Q&A: How Do I Make Sure a Commercial Property is Potentially Profitable?

How To Guarantee Commercial Property is Potentially Profitable

How To Guarantee  Commercial Property  is Potentially Profitable

Before we can answer that question, it’s important to answer another all-encompassing one, what is the outlook for the real estate market in Ghana?

Demand for real estate in Ghana has always been high. The market can be divided into three different segments – lower, middle and higher. The lower segment targets house-hunters in search of affordable housing. The middle segment of house-hunters are those who can afford a property and the payment is deducted from source. The third segment targets the upper class. This category of people can afford any property type and they include foreigners. This indicates that there is high demand for both, high and low-end properties, making the real estate market very attractive to investors in Ghana.

How Do I Make Sure a Property is Potentially Profitable?

For anybody looking to invest in real estate – look out for the following characteristics:

Location

The location of a property is very important. There is a high demand for properties in prime locations such as Cantonments, East Legon, Airport Residential Area, Roman Ridge and Labone, even for commercial purposes. Properties in these areas are highly sought after.

Properties in the Central Business District of Accra or close to it are also in high demand by businesses. There are other locations which have good roads linking them to the prime areas or the central business district. Owning properties in these areas are good investments.

Other attractive properties in the vicinity also add value to your property. The same way house-hunters search for amenities, such as malls and restaurants, most businesses also look out for spaces that provide similar services.

For commercial purposes, availability of parking space, a canteen, washrooms and affordable rental charges make the space attractive to businesses.

Managers of the Property

A number of business owners in search of properties pay particular attention to the company that constructed the building, as well as the managers of the property. If they have a good reputation, it makes the commercial property a good investment.

Exceptional view of the Landscape

Properties that provide a good view of the surrounding landscape, for instance, properties close to a beach or a mountain, make them a potentially profitable investment even for businesses. In Accra, properties in Labadi, Kokrobite and Teshie, which provide a good view of the ocean, are good investments. Also, areas located near mountains are usually good investments, which are likely to attract buyers, especially expats, because of the great view and cool mountain air.

 

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