The 2023 West Africa Real Estate Market Report” by Northcourt, a real estate investment solutions company, has highlighted Ghana as a key player in the region. The report showcases Ghana’s attractiveness in terms of real estate investment opportunities, political stability, and favorable government policies.
In the area of land prices per square meter (PSM), Ghana stands out with average prices in select nodes. The report indicates that Ghana, specifically Accra, records an average land price of $601 per square meter in 2023. Additionally, the country boasts one of the highest rentals for three-bedroom apartments in West Africa, with Accra securing a position at $27,429.
Ghana’s emergence as an attractive real estate market is attributed to its political stability and favorable government policies, spearheaded by the Ghana Investment Promotion Centre. The report emphasizes the country’s economic potential, population growth rate, and regional influence, making a compelling case for aggressive housing development.
Despite Nigeria and Ghana collectively attracting significant venture capital, Ghana is spotlighted for its political stability and government initiatives. The report underscores Ghana’s ranking as one of the countries with the highest real estate investment opportunities in West Africa, scoring 28.5 points.
However, the report does not shy away from acknowledging challenges. In the West African real estate market, regulatory environments can be complex, and Ghana is advised to continue enhancing its legal and regulatory framework to foster investor confidence. The country ranked fourth in the legal and regulatory environment, scoring 23.5 points, trailing behind Cape Verde, Senegal, and Gambia.
In terms of population growth, Ghana is positioned as a significant player, contributing to the expected rise in the sub-region&’s population from 430 million to 935 million by 2050. This surge is anticipated to drive demand for real estate assets in Ghana, presenting both opportunities and challenges for the market.
In conclusion, the West Africa Real Estate Market Report underscores Ghana’s pivotal role in the region’s real estate landscape. The country’s political stability, government policies, and economic potential position it as a key player, attracting both local and international investors. While facing challenges, Ghana’s real estate market remains promising, and stakeholders are urged to navigate the evolving landscape with a strategic focus on enhancing regulatory frameworks and seizing growth opportunities.