…Insights for discerning investors
In 1877, a strategic decision to relocate the capital of the Gold Coast to Accra set in motion a transformative journey. Over the years, Accra has evolved into a bustling commercial hub, embracing the allure of urban living. This surge in urbanisation has catalysed an expansive urban sprawl, a phenomenon that brings both challenges and promising prospects to the real estate sector.
Accra’s meteoric rise has driven its population to constitute nearly 17 percent of the nation’s populace, occupying a mere 1.4 percent of the country’s land mass. As the city’s borders expand, urban sprawl emerges, an accelerated growth that has outpaced essential infrastructure development. This phenomenon has fostered communities on the outskirts of Accra lacking vital amenities such as roads, electricity, water supply, schools, healthcare facilities, and markets.
The concept of gentrification has played a pivotal role in shaping Accra’s urban landscape. Escalating land prices, rents and living costs have prompted higher-income individuals to seek prime real estate options, driving up property values. Investors, recognising this trend, have converged on Accra’s real estate market, further amplifying the demand for premium properties.
Urban sprawl, as described by the Encyclopaedia Britannica, involves rapid geographic expansion marked by low-density housing, distinct zoning practices, and an increased reliance on private transportation. As the significance of residing within the capital intensifies, settlements emerge on Accra’s fringes. Notably, even regions beyond Greater Accra, such as Kasoa, witness an influx of individuals seeking proximity to city opportunities, effectively blurring regional boundaries.
Amid these developments, the Ghanaian Government has embraced a proactive role in shaping the urban environment. Evidencing this commitment is the National Affordable Housing Program, inaugurated on August 1, 2023 at Pokuase by none other than The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo. This initiative, jointly orchestrated by the Ministry of Works and Housing and private real estate developers, epitomises the blending of public and private endeavours to provide accessible housing alternatives.
In tandem with governmental initiatives, the real estate landscape has witnessed a notable shift toward Accra’s periphery. The forthcoming Woodlands Housing Project by Devtraco Group, strategically situated on a nearly 600-acre land in the Prampram-Ningo area along the Accra-Aflao highway, exemplifies a keen understanding of market dynamics. By leveraging the cost efficiencies of suburban land, this venture addresses the nation’s burgeoning demand for affordable and mid-income housing.
Within its Prampram-Ningo development, Devtraco Group is resolute in its commitment to crafting a vibrant and fully-functional community that resonates with the aspirations of the average working Ghanaian. The project is meticulously designed to encompass desirable amenities, tailored to the needs of families who have long yearned for a place they can call home. The endeavour encapsulates the dreams and aspirations of the average Ghanaian, creating a space where families can thrive and build lasting memories.
As these communities flourish, an upsurge in commercial real estate is foreseen in previously unexplored regions. The establishment of shopping centres, educational institutions, eateries, accommodations, fitness facilities, cinemas, and more will cater for the burgeoning population. Government agencies, including the Ghana Revenue Authority, Electricity Company of Ghana, Ghana Water Company Limited as well as telecommunication firms, will seek rental properties to enhance service provision.
Accra’s ongoing urban sprawl redefines the real estate sector and presents a compelling opportunity for discerning investors. The synergy of public initiatives, as exemplified by the Pokuase Affordable Housing Program and the visionary endeavours of major developers like Devtraco Group – as showcased in the Woodlands Project, guides the trajectory of Accra’s real estate future. As this urban narrative unfolds, the allure of Accra as a modern African hub continues to captivate local and international interest.
For astute investors seeking to diversify and prosper, acquiring property during the developmental phase offers a strategic advantage. Engaging early with developers grants access to potential appreciation within upcoming projects. To embark on this journey within a burgeoning community, reach out to Devtraco Group. Your future within Accra’s burgeoning landscape awaits.
The writer is a Business Executive and Entrepreneur, and currently the CEO of Devtraco Group
