Residential Real Estate - Ghana | Statista Market Forecast

The Residential Real Estate market market in Ghana is predicted to achieve a staggering value of US$440.10bn by the year 2024.
This market segment is anticipated to display a steady compound annual growth rate (CAGR 2024-2029) of 3.22%, ultimately leading to a market volume of US$515.80bn by 2029.
When comparing this data on a global scale, it becomes evident that China is projected to generate the highest value in the Real Estate sector, with a staggering US$112.9tn in 2024.
The residential real estate market in Ghana is experiencing a surge in demand due to the country's growing middle class and increased urbanization.

Definition:

The residential real estate market covers the leases and transactions of residential properties. Residential real estate leases refer to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums, while residential real can be defined as buying, selling, or transfer of ownership of residential properties.

Structure:

The residential real estate market covers real estate transactions and leases, and the section, residential real estate leases, is divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and for real estate renters as well.

Residential real estate transactions
Residential real estate leases

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

The Residential Real Estate market in Ghana is experiencing significant growth and development in recent years.

Customer preferences: Customers in Ghana are increasingly seeking modern and well-designed residential properties. They are looking for properties that offer amenities such as swimming pools, gyms, and green spaces. Additionally, there is a growing demand for properties that are located in safe and secure neighborhoods with easy access to schools, hospitals, and shopping centers.

Trends in the market: One of the key trends in the residential real estate market in Ghana is the increasing popularity of gated communities. These communities offer a sense of security and exclusivity, and often come with a range of amenities and services. This trend is driven by the desire for a higher standard of living and a sense of community among residents. Another trend in the market is the rise of mixed-use developments. These developments combine residential, commercial, and retail spaces in one location, creating a convenient and vibrant living environment. This trend is driven by the need for convenience and the desire to live in close proximity to work, shopping, and entertainment options.

Local special circumstances: One of the unique aspects of the residential real estate market in Ghana is the influence of the diaspora. Many Ghanaians living abroad are investing in residential properties in Ghana, either as a way to secure their retirement or as an investment opportunity. This has contributed to the overall growth of the market and has led to the development of high-end properties that cater to the needs and preferences of this group of buyers.

Underlying macroeconomic factors: The growth and development of the residential real estate market in Ghana can be attributed to several underlying macroeconomic factors. One of the key factors is the country's strong economic growth, which has resulted in an expanding middle class with increased purchasing power. This has created a demand for housing and has led to the development of new residential projects. Additionally, the government of Ghana has implemented policies and initiatives to promote affordable housing and increase access to mortgage financing. This has made it easier for individuals and families to purchase residential properties, further driving the growth of the market. Furthermore, Ghana's stable political environment and favorable investment climate have attracted both domestic and foreign investors to the residential real estate market. This influx of investment has led to the development of new projects and has contributed to the overall growth and development of the market. In conclusion, the residential real estate market in Ghana is experiencing significant growth and development, driven by customer preferences for modern and well-designed properties, the rise of gated communities and mixed-use developments, the influence of the diaspora, and underlying macroeconomic factors such as strong economic growth, government policies, and a stable political environment.

Data coverage:

Figures are based on total and average value of residential real estate, residential estate transactions and leases.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Residential Real Estate - Ghana

Value

Volume

Analyst Opinion

Transaction Value

Revenue

Household Type

Living Space

Methodology

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