The pattern of housing and real estate in Ghana changed significantly after the onset of the COVID-19 pandemic, with effects on the two major sectors of the market: sales and rental of property.

Similar to other countries, Ghana recorded the largest decline in GDP growth since 2006 in the year 2020. These obviously affected Ghana’s economy, many organisations, businesses and government corporations having to strategise in order to keep the business afloat; jobs were lost; movement restricted; prices of food and water hiked. The price of basic essential goods, services and commodities moved up unexpectedly leaving adverse impacts on individuals, especially those with limited income.

With the development of vaccines, the ban was lifted gradually on international travel as countries slowly resumed international relations while attempting to find means to recover from the pandemic. This article seeks to highlight the opportunities in the real estate sector in this COVID era as individuals are optimistic about the bounce back in the real estate market and from the pandemic as vaccines keep arriving.

CONSTRUCTION

There is a current shortage of inventory where the demand for luxury/executive properties by expats/investors is high compared to available supply. With the housing deficit in Ghana hovering around 1.2 million, this comes as no surprise, making it a great opportunity for investors to venture into the construction sector.

Many expatriates and investors who did not have the opportunity to travel for business purposes are now on the road to put their money to use. It comes as no surprise as many investors decide to venture into the real estate sector in Ghana. If not the number one option, the real estate industry is one of the very lucrative businesses in the country.

Lockdown and jobs lost due to the COVID-19 pandemic have given individuals/investors a lot of reasons to invest in case a misfortune such as another pandemic breaks out. 

In line with the demand, affordable homes going for 70 thousand to 150 thousand dollars are the most preferred property based on the recent demand by expat in search of property to invest in from meqasa.com. 

SALES MARKET AND RENTAL MARKET

Another great opportunity that has been awakened in the real estate market post pandemic is the rent and sale market in the residential category.

The two residential sectors: sales and rental market suffered losses with the COVID-19 pandemic. The rental market which also targets expats, diplomats and foreigners suffered a decline.

Many of these expats, diplomats and foreigners who have established businesses in Ghana returned to their countries to adhere to the worldwide lockdown with their families and work from home. The possibility of getting stuck in another man’s land during the pandemic had many expats and foreigners return to their country leaving properties vacant.

However, in this era where we’re getting used to COVID as part of the new normal, with flexible restrictions on travelling and ban gradually being lifted, short let in Accra and buy-to-let properties many of these expats, foreigners and diplomats are slowly returning to their posts within the country to work making it a great opportunity to revamp the rental sector, especially, the short let homes and apartments.

Evidently, this is a great opportunity for real estate brokers to get back to work.

Experts in the real estate sector call on investors to take the opportunity as investment properties, be it apartments or houses could be a great opportunity during these times.

FLIP OPPORTUNITIES

The term house flipping simply describes the process of buying a property, renovating it and re-selling the improved property. The pandemic has changed the way buyers think and the importance of owning a home because a home is probably the only place one can feel safe and secure.

Quite a number of people who were once comfortable living in a rented apartment now feel the need to own their own home, which gives opportunities to investors who are looking to go into the house flipping side of the real estate industry.

DIGITISATION

Just like every other sector, the real estate market has quickly adopted the use of technology. Offering virtual tours as opposed to physical viewings; property management; and business transactions online offer greater flexibility to both sides of the market: buyers and sellers.

This is a great opportunity for tech and tech-savvy individuals, firms or companies to partner with real estate companies and create tailored digital platforms that enhance home staging, viewing and other aspects of the real estate chain from all over the world.

COVID has brought many changes to the “norm”. The real estate sector is equally experiencing its fair share of the pandemic just like many other sectors. In Ghana, however, these are some of the emerging merits players in or looking to venture into the real estate sector can take advantage of.