Property News for Ghana
Latest News
Legislation Restricting Ghana’s Property Market Progress
There is absolutely no denying the wealth of potential in the property market in Ghana for everyone from the local home buyer to the individual international investor, from a major property developer to a corporate real estate investor. However the potential in the market is going largely unrealised and legislation is restricting Ghana’s property market progress significantly.
While house prices in the nation’s capital city of Accra are spiralling out of control and landlords are able to demand ever increasing rental rate increases as the city’s population expands dramatically, no one is willing to commit to the purchase of real estate or land for the development and resale of mid to low range housing stock because old fashioned and poor legislation makes it too risky to do so even though the potential to profit is significant.
The Emergence of Ghana’s Property Market in 2007
Ghana is the personification of an emerging market – it is a nation with immeasurable potential, restricted by so many legal and fiscal obstacles, determined to improve and actively attempting to develop and grow - and the emergence of Ghana’s property market in 2007 will be a direct reflection of all of these fundamental facts.
On the one hand the tourism potential in Ghana is huge which represents a multi-layered opportunity for an international property investor and on the other hand Ghana has severe lack of housing for local citizens which also offers investors seeking an alternative angle a real and workable investment opportunity. However, both of these approaches are restricted by everything from a lack of transparency in the land title laws in Ghana to the lack of availability of affordable home financing for local workers. The good news is that the 2007 Ghana budget has been announced and it contains a plan to solve at least some of the many issues restricting Ghana’s property market and for that reason alone 2007 could be an excellent year for investors to begin their due diligence on this stunningly beautiful nation which we are certain has huge potential to become a real estate success story.
FDI in Ghana’s Property Market
Ghana should be an attractive nation for foreign direct investment (FDI) - after all it is incredibly well endowed with natural resources and it has a forward thinking government which is, on the whole, committed to the economic improvement of the nation and the social improvement of its citizens’ lives. Yet a detailed study by the African Economic Research Consortium and the Institute of Statistical Social and Economic Research shows that FDI in Ghana’s property market and across the nation as a whole is too low and that Ghana is not doing enough to attract the levels of international investment that it could and should – we take a look at what’s going on in Ghana.
Property Sector in Ghana Boosted
A plethora of positive news from Ghana this week is boosting the country’s property sector and will likely have a medium term upbeat effect on the overall real estate and tourism investment economies.
Ghana Real Estate
It is estimated that Ghana annually fails its national housing demand by between 30,000 and 50,000 property units. According to industry analysis of this situation it is caused by two closely related factors: firstly property developers are unable to source required investment to enable them to build affordable housing in Ghana and secondly, of those who dream of owning their own piece of Ghana real estate, only 8% can afford to buy property in Ghana without a mortgage and yet mortgages are only accessible to around 15% of the population.
Property Market in Ghana Receiving Recognition
As Ghana prepares to host the 2008 African Cup of Nations, two non-governmental organizations have begun a series of initiatives designed to recognize and boost the property market in Ghana, to raise the country’s profile with tourists and foreign investors and also to protect local involvement in a rapidly developing real estate market.
Page 1 of 1 pages
Property Reports
Listed By Country
Europe
Bulgaria
Croatia
Cyprus (South)
Cyprus (North)
Czech Republic
Estonia
France
Greece
Hungary
Italy
Latvia
Malta
Montenegro
Poland
Portugal
Romania
Russia
Serbia
Spain
Turkey
Ukraine
North America
Australasia
Asia
China
Hong Kong
India
Malaysia
Singapore
Sri Lanka
Thailand
Vietnam
Middle East
Bahrain
Dubai
Egypt
Lebanon
Qatar
Africa
Ghana
Kenya
Morocco
South Africa
