African Integrity Magazine – Nigerians Control 50% Of Ghana’s Real Estate Business

Nigerians Control 50% Of Ghana’s Real Estate Business

Nov 17, 2014 Samuel Africa News 0

Having soaked the real estate business in Nigeria market, investors have demonstrated burning investment appetite with their dominance of Ghanaian real estate market where they account for over 50 percent of the total transactions in the country’s bourgeoning middle and high end markets. According to Robert Davis, the Marketing Manager of Movenpick Ambassador Hotels, developers of Ambassador Heights Luxury Apartments, Nigerians are the prime movers of premium real estate transactions in Accra, the country’s capital.

Davis hinted that demand for the 18-unit Ambassador Heights has been quite encouraging with Nigerians securing 50 percent of buyer-interest in the 21st Century Development located in Ghana’s most coveted location, placing them ahead of local investors who share the remaining 50 percent with foreign clients. He said that with the encouraging demand from Nigeria, the country was their next destination, affirming that Nigeria property market has great growth potential and huge opportunities for Investment.

Though, Nigerians are more visible in the residential segment of the market, they are at the same time no push-overs in the commercial segment where the development and ownership of some quality high-rise office buildings in the heart of Accra, are linked to Nigerian business moguls. The developer noted that the Ghanaian real estate market attracts foreign direct investment not only because of the quick value appreciation and high rental yield or real estate assets estimated at 10 percent per annum, but also because of the security, socio-economic and political stability in the country, pointing out that the challenges experienced by the country’s currency was gradually easing off.

Source: Daily Sun