of partnership seem like the best solution right now.”

In recent times, the government of Ghana has announced plans to implement a housing policy which is expected to help streamline the industry. Managing Director of Lamudi Ghana, Akua Nyame-Mensah, stated that such a policy will improve the sector, especially in respect to affordable housing.

“For any country, the real estate industry is the springboard towards an economic boom. With a Housing Policy in place, it could help jumpstart the housing sector, with the expectation of addressing the housing deficit.

“Some key components I expect the Housing Policy to cover are the incorporation of local materials in the construction process, tax breaks or rebates. With such measures in place, real estate developers will feel incentivised to invest in affordable housing and local material providers will be given an opportunity to develop. This would ultimately lift the burden off government’s shoulders in this light and reduce dependence on imported materials,” she indicated.

The 16 countries covered in the report are: Indonesia, the Philippines, Myanmar, Bangladesh, Pakistan, Sri Lanka, Jordan, Saudi Arabia, Nigeria, Kenya, Tanzania, Morocco, Ghana, Ivory Coast, Mexico and Colombia.

The full report is presented in an easy-to-read online format, available for viewing on the Lamudi website. Visit www.lamudi.com.gh.research.