The Ghana Real Estate Developers Association (GREDA) has confirmed that indigenous Ghanaians constitute some 70 percent of homebuyers in Ghana – opposing assertions that Ghanaians living abroad are acquiring more homes in the country.
Also, contrary to general claims that foreign nationals, particularly Nigerians, are increasingly owning properties in Ghana, especially in many elite enclaves in Accra, GREDA president Mr. Patrick Ebo Bonful told the B&FT that the opposite is rather true, as Ghanaians both home and abroad are buying more properties in the country – forming about 96 percent.
He said Ghanaians in the diaspora currently constitute about 26 percent of homebuyers in the country, with a small percentage of foreign nationals owning homes here.
“Just about 4 percent of foreign nationals make up home buyers in Ghana, and most of them prefer to purchase homes in the luxury market,” Mr. Bonful indicated.
He however said though many Ghanaians living abroad are increasingly developing the taste of venturing into the luxury residential market to buy homes, most of them prefer to purchase middle-income homes.
The growing trend in acquiring middle-income homes by indigenous Ghanaians is one of the surest ways to eliminate the growing threat of purchasing land and avoiding its associated challenges before building.
Though prices of middle-income homes in Accra and other metropolises are increasing, many home buyers still see it as a better option than buying lands that come with multiple issues.
It is also a well-known fact that home contractors in the luxury market are building luxury apartments which potential buyers in recent times are not able to afford. This phenomenon is linked to adverse effects of the COVID-19 in the global economy, coupled with an adoption of modest lifestyles by most people.
But Mr. Bonful said government must make a concerted effort to ensure that the use of local content in the real estate and housing sector is not compromised.
“The law must be stern on the use of local materials such as red clay, among others, in our building mix. It is one of the ways we can bring down the cost of housing to enable more people to own homes instead of depending on imported building materials,” he indicated.