The insatiable scramble for luxury real estate in Ghana

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Akadu Mensema 12 years ago

I like your articles: very informative.

I like your articles: very informative.
Nii Odoi 12 years ago

Accra will soon be a city for only the rich. The escalation of real estate prices is mighty scary.I don't know why Accra is the only city in West Africa where real estate prices are spiralling out of control.

Our country i ...
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Accra will soon be a city for only the rich. The escalation of real estate prices is mighty scary.I don't know why Accra is the only city in West Africa where real estate prices are spiralling out of control.

Our country is too small for that.The government must find ways and means of stopping the daily migration of Ghanaians into Accra. The city is more than full.
MR. FIGURE - OUT 12 years ago

Great Piece. Thanks for the information

Great Piece. Thanks for the information
ZORK 12 years ago

The article that you commented on was written by an Ewe-The tribe you insult here daily!!! Better change your ways!!!

The article that you commented on was written by an Ewe-The tribe you insult here daily!!! Better change your ways!!!
Akadu Mensema 12 years ago

I never said I hated Ewes. I critiqued JJ and tribalism under Mills!

I never said I hated Ewes. I critiqued JJ and tribalism under Mills!
princewilly@ymail.com 12 years ago

Where were you hiding with Cardinal when Chris Brown was smoking Marijuana on stage?
You never made any comment with Cardinal on the web.I guess he will be buying the
the Gomoa Secondary school building and make it into the ...
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Where were you hiding with Cardinal when Chris Brown was smoking Marijuana on stage?
You never made any comment with Cardinal on the web.I guess he will be buying the
the Gomoa Secondary school building and make it into the tallest building in Ghana.
Akadu Mensema 12 years ago

Eh! Prince! Please, regal me with one of your lewd stories!

Eh! Prince! Please, regal me with one of your lewd stories!
Yank 12 years ago

Luxury in the midst of filth, tweeeeeea!!

Luxury in the midst of filth, tweeeeeea!!
mojingles 12 years ago

Very informative you say, Akadu? What the writer conspicuously forgot to highlight is the bubble that accompanies every economic expansion...from oil booms to real estate bonanzas.....ultimately the bubble bursts and ordinary ...
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Very informative you say, Akadu? What the writer conspicuously forgot to highlight is the bubble that accompanies every economic expansion...from oil booms to real estate bonanzas.....ultimately the bubble bursts and ordinary people are left to carry the bag....China is experiencing such a boom in real estate, but the alarm bells are already being sounded to the eventual collapse of this sector of China's rapidly expanding economy, and that does not augur well for the greater public good.....

Tsikata currently enjoys the real estate boom in Accra for obvious reasons.....he is making tons of money...but when the collapse comes, what is he going to do? Take flight out of the country, I strongly bet....this article is grossly one sided and delusional....and to endorse it is mind-boggling....
DAN 12 years ago

why pay those prices when you have to get generator, buy bottle water, and no sewerage or trash disposal...Might be ok for Arab but no white man will live there long!

why pay those prices when you have to get generator, buy bottle water, and no sewerage or trash disposal...Might be ok for Arab but no white man will live there long!

unknown 12 years ago

Yes yes I just watched a youtube clip of accra airport city and I'm shocked at the change that has taken place. I left ghana in 2010 to london and there was nothing of that sort. This is good.

Yes yes I just watched a youtube clip of accra airport city and I'm shocked at the change that has taken place. I left ghana in 2010 to london and there was nothing of that sort. This is good.
princewilly@ymail.com 12 years ago

A doctor, a lawyer and a real estate agent were discussing the relative merits of having a wife or a mistress.
The lawyer says: "For sure a mistress is better. If you have a wife and want a divorce, it causes all sorts of le ...
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A doctor, a lawyer and a real estate agent were discussing the relative merits of having a wife or a mistress.
The lawyer says: "For sure a mistress is better. If you have a wife and want a divorce, it causes all sorts of legal problems."

The doctor says: "It's better to have a wife because the sense of security lowers your stress and is good for your health."

The real estate agent says: "You're both wrong. It's best to have both so that when the wife thinks you're with the mistress and the mistress thinks you're with your wife -- you can go and sell some homes.
Nana Assan 12 years ago

Peter,
These prices will come crashing down someday when correction takes place. I lived in the Silicon Valley for over 40 years and saw what happened.
Greed has taken over supply and demand and corruption is making afforda ...
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Peter,
These prices will come crashing down someday when correction takes place. I lived in the Silicon Valley for over 40 years and saw what happened.
Greed has taken over supply and demand and corruption is making affordability possible for some.On paper the President of the Republic cannot afford such prices.
Nana B 12 years ago

Nana Assan,

Well, you may be right if the rise in price was backed by debt. It is not. Everyone pays cash for real estate in Ghana and many people do not sell. There is no secondary market that could drive the extent of gr ...
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Nana Assan,

Well, you may be right if the rise in price was backed by debt. It is not. Everyone pays cash for real estate in Ghana and many people do not sell. There is no secondary market that could drive the extent of greed you had in the States.

I think it has been a long time since you came to Ghana. Please visit one of these days. I believe that prices will continue to go up. It may crash in the future but I doubt that the crash will happen in our generation!!!

Cheers
ghanaman 12 years ago

The article has been quite informative. Bearing in mind the advertorial twist, one mind wish to know where the work of Peter Atsu is, and where allegiance is due to Yao Prosper. Whichever way the division of labor went, one w ...
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The article has been quite informative. Bearing in mind the advertorial twist, one mind wish to know where the work of Peter Atsu is, and where allegiance is due to Yao Prosper. Whichever way the division of labor went, one would like to wish the duo all the very best in exploiting the opportunities that abound in the sector.
Yaw Buor 12 years ago

Isn't it sad that Ghanaians have been priced out of the real estate sector of their own land? Where in the world will this be allowed to go on? Let's get real. Something has to give.
I live in a western nation where China's ...
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Isn't it sad that Ghanaians have been priced out of the real estate sector of their own land? Where in the world will this be allowed to go on? Let's get real. Something has to give.
I live in a western nation where China's billions are flooding in, but the govt has been firm - foreigners are not allowed to buy residential or farming land unless a committee headed by a minister has given approval. If we don't sit dpwn and check things properly, we'll wake up one day and realise that the whole country - or at least the capita -is owned by foreigners.
We can do something about it. Don't say "there's nothing the govt can do about it.
Finally, I believe you're exaggerating - no piece of land for a single home in Accra sells for $600,000. I was there in Accra a few months ago. I own a house at Est Legon, and I'm yet to see such high prices around the place.
EZEKIEL 12 years ago

Mr.Buor, thanks for your contribution.This IS WHAT saddens some of us about our nation.
How can we have a Govt. which doesn't think of the Nation and the nationals ?
SUPPLY and DEMAND are NO RELIGION ! It is the people elec ...
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Mr.Buor, thanks for your contribution.This IS WHAT saddens some of us about our nation.
How can we have a Govt. which doesn't think of the Nation and the nationals ?
SUPPLY and DEMAND are NO RELIGION ! It is the people elected to protect the INTERESTS of Ghana who MUST put on their thinking Caps !!!
luc 12 years ago

Certainly land prices in the Oxford street and some of the places mentioned have short up astronomically.I am aware of a piece of dilapidated house on that stretch of land of about 100 by 80 which sold for nearly 800,000 thou ...
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Certainly land prices in the Oxford street and some of the places mentioned have short up astronomically.I am aware of a piece of dilapidated house on that stretch of land of about 100 by 80 which sold for nearly 800,000 thousand dollars so there is some truth in what the article is saying.Even the spintex road which will soon take over from the Oxford street is also becoming like a hot cake and prices of land at some of those areas are as high.If things should go the way it is we would be pricing our selves out of the capital.
Joe 12 years ago

Taking a look at the major road network of Accra, things could be better and a lot more accomodation could be made available and affordable if there is a shift in the road development paradign of Accra. There are four main ro ...
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Taking a look at the major road network of Accra, things could be better and a lot more accomodation could be made available and affordable if there is a shift in the road development paradign of Accra. There are four main roads leading out of Accra, namely Accra-Cape Coast, Accra- Kumasi, Accra Aburi, and Accra-Tema. These are well developed to first class roads, thanks to all the past govts and the present one. The issue is that the auxillary roads are not half as good, making the scrumble for every one to be as close to the main roads and city centre as possible. Let the Govt develop at least two auxilliary roads each at Adenta, Achimota, Abeka, Gbawe,Batsonaa, Teshie etc, and see how a massive shift of population would ensue. The fact is that, all these areas are less than 10 km away from Accra City centre and this is ideal for any one needing a braek from the hustle of Accra centre. The way out is to shift the focus of road construction away to the auxillary routes within the settlemnet areas and the desire for expensive estate locations would change also.
Harrison Ocansey 12 years ago

This is brilliant, Joe, and also true with the developed countries.Hope will tap the shoulder of the Minister for Roads and served him with your piece.

This is brilliant, Joe, and also true with the developed countries.Hope will tap the shoulder of the Minister for Roads and served him with your piece.

Harrison Ocansey 12 years ago

This is brilliant, Joe, and also true with the developed countries.Hope someone will tap the shoulder of the Minister for Roads and serve him with your piece.

This is brilliant, Joe, and also true with the developed countries.Hope someone will tap the shoulder of the Minister for Roads and serve him with your piece.
YAA2 12 years ago

SO WHAT DO GHANAIANS WANT. SHOULD WE BE LIVING IN THE DARK AGES FOREVER AND EVER? WHY DO YOU TOIL AND SWEAT AND THEN OTHERS SEE IT AS A CRIME FOR YOU TO LIVE IN LUXURY? ABAAAA MY NATIONAL BROTHERS AND SISTERS, LET US ENJOY TH ...
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SO WHAT DO GHANAIANS WANT. SHOULD WE BE LIVING IN THE DARK AGES FOREVER AND EVER? WHY DO YOU TOIL AND SWEAT AND THEN OTHERS SEE IT AS A CRIME FOR YOU TO LIVE IN LUXURY? ABAAAA MY NATIONAL BROTHERS AND SISTERS, LET US ENJOY THE FRUITS OF OUR GENUINE LABOUR AND NOT DAMPEN THE SPIRIT OF OUR HARD WORKING FELLOWS. YES WE SHALL CONTINUE TO ENJOY THE PEACE AND BE PART OF THE EMERGING SUCCESS THAT GHANA HAS BECOME IN THE EYES OF THE WORLD. WE STOP THE SKINPAIN ATTITUDE AND APPRECIATE THE FRUITS OF OUR LABOUR!
Kodwo 12 years ago

It is good for investors to troop to Ghana and invest; it is bad to creat foreign elitistism which is master-slave in all but name, judging from your portrayal of their spending powers.

Not once did you mention any benefit ...
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It is good for investors to troop to Ghana and invest; it is bad to creat foreign elitistism which is master-slave in all but name, judging from your portrayal of their spending powers.

Not once did you mention any benefits for the majority of Ghanaians from these "investments", except your mention in Paragraph 2 that Ghanaians returning home will not recognise their country.

Instead, appeal to the Government to serve the interests of the majority of Ghanaians and stop this selfish and greedy propaganda.
Atsu Tsikata 12 years ago

Sir,
I am just the messenger reporting the facts as they occur on the ground in Ghana. I have absolutely nothing to do with these astronomical prices. Just informing my fellow Ghanaians!

Sir,
I am just the messenger reporting the facts as they occur on the ground in Ghana. I have absolutely nothing to do with these astronomical prices. Just informing my fellow Ghanaians!
mojingles 12 years ago

Tsikata, there is an optimistic overtone in your article that I find very distressing...you and I know much too well that every economic expansion has its bubble....from oil booms to real estate bonanzas...ultimately fizzle o ...
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Tsikata, there is an optimistic overtone in your article that I find very distressing...you and I know much too well that every economic expansion has its bubble....from oil booms to real estate bonanzas...ultimately fizzle out as markets become saturated with more of the same product....the current real estate boom in Accra is no exception...it will bottom out eventually and then what? the local economy of which you are an integral part will bear the brunt as investments dry up and investors relocate elsewhere....these are the dangers you should have highlighted in your article....I don't begrudge the investors with tons of money to splurge on real estate in Accra, but the fact still remains that one day in the not-too-distant future, there will be a collapse and Ghanaians ought to prepare for this eventuality....
Atsu Tsikata 12 years ago

My optimism for Ghana distresses you, Sir? The doomsday scenario you are describing will happen in Ghana if only the demand/supply relationship changes drastically here on the ground. I don't see that happening any time soon, ...
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My optimism for Ghana distresses you, Sir? The doomsday scenario you are describing will happen in Ghana if only the demand/supply relationship changes drastically here on the ground. I don't see that happening any time soon, being a professional in the industry. Just telling the facts as they are on the ground, Sir!
Wiafe 12 years ago

Atsu--this is good information and Ghanaians should be aware that their countries has lots of resources that foreigners want. So its up to the Ghanaians to use their "home country" advantages (including politics) to leverage ...
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Atsu--this is good information and Ghanaians should be aware that their countries has lots of resources that foreigners want. So its up to the Ghanaians to use their "home country" advantages (including politics) to leverage the boom.

Sure Atsu, as long as political stability remains the supply and dmeand curve will continue to move upwards. But can anyone guarantee political stability--especially in the light of electoral imperfections?

Advice to Ghanaians--pool your resources and get some of the pie--there is money to make in Ghana.
Naa 11 years ago

Great article. And unlike some people, I love the optimism it carried. Over 7 years ago I was one of the people who felt the real estate market was nearing a bust given the trend at the time. What did we see: A much bigger bo ...
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Great article. And unlike some people, I love the optimism it carried. Over 7 years ago I was one of the people who felt the real estate market was nearing a bust given the trend at the time. What did we see: A much bigger boom!

Yes someday, demand/supply will change and correct the market for over-valued property. That is if there is a correction to make. The way developers spread the steep cost of land over several apartments makes the land input quite thinly distributed and evens out the ab-normalcy in terms of cost. Because in the end, several apartments share the high cost of land. And each apartment gets sold or rented for a fair market value. In my opinion the potential in the economy is far from being fully tapped. And I'd rather Ghanaians find ways of getting into the action, instead of sitting on the fence and waiting for doom.

We are watching foreigners come and take over the market and then we'll complain about they being unfair to us and enslaving us. Much like the colonial days. I have personally seen some of the contracts offered to families who own prominent lands. And many of them have very little owners equity as part of the deal. These guys use smart legitimate means to raise funding for these projects.

Ghanaians should start putting resources together and bidding for some of these lands to do some of these great projects. And I also wish that government will extend the road network and utilities services to the commuters zones that have emerged around the city of Accra such as Gbawe, Amranhia, Oyibi, Obeyeyie, Abehenease etc. This will fast expand the already growing real estate markets in those areas. And those areas can provide decent, affordable housing for middle income earners.

If foreigners are coming to your land, it's an indication they have found opportunities you may be blind to. It's time to wake up. The next global economic shift might very well be coming to Africa. And it will be such a pity to be servants in our own land when our continent reaches its prime. Let's go GH!
mojingles 12 years ago

Tsikata, the demand/supply dimension will eventually change....Ghana is no exception....just take a look at what is going on in Angola which is flush with petro-dollars and foolheadedly built vast quantities of real estate th ...
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Tsikata, the demand/supply dimension will eventually change....Ghana is no exception....just take a look at what is going on in Angola which is flush with petro-dollars and foolheadedly built vast quantities of real estate that are yet to be occupied....there is inexhaustible data to prove my point...real estate booms are inherently ridden with pitfalls. Once again, Tsikata, no economic activity can't escape this reality.....good day....
Mohammed Ibrahim 12 years ago

Ameen.To your Prayers for Ghana stability,and Prosperity.God Bless Ghana,and the People of Ghana.And make our Nation Great,and Strong.

Ameen.To your Prayers for Ghana stability,and Prosperity.God Bless Ghana,and the People of Ghana.And make our Nation Great,and Strong.

sam (usa) 12 years ago

i had a dream one night in which i saw lots of companies building their head quarters in Ghana.my dream is gradually coming true.i have always advise my friends abroad and in Ghana to secure lands before its too late.Theres ...
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i had a dream one night in which i saw lots of companies building their head quarters in Ghana.my dream is gradually coming true.i have always advise my friends abroad and in Ghana to secure lands before its too late.Theres is going to be a massive movement of people and investors to Ghana over the next decade.follow Ghanaians try and buy land and secure them now than later.If not you will be buying them from foreigners sooner or later.
JULIANA AYIVOR 12 years ago

EFO ATSU YOUR ARTICLE IS SO INFORMATIVE BUT THE DEMAND AND SUPPLY WILL CHANGE, IT WOULDN'T BE FOREVER,

EFO ATSU YOUR ARTICLE IS SO INFORMATIVE BUT THE DEMAND AND SUPPLY WILL CHANGE, IT WOULDN'T BE FOREVER,

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The insatiable scramble for luxury real estate in Ghana

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