The COVID-19 crisis significantly impacted the real estate market in Ghana.
As all facets of life globally were being affected, Ghana’s economy declined sharply to 2.6% from the projected 6.8% for the year 2020;
Health concerns and stay-at-home orders with many job losses, reduction in disposable income and economic hardships, and an increase in the price of commodities led to fewer buyers looking for homes and fewer sellers willing to list their properties or allow strangers to enter their homes during a pandemic.
According to Aaron Marshall, CEO & Co-Founder of Keyrenter Property Management (US leading property
management and real estate franchise) despite the huge global decline in the real estate market; the impact of COVID-19 has streamlined and transformed the industry again through the internet.
The COVID impact and reformation
In Ghana technology is leading the way in the real estate market. Through innovative recognized brands like ISAAC ANTHONY ONLINE, homes are bought, rented, and sold easily, as people suddenly find it more relaxing and comforting to look for homes and rentals online.
Despite the large drop in home sales due to the pandemic, real estate activity globally and in Ghana has begun to improve .Due to the lockdown buyers now saw the need to purchase new homes or rent bigger space. Even though the housing supply did not recover at the same pace, sales activity has generally recovered from its lows.
It is important to note that the up-rise of the real estate market after a months of low turns shows how viable the industry has positioned itself.
The difference between the COVID-19 pandemic and other pandemics is that; with the latter, people liquidated their assets for cash, while in this situation people later realized the turn of events.
As the need for social distancing and staying at home became the new norm, there was the urge for people to acquire homes or rent. This significantly saw the real estate market appreciating in the last quarter, however, this appreciation is fundamental to the economics of how construction companies, and also how government policymaking impacted the affairs of the industry.
An industry guaranteed for desirable returns
Despite the severe pandemic-induced economic downturn, its index of house prices stayed on target, the expectation however was that prices will decline.
Real estate companies in Ghana are preparing for what comes next and what property sales and rental will look like in this new era, as it will become more important to optimize their sales funnels, home in on high-value leads, and boost profitability as sales peak. At this time, is when exceptional players in the industry are most needed to give the market price a grip.
The question is how do we identify a good real estate company?
Here are few traits that identify a reliable real estate company that guarantees good returns.
A good real estate agent should have a veteran’s knowledge of the communities in Ghana, and advice relatively.
Having excellent resources and know-how from identifying the right property that guarantees and protects the desires of the buyer and returns of the property owner.
Quite simply, there is no substitution for experience in today’s ever-changing real estate market. From being able to foresee issues before they arise to understanding the intricacies of the various types of real estate transactions, an experienced real estate agent can promote and protect their client’s best interest with ease. This industry is dynamic and so more and more marketing ability and the use of technology and online presence are key in capturing both sellers and buyers.