African Real Estate Trends And Forecast: Case Study Of Ghana

Practitioners in the built environment Surveyors, Valuers, Mortgage providers, Property developers and Brokers etc. need to understand and appreciate the fact that, real estate is constantly changing due changing tastes, advancement in technology, access to finance, and so on. Practitioners are faced with the overwhelming task of keeping up with trends. It is challenging to identify the changes taking place but more challenging figuring out which trends are important for us as practitioners and those that are here to stay. It is important that practitioners are able to identify the changes with some degree of confidence to guide their strategic decision-making processes because practitioners who are able to get it right will be separated from the rest in the near future. Findings from the research shows that, several things are certain in a few years from now. For example, there will be a surge in demand for condominiums, apartments and similar shared properties in many African cities. There will be a shift from private development for mortgage. The introduction of new legislations on the built environment will change many things. Mortgage rates will drop and solar will be in high demand. Online brands will rule the market and mass marketing by agents, surveyors and developers, investors will be in vogue. There will be specialization instead of generalization and services tailored to meet the demands of Generation Z. There will be a rise in short-term rentals and smaller living tiny apartments. Tax reform in the coming years will likely reduce ownership benefits and the hottest properties will be in the south, along the coast. Not only that, home price increases will slow and the oversupply theory will be debunked. There will be an office evolution and the capital cities including Accra will see mass exodus with the big game-changer been driverless cars. Ultimately, the higher-end market will be well-served and margins will still be good for those types of projects. Building affordable housing at scale, in listed urban areas would be profitable from 2035. This paper walks participants through the changes that are expected in the coming years with regards to the built environment. The paper certainly provides some meaningful insights that will help practitioners in Africa navigate their decisions into the future.