Key regions: Germany, Europe, Asia, United States, United Kingdom
The Residential Real Estate Transactions market in Ghana has been experiencing significant growth in recent years.
Customer preferences: Ghanaians have shown a strong preference for investing in residential real estate, as it is seen as a safe and reliable investment option. Many Ghanaians view real estate as a tangible asset that can provide a steady income stream through rental yields, as well as potential capital appreciation over time. Additionally, the cultural importance of homeownership in Ghana has also contributed to the high demand for residential properties.
Trends in the market: One of the key trends in the residential real estate market in Ghana is the increasing demand for affordable housing. The country has a growing population and a significant housing deficit, which has created a strong demand for affordable housing options. Developers are responding to this trend by focusing on the construction of affordable housing units, particularly in urban areas where the demand is highest. Another trend in the market is the rise of gated communities and luxury housing developments. As the middle class in Ghana continues to grow, there is an increasing demand for high-end residential properties that offer modern amenities and a secure living environment. Developers are capitalizing on this trend by building gated communities that cater to the needs and preferences of affluent buyers.
Local special circumstances: Ghana's stable political environment and relatively low crime rates have made it an attractive destination for both local and foreign investors. The government has also implemented policies to encourage real estate development, such as the creation of the Ghana Real Estate Development Authority (GREDA) and the establishment of a mortgage financing system. These initiatives have helped to boost investor confidence and stimulate growth in the residential real estate market.
Underlying macroeconomic factors: The growth of the residential real estate market in Ghana can be attributed to several underlying macroeconomic factors. The country has experienced strong economic growth in recent years, driven by sectors such as oil and gas, mining, and agriculture. This has resulted in an increase in disposable income and improved living standards, leading to higher demand for residential properties. Additionally, Ghana has seen a steady increase in urbanization, with more people moving from rural areas to cities in search of better economic opportunities. This urbanization trend has fueled the demand for housing in urban areas, particularly in the capital city of Accra and other major cities. In conclusion, the residential real estate market in Ghana is experiencing significant growth due to customer preferences for real estate as an investment, the demand for affordable housing, the rise of gated communities and luxury housing developments, the stable political environment, and underlying macroeconomic factors such as economic growth and urbanization. These factors are expected to continue driving the growth of the market in the coming years.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a 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 considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
