Real Estate Trends In Ghana - How I see the industry in 20 years

Ghana’s real estate industry is changing due to dynamics such as advancement in technology, access to finance, changing tastes, needs and values. Valuers, architects, planners, civil engineers, estate developers, investors, financiers and brokers are faced with a big task of keeping up with trends. This forecast offers meaningful insights that should to help navigate into the future.

Whether you are thinking of building houses for sale or for rent in Accra, Kumasi or Takoradi or taking a bank loan to grow your real estate empire, know that real estate is constantly changing. That is why is important we identify with some degree of confidence the changes especially those that are here to stay to guide your long term plans. Industry actors who are able to get it right and plan ahead will be separated from the rest. A trend analysis predicts the following 16 scenarios:

There will be surge in both the demand and supply for condominiums, apartments and similar shared properties by 2034 as part of strategies of government and developers to solve the housing deficit gap. This trend will be boosted largely by growing middle income earners with smaller family sizes.

Around the same time, there will be a swing from private incremental home construction for mortgage. This is expected to happen as a result of global events such as technological innovations and financial market shifts. In fact, we will see a growing proportion of the industry controlled by mortgage. The introduction of new legislations for the built environment (building codes, etc) and their strict enforcement will increase the cost of private residential development and discourage same particularly in urban areas thereby creating huge opportunities for banks, real estate developers and practitioners: valuers, architects, quantity surveyors and civil.

The good news for mortgage holders and aspiring homeowners by 2033 is that mortgage rates will begin to decline and fall drastically lower than the current rates. The Governors of the Bank of Ghana (both previous and current) see a strong case for adjustment in monetary policy favoring lower mortgage rates which will begin falling rates once it becomes confident that economic growth will pick up, unemployment will decline and inflation starts to move back enduringly.

Solar will be in high demand in Ghana from 2029. Already, a growing proportion of Ghanaians are financing the installation of individual solar power systems. notes on your door for friends and family telling them that you are away on trek for days with the family for the weekend. The police also recommend that, you keep the ringing tone of your fixed line phone as low as possible so that its incessant ringing does not announce the vacancy. While leaving the radio on Joy Fm, Peace Fm or Citi Fm, unplug all other appliances such as the washing machine, kettle and computer. You do not only save power but also reduce the risk of ignition that may be caused by electric power fluctuations. Inspector Tabiri (Rtd) advises that you shouldn't under any circumstance leave keys in predictable places such as under door mats or flower pots next to the front door. They are not the wisest places at all. Either entrust a good neighbor with your key or place it in much unexpected place.

For weaning parents, always keep away firearms and other weapons, chemicals and medications. To reduce the risk of suffocation, keep rubber/polythene bags and choking hazards safely out of the reach of children. Also keep away trunks and freezers not in use and all other areas children may get locked in such as cars and barrels. If an infant is missing, experts advice that, you check water bodies first as it takes only a few seconds to prevent drowning.

Many plants and flowers although beautiful can be toxic if eaten. As much as possible ask you gardener about the safest plant to keep in your room or porch where infants are likely to play.

Finally, keep important phone numbers such as that for the police and fire on your phone and at a place with easy access. But this can be more beneficial unless your house is numbered or addressed and the address well displayed at the front of your property. Therefore, obtain your digital address and make it clearly visible from both sides of the street to your home so that the fire service and emergency service providers can quickly and easily identify your home in the event of an emergency. Display your digital property address at the frontage to help call responders locate you quickly.

Because you are most vulnerable when sleep in bed at night, keep a phone and a weapon (if necessary) within reach. With these simple tips you should be able to keep safe the lives and property of your family and you

Source ; Land, Property and Estate Management in Ghana by Gad Asorwoe Akwensivie