Undeniably, the real estate market in Ghana continues to grow at an exponential rate. Despite the 1.8 million housing deficit quoted by the Ghana Statistical Service, day in day out, prime areas and developing areas alike in the country see new developments springing up. Already established developers seek to continue to serve the market and stamp their market authority while new developers seek to penetrate the market with projects they believe are disruptive enough to secure them a space within the dynamic industry.

The decision by a real estate developer to put up a type of project or another may, largely, be dependent on a number of factors – the location, market demands, size of available land amongst others. Thus, a developer may decide on a type of development as their next project because they have secured a location that is convenient or suitable for such a project. They may also make the decision to go with a particular property type because the majority of the market demands it – the market trends point to it.

Observing, as the leading property marketplace in the country, we have data on different types of property within the industry. Based on this insight, the top three property types, most popular amongst developers in Ghana today, include the following:

APARTMENTS

Otherwise known as flats, apartments may be one of the most popular property types amongst developers today. Apartments are, typically, “rooms or suites of rooms fitted especially with housekeeping facilities and usually leased as a dwelling”, according to property management website, doorloop.com. An apartment building would, typically, have several units within it, occupied by various residences, sharing common areas like a concierge, car park, recreational facilities etc.

Apartment types include studios, 1, 2, 3, or 4 bedroom units.

Why are Apartments popular?

According to Nana Kwesi Acheampong, Sales Manager at Meqasa, it is typical for developers to put up apartments in strategic locations such as Airport Residential Area, Labone, Cantonments, Osu, amongst others because apartments have the greatest investment opportunities for buyers.

“The main selling point to buyers is the Return on Investment (ROI)”, he submits. Buying an apartment unit or units to rent out may be a great investment strategy for buyers looking to gain a steady stream of income.

Studio units and 1 bedroom apartments, particularly, are fast moving and popular within the rental space. These units are mostly patronised for short lets and medium length duration by a wide gamut of clients.

Developers, armed with this information, then market their apartments, highlighting these selling points to buyers, making apartments a popular property type both amongst developers and buyers.

TOWNHOUSES

In listing popular property types amongst developers, Mr. Acheampong also believes townhouses are worth mentioning.

Townhouses are, typically, single-family homes which may have multiple storeys but are attached to another home. The homes in townhouses are, usually, only separated by a dividing wall, even though parts of the homes may be attached. There may be several other nuanced versions of the townhouse. However, Nana Kwesi Acheampong mentions that the detached and semi detached types are most popular amongst developers.

Why Are Townhouses Popular?

Townhouses are a popular property type amongst developers for a few reasons. For one, research reveals townhouses may, generally, be less costly to build than “self compound” family homes. Consequently, this also makes it less expensive to buy than traditional stand-alone homes.

Townhouses are also a popular property type amongst developers because they appear to be an easier and quicker sell, especially to families. For families or home-buyers looking to experience a less dense residential neighbourhood, developers believe this is a great pitch to them.

Townhouses are also a great idea for home-buyers who want to be free of the burden of general facilities upkeep since it is typical of management of townhouses to collect a service charge to take care of things like trash disposal, pest control, security, etc.

Townhouses are also bought by persons who love to experience a sense of community, and may be seeking to stay within a great neighbourhood with great aesthetics.

STAND-ALONE DEVELOPMENTS WITHIN GATED COMMUNITIES

A stand-alone house or a “self-compound” house, within a gated community may be the next most popular property type amongst developers. These developments are usually single family units, each within its own compound. Significantly, despite each unit having its own compound or space, these developments are found within gated communities resembling the arrangement in the case of townhouses. The buildings may not, necessarily, have similar aesthetics as in the case of townhouses, and the buildings, typically, would have extra space/land for future developments should you choose.

Why Are Stand-Alone Houses in Gated Communities Popular?

This is a popular property type amongst developers for a few reasons. For one, from an investment perspective, developers can sell them for a bit more, costing the extra space/land in addition.

They, typically, would pitch this property type as having the ability to be expanded/reconstructed, or have other developments/structures added on the land. This advantage makes this property type also popular amongst home-buyers who may have the intention of future expansions or remodelling. Families who may need the extra space for recreational activities and as playing space for children also, generally, prefer this property type.

However, buyers of this type of property, in spite of preferring the autonomy that comes with owning a property, also fancy the community and security that a gated community offers. Thus, they would prefer a stand-alone house within a community. These home-buyers would also, due to their preference for a well laid out, visually appealing environment, opt for a gated community.

All these property types notwithstanding, we daresay the most important determinant of what a developer may conclude is a popular property type is accurate market research based on market trends. A market study, according to experts, will arm the developer with information about what projects are best suited for which areas/locations, best suited to the demand, costs involved, as well as all other relevant information needed to make the best investment decisions.