The global series of the Ghana Property & Lifestyle Expo (GPLE) has announced record attendees and retail estate transactions at its “three continents in three months” event.
Since its launch nearly nine years ago, the GPLE and its founders’ sisters Anna and Victoria Agyekum, have been at the forefront of transforming the real estate market in Ghana driving its continuing boom in investment, property, and tourism.
With residential real estate in Ghana set to hit $456.10bn by the end of 2025, analysts also reveal the sector will maintain a steady growth of 3.44% each year between now and 2029.
Applauded as a safe and transparent platform for the diaspora to invest in Ghana, the Expo kicked off in Washington DC, in October, before heading to London, in November and concluded in Accra in December.
Diana Afriyie Addo, Head of Trade & Investment at the Ghana High Commission UK and Ireland, and event speaker in Ghana in December said; "The GPLE is not just an exhibition; it’s a critical platform for sharing accurate, transparent information to empower attendees to invest confidently in Ghana’s real estate market "With Ghana experiencing a property and tourism boom, events like these are vital for fostering sustainable growth and wealth creation.
"We work with organisations and companies in the private sector like On Point Property Management, which are the engine of growth for our country.”
As Ghana’s economy continues to grow, its peak in 2024 was Q3 with a growth of 7.2%, the real estate sector is seeing a constant demand for affordable housing due to urbanisation and population growth.
Victoria Agyekum, Co-Founder of On Point Property Management, commented; “Following a successful 2024 for the real estate industry in Ghana, this year is already set to continue the upward growth boom in residential real estate - primarily due to the consistent interest from global investors, the diaspora, and local stakeholders to Ghana’s burgeoning property market.
"Accra is fast becoming a hot spot for tourists, and future residents who are looking for a place to call home, due to its innovation, opportunity, and cultural richness.”
With the support of private-sector champions, Access Bank (Ghana) Ltd the GLPE bridges gaps, empowers the diaspora, and drives economic growth.
The Global Expo featured a line-up of influential speakers, including:
Keith McMahon MBE – UK’s Deputy High Commissioner to Ghana
Evans Amoah-Nyamekye - Head of Diaspora Affairs for Ghana Bar Association
His Lordship, Justice Barima Yaw Kodie Oppong - Director of Legal Education, Ghana School of Law, and Justice of the Court of Appeal of Ghana
Diana Afriyie Addo, Head of Trade and Investment Ghana High Commission UK & Ireland
Marsha de Cordova MP, Battersea, London UK
On Point director and co-founder Anna Agyekum added: "With Ghana attracting substantial foreign property investors, there has been an increase in luxury apartments and gated communities in recent years.
"With a high housing demand, and high rental yields which can range typically from 6% to 10% - property investors are seeing a solid return on their investments, and one which will only increase in value as Ghana real estate market remains stable.
"We are very excited to support the growth of Ghana and witness its boom over the next five years.”
Ghana Property & Lifestyle Expo 2025 global series will return to Washington DC in October, London, UK in November and Accra, Ghana in December.
The rebound of the real estate development and construction sectors has been pivotal to the recovery of the country’s economy following the COVID-19 pandemic. The construction sector experienced a 9% growth in the first three quarters of 2024, contributing to an overall 6.3% growth in the non-oil sector. This sector is a critical indicator of economic health, influencing various areas, including manufacturing, employment, and consumer confidence.
In Ghana, the construction sector is not just foundational but also transformative, as illustrated by high-profile initiatives such as the Prestige by i2 Development, which is strategically situated within the Kotoka International Airport Enclave.
In a recent interview, Mr. Youssef Aitour, Co-Founder and Managing Director of i2 Development, emphasised that “investments in real estate development play a crucial role in fostering trade, enhancing productivity, and boosting the economy” He added that landmark projects, including mixed-used developments, create jobs and set the stage for sustainable economic development, with the Prestige project exemplifying this impact by enhancing local infrastructure and stimulating economic activity.
Recent industry studies highlight that rental properties in Ghana can yield returns ranging from 19.3% to 22.0%. Such rental yields indicate attractive prospects for property investors, with upscale residential developments in areas like Airport City, Airport Residential Area, and East Legon emerging as hot spots, boasting occupancy rates of approximately 70-80% annually. The Prestige, a notable project by i2 Development, contributes drastically to this momentum.
Additionally, large-scale construction projects like Prestige are vital for generating employment. The Prestige development is expected to create more than 3,000 direct and indirect jobs, encompassing both skilled and unskilled labour.
This significant job creation is anticipated to reduce local unemployment rates and improve community livelihoods, showcasing the extensive benefits of major construction initiatives on regional economies.
The construction industry is a major employer, providing jobs across diverse skill levels. From architects and engineers to laborers and electricians, these projects necessitate various professionals, thereby creating employment opportunities within the community. Furthermore, construction projects can positively influence local businesses.
The influx of workers and the associated demand for materials and services foster opportunities for local businesses to thrive, leading to increased patronage for restaurants, cafes, and retail stores nearby.
In addition to creating direct employment, construction projects also generate indirect job opportunities in related industries, such as suppliers of building materials, transportation services, and equipment rental companies. The demand for these goods and services can lead to further job creation, which boosts the local economy.
“A thriving real estate development sector also attracts domestic and foreign investments,” Mr. Aitour noted. The Prestige project, focusing on modern, well-planned environments, is expected to draw additional foreign investments. Enhanced amenities and infrastructure will make the location increasingly appealing, fostering the growth of a dynamic commercial hub that can significantly contribute to the national economy.
Strategically located within the Kotoka International Airport Enclave, Prestige is also well-suited for tourists and business travellers. This positioning enhances Ghana’s profile as a favourable business destination and promotes tourism, leading to a surge in visitors and broader economic activities. Improved facilities bolster Ghana’s international reputation while supporting sustainable development goals.
Mr. Aitour has emphasized that i2 Development is committed to sustainable building practices that align with global trends and local needs. The Prestige project seeks economic benefits and prioritizes long-term environmental sustainability, ensuring resilience against climate change.
Projects like Prestige elevate the quality of life for both residents and visitors. Improved infrastructure and services are set to transform the Kotoka area into a vibrant hub for living and working, fostering community development and attracting a diverse population.
The Prestige development significantly enriches Ghana’s construction sector, particularly around Kotoka International Airport, by bolstering infrastructure, generating employment, attracting investment, and supporting tourism initiatives, positioning real estate projects as vital components in shaping the nation’s economic landscape.
Location is crucial in real estate investment, and proximity to transportation hubs significantly enhances property values. As Ghana’s primary airport, Kotoka International Airport serves as an essential gateway to West Africa, improving accessibility for nearby properties and attracting domestic and international tenants.
The airport’s ongoing expansion is projected to increase passenger capacity and upgrade facilities, driving more air traffic and raising demand for both residential and commercial spaces in the vicinity. This trend mirrors global urbanization dynamics, where proximity to major transit routes is increasingly sought after.
The rising influx of business travelers, and international students in Ghana has escalated the demand for high-quality residential properties. Off-plan developments near the airport present unique investment opportunities in both short- and long-term rental markets.
Living close to the airport offers lifestyle advantages, such as convenient access to international travel and nearby upscale amenities like dining and healthcare facilities. The blend of residential and commercial spaces in emerging neighborhoods around Kotoka fosters a vibrant community appealing to diverse residents.
Currently, the economic momentum and strategic positioning of Kotoka International Airport render it a prime area for real estate investment.
The Ghana Real Estate Developers Association (GREDA) has set up a real estate investment trust to champion mortgage financing activities in the country.
The move seeks to address the myriad challenges affecting the real estate sector, especially with financing.
The outgoing president of GREDA, Patrick Ebo Bonful, indicated that this approach is critical to achieving growth in the sector – adding that support from financial institutions is not enough, necessitating an alternative to address the issue.
“The banks are doing their best, but it is not enough for real growth in our industry. We need to have a real estate investment trust portfolio that, in our case, we are pushing to champion our mortgage finance activities. These are some of the things we considered in going out of our way to set up the real estate investment trust,” he said.
He made this announcement at the association’s annual general meeting, which also featured elections for the new national executive council in Accra.
He stated that the real estate investment trust portfolio is an initiative of GREDA’s outgoing executive council.
Additionally, he mentioned that this initiative will create an avenue for members to concentrate on more building, as the investment portfolio will take over the properties and rent them out or sell to the public.
Mr. Bonful noted that plans are underway to get a licence from the Securities and Exchange Commission together with engagements with consultants, after which the investment trust will be listed on the Ghana Stock Exchange for citizens.
Sharing his thoughts on what to expect ahead of the 2025 budget presentation, he said the association wants government to abolish the five percent value added tax (VAT) charged on estate development, as well as other taxes on building materials.
He urged government to incentivise the sector so that affordable houses can be built to address the housing deficit, which he described as a problem with “national security consequences”.
“For us, we want the five percent VAT abolished. Honestly, it is not good for our business. We think there are other ways government can help the sector by offering incentives to businesses. We need to be able to build affordable houses for the masses, not just for the few,” he said.
Mr. Bonful also indicated the association’s readiness to partner with government in embarking on Private Public Partnerships (PPP) to churn out more affordable housing and other infrastructure projects in the country.
He added that they engaged the previous government in such partnerships and will continue such engagements with the new administration.
At the elections end, GREDA members elected Dr. James Condua Orleans-Lindsay, who doubles as Chancellor-Cape Coast Technical University, as the new president to lead the national council and steer the association’s affairs.
He expressed excitement about the results and pledged to improve upon the state of the association.
Dr. Orleans-Lindsay singled out cost of borrowing and land disputes as the sector’s main challenges, stressing that addressing them can improve accommodation in the country.
