Ghana’s real estate market valued at GHS 11bn
“Ghana’s real estate industry according to the Oxford Business Group is valued at approximately GHS 11bn, and I must say that, in as much as the amount is quite significant, there is potential for more growth, because in other jurisdictions the real estate market can be valued in trillions,”
Hanna Atiase, Chief Executive Officer (CEO) of real estate agency firm, Ewells Realty, has pegged the value of the country’s real estate industry at GHS 11bn ($1.37bn).
The industry’s value as a percentage of the country’s Gross Domestic Product (GDP) for end-2021, translates into some 2.39% of GDP.
The present GHS 11bn valuation of the sector, marks a significant increase from the GHS 9bn and GHS 1.2bn valuation in 2019 and 2013 respectively.
Making the assertion in an exclusive interview with norvanreports, Ms Atiase, noted that, despite the surge in the industry’s value over the years, Ghana’s real estate sector compared to that of other countries, is still relatively small.
“Ghana’s real estate industry according to the Oxford Business Group is valued at approximately GHS 11bn, and I must say that, in as much as the amount is quite significant, there is potential for more growth, because in other jurisdictions the real estate market can be valued in trillions,” she told norvanreports.
With a housing deficit of over 2 million, there is enormous growth potential in terms of value for the country’s budding industry.
Describing what passes for an affordable house in the country, Ms Atiase noted that, houses that cost under GHS 800,000 can be classified as affordable houses.
Adding that, the affordability of a house is mainly dependent on an individual’s income.
“When we talk about affordable housing, we take several things into consideration. First, we look at the person’s income and then we look at the price of the property.
“So we use what we call the price to income metric and that will determine whether this house falls into the category of an affordable house or not.
“But looking at the figures, I would say an affordable house is anywhere from GHS 100,000 to about GHS 800,000 depending on whether it’s a two, three or four bedroom house,” she told norvanreports.
Speaking further, she averred an individual would need a minimum savings of GHS 9,000 over a period of 5 years to be able to acquire a 3 bedroom that costs for instance GHS 560,000.
Hanna Atiase is the founder of E. Wells Realty & Consultancy and also a co-founder and member of the Ghana Association of Real Estate Brokers (GAREB). An association that was set up to help sanitise the real estate sector.
She is the winner of the prestigious Ghana Industry CEO Award for the Most Respected CEO in the real estate agency sector.
Ms Atiase was featured on BBC World News where she spoke about the real estate investment opportunities in Ghana. She is one of the real estate educational speakers on Meqasa TV and is a highly sought after speaker at real estate-related events.
About Ewells Realty
E. Wells Realty & Consultancy, is a Ghanaian-owned luxury real estate firm. The firm is situated in East Legon.
The firm’s services include sales, rentals, property management, real estate training and advisory services. The firm has a vast portfolio of residential & commercial properties.
At the moment, Ewells Realty is undertaking an Affordable Luxury Housing Marketing Campaign in the country.
E. Wells Realty has partnered with a local developer who builds beautiful homes in gated communities at incredibly discounted prices!
- 2 bedroom house 400,000ghs
- 3 bedroom detached townhouse 560,000ghs
- 3 bedroom detached townhouse 640,000ghs (extended)
- 4 bedroom detached townhouse 840,000ghs
East Legon Hills and Ayi Mensah developments are currently on the market. These gated communities are equipped with 24 hour security services, a gym, pool, children’s play area, pharmacy and a mini mart with groceries delivered to your doorstep.
For more information on these affordable luxury homes please contact E. Wells Realty.
Hanna Atiase
050 158 0464/054 216 1349/054 722 1930
