Ghana Real Estate Glossary: Vol 13

real estate terminologies

The real estate market in Ghana will be characterized by the some of these terminologies in the next decade:

Technological Innovation

This refers to the knowledge, development and widespread use of technology. In the next decade or two, the real estate sector will be characterized by a lot of technological innovations. It will aid in the construction of new and affordable buildings, better ways of marketing and selling properties and even more exciting ways of maintaining structures.

Sustainable Development

In the future, sustainability will be the key word for constructing properties. Sustainable development refers to growth that meets the needs of the present without compromising on the benefits of future generations. Currently, there has been a gradual shift in focus to the construction of more apartments to save space, eco-friendly designs and green building but in a decade or two, the evolution will be more massive because of technological advancement.

Urbanization

This is the movement of people from rural areas to urbanized areas but in the next decade, a lot of people will own more town-homes because the central business districts will be larger and a lot of people will prefer to live at the outskirts of town to avoid the hustle and bustle of living in the city. There will be more urban-rural migration as compared to rural-urban migration

Emerging market

An emerging market is a country with a low to middle per capita income and such countries experience rapid growth. Have you ever wondered how the real estate sector is going to be on an emerging markets like Ghana?

Prime asset

In the next decade or two, real estates are going to be primary assets in Ghana. An asset is an item of value which can be converted to cash at any time and quoting  the real estate consultant, Peter Tsikata, “Los Angeles has Hollywood and the other industries but Real Estate is the backbone of U.S. economy and that is how it’s going to be for Ghana in a few years.” So if you are thinking of investment,  think real estate.

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