Industry News

Mr. Emmanuel Botchwey, the Executive Chairman of Regimanuel Gray Ltd, has urged stakeholders in the country’s housing industry to swiftly embrace vertical development to match the rapidly increasing urbanization. Speaking at the Ghana Real Estate Developers Association (GREDA) CEOs Breakfast Meeting in Accra, Mr. Botchwey emphasized the importance of preparing for immediate future housing demands driven by the country’s youthful and rapidly urbanizing population.

Under the theme, “GREDA showing leadership in housing delivery in Ghana for the next decade; opportunities and challenges,” Mr. Botchwey highlighted the urgency of the situation by pointing out Ghana’s current population structure, with a significant proportion below 20 years. He emphasized that this demographic trend will witness greater numbers poised to enter the housing market within the next decade.

According to Mr. Botchwey, Ghana’s current population makeup, with approximately 38% of the population falling within the 15-35 age bracket, indicates a looming surge in housing demand as these individuals transition from parental homes to seeking accommodation of their own. To address this challenge he stressed the importance of adopting vertical housing solutions, for the masses, to optimize land usage and accommodate the burgeoning population.

“We have about a decade to fully embrace vertical housing development due to our current population structure,” Mr. Botchwey asserted. “Developers need to economize on space and first-time homeowners must be willing to embrace reduced floor areas, to manage the stock of land available for future housing needs effectively.”

Mr. Botchwey, who is spearheading the development of the Regimanuel Satellite City near East Legon Hills in Accra, is set to allocate about 30% of the project’s land to high-rise apartments. With a master plan encompassing 17,000 homes, the inclusion of high-rise developments underscores a strategic approach to support the supply of housing for the population. 

Population Structure and Urbanization Trends

Ghana’s population structure reflects a youthful and rapidly urbanizing demographic, characterized by a significant proportion of young individuals. Over the past five censuses, the population pyramid has shifted from predominantly children under 15 to a growing cohort of young people aged 15-35 years. According to the Ghana Statistical Service, the country’s population is projected to double within 33 years, with over 50 million inhabitants by 2050.

(2021 population & housing census)(2021 population & housing census)

Moreover, urban areas accommodate approximately 60% of the young population, highlighting the rapid urbanization trend. As Ghana’s urban centers continue to expand, the demand for housing, particularly among young urban dwellers, is poised to escalate, necessitating innovative solutions to address the housing deficit and ensure sustainable urban development.

Accra is the capital and largest city of Ghana, and a popular destination for property investment. The city offers a variety of properties for those seeking to invest in the real estate market. Depending on your budget and preference, you can find attractive properties in different locations in Accra. Here are some of the top locations for property investment in Accra, Ghana, based on the following criteria:

1. Top Locations near the Central Business District of Accra.
2. Top Locations in the fastest Developing Areas of Accra. (Suburban)

Top Locations near the Central Business District of Accra.

These are the areas that are closer to the city center, where most commercial and administrative activities occur. They are suitable for lucrative property investments with highly-priced properties for short-term investment returns. They are also closer to the Kotoka International Airport, which is the country’s premier international airport. These locations are within a roughly 6km radius of the Kotoka International Airport. The areas are also known for their high-rise residential properties and amenities, such as schools, hospitals, shopping malls, and restaurants. Some of the top locations near the Central Business District are:

• • Airport Residential Area: This is an affluent area that offers easy access to the Kotoka International Airport and the Airport City. You can find several high-rise buildings, such as Vodafone Head Office, Marina Mall, Holiday Inn, Villagio Residences, The Signature Residences, One Airport Square and many others. The area also has a well-established road network, making it easily accessible from other parts of Accra. The increasing demand for high-end properties in the Airport Residential Area makes it a lucrative investment destination for short-term investment returns. The median price of a house in this area is 171,000 Euros per bedroom.
  • Cantonments: This is one of the oldest and most sought-after neighborhoods in Accra. You can find many expatriates, diplomats, and affluent Ghanaians. The area has several amenities and landmarks, such as the Police Hospital, the Akai Clinic, the Ghana International School, the Morning Star School, and the Goethe Institut. The area also has a low population density and a serene environment, making it ideal for living or working. The median price of a house in this area is 160,000 Euros per bedroom.
  • Labone: This is a residential and commercial area that offers easy access to the beach and the city center. The area has a mix of modern and traditional properties, as well as a variety of amenities, such as banks, restaurants, and shopping malls. Labone is also close to Osu Oxford Street, one of the most popular and lively streets in Accra. The area is a lucrative investment opportunity for anyone looking for a property in a prime location in Accra. The median price of a house in this area is 160,000 Euros per bedroom.

Top Locations in the fastest Developing Areas of Accra.

These are the areas that are located just on the outskirts of the city, where most of the new and upcoming residential and commercial developments are taking place. They are within a 10-12km radius of the Kotoka International Airport. These areas are also known for their affordable and comfortable housing options, as well as their high potential for growth and appreciation. Properties within these areas offer more spacious properties which enhance the living experience. Some of the top locations in developing areas are:

• • • East Legon Hills: This is a new and emerging residential community that offers spacious, comfortable, and energy-efficient properties, such as luxury apartments, townhouses, and estate houses. The area has become one of the most popular locations in Accra, since 2019, with over 41% of house hunters seeking properties in this area. It is a top sought-after location by Ghanaians living abroad, who seek luxurious and spacious properties with bigger compounds for greens and landscaping. The area also has a good road network, making it easily accessible from other parts of Accra.
    • Oyarifa: A fast-growing suburb that offers a variety of properties for sale and rent, ranging from apartments and townhouses to detached and semi-detached houses. Oyarifa links directly to the Aburi Mountains which is also growing to attract more property investments from diasporans. The area is also close to amenities such as schools, hospitals, malls, and recreational facilities, making it an ideal location for families and professionals.
    • Spintex: This is a long stretch of highway that links the Tetteh Quarshie Interchange to the Tema Motorway. The area has several industries, businesses, and residential developments along the road, making it a busy and vibrant neighborhood. Spintex also has several hangouts, grocery shops, and other points of interest, such as the Junction Mall, the Palace Shopping Mall, and Coco Beach. The area is the second most in-demand location in Accra.

Tip: You should also read the Comprehensive Guide on How to Buy a House in Ghana. 

Read More

Ghana’s leading mortgage provider, GHL Bank (formerly Ghana Home Loans) has signed a Memorandum of Understanding with Regimanuel Gray Limited to collaborate in the delivery of homes and serviced plots to alleviate the acute housing situation in the country.

The signing ceremony took place at the offices of Regimanuel Gray Ltd at La, Accra, and was attended by senior executives of both GHL Bank and Regimanuel Gray Ltd.

In a significant move, Regimanuel Gray Ltd recently commenced the sale of serviced plots at Katamanso on the Accra – Oyibi road. This unique arrangement allows prospective homeowners to design and build their dream homes on plots serviced by world-class infrastructure delivered by Regimanuel Gray Ltd.

Under the terms of the collaboration, GHL Bank shall offer a special land purchase mortgage to prospective buyers of these serviced plots. GHL Bank shall finance up to 80% of the cost of the land and offer a repayment schedule of up to 10 years at negotiated interest rates. Once the homeowner has acquired the plot of land, GHL Bank shall then provide construction loans for the homes to be built. The homeowner may then repay the mortgage in accordance with a pre-agreed schedule.

Speaking at the signing ceremony, Mr. Kojo Addo-Kufuor, Executive Director of Business, GHL Bank, stated that this programme “gives prospective homeowners the best of both worlds”. He added that “being able to build your dream home, designed to your preference, on Regimanuel-quality infrastructure is a great and unique offer that should excite the market”.

“This MoU is clear evidence of GHL Bank’s commitment to mortgages, home ownership, and real estate developers, at a time when we have transitioned from a mortgage specialist to a universal bank”.

Signing on behalf of Regimanuel Gray Ltd., Mrs. Regina Botchway, Vice-Chairman of the company reiterated that the collaboration is in recognition of the shared aspirations of both companies to move the acquisition of homes and serviced plots much closer to Ghanaians and foreign residents.

She said “we at Regimanuel Gray Ltd are proud to have been one of the forbearers to develop the vision and leadership of home ownership and acquisition. GHL Bank is one of the best partners in the market to work with to help push this agenda”.

The Regimanuel Gray New Territory Project at Katamanso is on a land size of about 1,300 acres and is a master planned to include 17,000 houses, commercial areas, schools, religious centres and sports facilities.

The first cluster at Adom Gate, consisting of about 500 expandable houses of different varieties is almost complete.