Market Trends 2024 Kickoff | RESC

Market Trends 2024 Kickoff

January 30, 2024 4 Minutes Read


Dear Valued Readers,


Welcome to the inaugural edition of our 2024 newsletter series, where we embark on a journey to unravel the exciting trends and dynamics that will shape Ghana's real estate market throughout the year. As we delve into the intricacies of this thriving sector, our goal is to equip you with insights that will guide your decisions and actions in the ever-evolving landscape of real estate.



The Ghanaian real estate market stands at the threshold of significant growth, with a projected market value of a staggering US$458.50 billion in 2024. Notably, Residential Real Estate is poised to dominate, with a projected market volume of US$389.10 billion. These projections indicate a steady growth rate with an annual growth rate (CAGR 2024-2028) of 5.48%, reaching a remarkable US$567.60 billion by 2028. On a global scale, China is anticipated to lead the real estate market with an estimated worth of US$135.70 trillion in 2024, underscoring the pivotal role of the real estate sector in the global economy.



Ghana's Unique Landscape 2024

One of the distinctive features of Ghana's real estate market in 2024 is the high demand for luxury and gated communities. This demand is notably pronounced among the middle and upper classes, as well as the returning diaspora. Ghana's unique market preferences set it apart from many other African countries, creating exciting opportunities for investors and stakeholders.


Foreign Investment and Economic Outlook: Foreign investors are increasingly active in Ghana's real estate market, drawn by the country's political stability and growing economy. The overall economic outlook for Ghana remains positive, with moderate growth anticipated in sectors such as oil, agriculture, and services.


Regional Growth Opportunities: While traditional urban centers like Accra and Kumasi continue to be focal points, emerging regions like Tema, Takoradi, and specific areas in the Northern regions are experiencing accelerated growth. This growth is fueled by industrial and infrastructural developments, offering fresh and lucrative opportunities for investment.


Potential Risks and Considerations: It is crucial for investors to navigate potential risks diligently. Bureaucratic challenges, complex land ownership laws, and sensitivity to global economic trends and commodity prices are factors demanding careful consideration. A thorough due diligence process is strongly advised for those venturing into Ghana's real estate market.



Housing Prices Overview: The past few years have witnessed an upward trend in Ghana's housing prices, driven by factors such as urbanization, a rising middle class, and the return of Ghanaians from abroad. Urban areas, especially Accra and Kumasi, have experienced the highest growth, while rural areas remain more affordable, reflecting a substantial price disparity.


Demand Dynamics: The demand for residential properties in Ghana remains robust, propelled by a growing middle class, urbanization, and the return of Ghanaians from abroad. The market is highly competitive, with buyers actively seeking secure and well-located homes, particularly in gated communities. Apartments and townhouses cater to young professionals and small families, though challenges exist due to relatively high mortgage interest rates. Government initiatives, such as digitizing land records, aim to positively impact the market.


Rental Market Trends: The rental market in 2024 reflects diverse preferences across regions and demographics. Urban areas, especially in cities like Accra and Kumasi, witness high demand for apartments and shared accommodations, driven by young professionals and students. Suburban areas experience a shift towards single-family homes, attracting middle-income families seeking a balance between urban accessibility and suburban tranquility. In rural areas, the rental market is less dynamic, focusing on more traditional housing at lower prices. The rental market is poised for growth, especially in urban and emerging suburban areas, driven by continued urbanization, economic development, and changing tenant preferences.


Outlook for 2024: As we conclude this overview, it is evident that Ghana's real estate landscape in 2024 demands a comprehensive understanding of market dynamics. Investors and homebuyers alike must carefully assess the unique factors at play and stay attuned to the evolving trends shaping Ghana's real estate future. In our upcoming newsletters throughout the year, we will delve deeper into these trends and provide you with timely insights to navigate the exciting and dynamic journey that is Ghana's real estate market in 2024.


Thank you for embarking on this journey with us.


Best regards,

Real Estate Insider |RESC