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International Real Estate Investing in Ghana: Emerging Trends

Ghana Real Estate Investing: Best Place to Invest in Real Estate in Africa.

Gated community in Accra, La margo villas at Kwabenya

With enormous real estate opportunities in Africa continent there are still lot of Americans and other westerners that are still second guessing about investing in the continent. Yes,of course Africa continent is not develop like in the west but the opportunities and you get you won’t get it anywhere in the west.

Grab your cup of tea or coffee and read along. Take for for instance, some markets in the US like Oregon, Orlando FL, Miami -Dade County, Boston, Coral Gables, Portland, just to name a few, have high-barriers-to-entry in terms of real estate development. The regulations, the expensive land and construction cost remain sky-high. To build, it will take you lots of time to get approved left alone paperwork. Whereas in Ghana, the land is cheap compare to these markets, there no barriers-to-entry. I suggest you visit Ghana to see things for yourself.

 

Are you still second guessing? That begs the question, have you wonder why the Chinese are fluxing to African countries. Exactly! With all respect, most Chinese arrive in the African country they choose with bag packs, and few years later they return home filthy rich. That is the state of affairs now. They see opportunities when others are busy listening to the western media feeding you all reasons not to invest in Africa.

 

In the western media, all you read about is that Africa is poor, hungry kids in Africa, and disease. Yes, Ghana is still poor and has its challenges but we see that in the west as well if people could be more hardheaded rather preconceived notion. Check homelessness in the states. Got my drift? Are you sold on the media’s narrative? Does the media control what you should believe? Maybe it is time to take a trip to Ghana or any other African country to explore real estate opportunities.

This post is for people who have foresight to see what Africa will become in the next 15 to 20years time. Winners are people who can see the future. It has always been so in history. Forward thinkers and industrialist like John D. Rockefeller, Andrew Carnegie, Henry Ford, J.P Morgan and  Cornelius Vanderbilt, among others who build America saw the future and end up building business empires even in the midst of challenges facing America back then.

Ghana started to gain traction and lots of international investors are coming into the country and are heavily investing in real estate, and other sectors. I’m not going to delve into other sectors, I will focus on real estate and reasons why you should start considering investing in Ghana which is why you are reading this post.

 

Are you overlooking real estate development opportunities that exist in Ghana? Let me give you a snapshot of the state of real estate market in Ghana: there is over 2 million housing deficit which translate to the need for housing. Some of the key factors that influences the demand for homes is the growing number of middle-class, rapid population growth, increasing in urbanization and influx of foreigners, tourist and Ghanaian and African diaspora relocating back home which all put pressure on undersupplied housing market especially in Accra. I will elaborate on that in a bit.

 

Why Should Foreign Real Estate Investors Invest In Ghana?

 

Here is why. Ghana is one of  the best countries  to invest in real estate in Africa for the following reasons: 1.Fast growing sector 2.High returns 2.High demand 3.Government affordable housing 4. Gentrification 5.Stable political environment 6.Rapid population growth. Ghana is without doubt one of the best countries where u.s. citizens can buy property and obtain dual citizenship. That is subject to the fact that you are able to  contribute to the development of the economy.

Fast growing sector

Ghana real estate is one of the fastest-growing sectors in the country. Facing over 2 million housing deficit, according to Kwabena Ampofo Appiah the managing director of the State Housing company , about 400,000 units is required annually and less than 50% of that is being supplied yearly. More housing developments is needed especially in Accra.

 

High returns

Depending on your investment strategy and the asset class you are interested in investing, the returns could vary. The annual yield for residential market is between 10% to 13.5% according to Ghana investment promotion centre (GIPC) a body that oversees public and private sector investments in the country. On commercial asset classes like industrial, the yield is between 11% to 14% range annually. Office space yield range is in the range of 8.5% to 12.5% annually. The retail yield is from 8% to 12% annually. According to the UN-SDG Investor Map, investments in the real estate sector have a returns profile ranging from 20% to 25%, depending on the size of project.

 

High Demand

There is demand for housing in Ghana. It is a matter of demand and supply. As I mentioned earlier the factors that influence an increase in demand, there are already undersupplied units in the country. Since September 2021, international tourist arrivals increased by 18% while domestic tourists grew by 58%. This year the tourist arrivals hit 41% of the 2023 target. Ghana has recorded 500,000 visitors in the first half (H1) out of the 1.2 million tourists targeted according to the Ghana Tourism Authority (GTA) CEO, Akwasi Agyeman. The Ministry of Tourism, Arts and Culture and GTA which work hand in hand are anticipating an estimated tourism revenue of US$ 3.4 billion against the US$ 2 billion realized in 2022. There is a surge for luxury homes in Ghana, as well as so-called “affordable luxury” as well as affordable housing for low-income earners in the country. This creates an opportunity for investors to choose which market to serve.

 

Government Affordable housing

The government is inviting private sector for partnership to provide housing for 60% of the population who need government subsidies in order to be able to afford homes. If affordable housing is something you want to explore, the government will give you land for free and take care of horizontal infrastructure such as roads and utilities. Also there is a 1% income tax incentives for certified companies serving the affordable housing market for a period of five years of assessment. Additionally, you will get tax incentives if you are importing machinery into the country.

 

Gentrification opportunity

Accra, a hub for economy activities in the sub-region, is diverse in terms of quality housing. Some communities are still less desirable to live in. So the government is striving to transform Accra into a modern city by developing the slums and less desirable neighborhoods into large or high rise housing and hotels, etc. So the opportunities for real estate developers is endless.

 

Stable political environment

Dubbed as the gate way to Africa, Ghana is one of the most democracies in Africa and is ranked the second as the most peaceful country in Africa and the 38th most peaceful country in the world as per the 2021 Global Peace Index. There has been a peaceful transfer of power since embracing democratic rule. You have nothing to worry about.

 

Rapid population growth

Currently, Ghana’s population is about 30.8 million according to Ghana statistic service. The population is growing at alarming rate. The population of Ghana is projected by the World Bank to keep growing at 2.2%, yearly. Increase in urbanization is about 3.3% annually and about 58% of these population lives in urban areas. These populations all need housing. And there you have it.

 

Why not invest in real estate in Ghana, West Africa? What are you waiting for? Investing in foreign real estate  can be lucurative and also allowing you to have a diversified portfolio in case something goes bad in the US or the west. Nothing is guaranteed in this world. The best countries to invest in real estate 2023 and beyond includes Ghana in.  Fanada Group is already at the forefront of developing a sub-urban 238units eco-friendly gated community with solar power — La Margo Villas in Accra, Ghana. We are open to partnerships for a win-win scenario. If you want to invest in Ghana real estate or want to be part of our project, get in touch with us at [email protected].

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