- Ghana's real estate industry has undergone major changes which are determining its current trend in the foreseeable future
- The industry has been affected by both positive and negative developments such as economic growth and the COVID-19 pandemic respectively
- The current trend of the real estate market will influence the price of property, areas where houses are built and what kind of people will be able to afford a home
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The real estate industry in Ghana has been steadily growing over the years irrespective of the occasional negative developments it goes through. In this article, YEN.com.gh highlights how the industry will take shape and what people can expect for the next ten to fifteen years.
Impact of COVID-19 on the Real Estate Economy
There have been reported cases of a sudden increase in the number of reported COVID-19 cases. If this continues, it may affect the prices of homes if there is to be another lockdown. During the COVID-19 pandemic lockdown period, the land, sea and air ports were closed which affected the import of building materials by estate developers.
This means that the prices of the remaining building materials on the market will skyrocket which will lead to a surge in the price of properties that are put up for sale.
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More People Will be Able to Buy Homes Using Mortgage Providers
Mortgage facilities and financial institutions are making it possible for many people to buy homes by taking a home loan. This means that people will be paying up for property on a monthly basis as opposed to paying outright cash for the whole cost of the house.
More Affordable Homes on the Market
Another alternative to buying houses that are pocket-friendly is the affordable housing projects which are funded by the government. Ghana, Namibia and South Africa are a few names among many governments that are providing affordable housing for the less privileged and the working middle class in the country.
3 Ways Tenants Can Deal With Terrible Landlords in Ghana
In an earlier article, YEN.com.gh wrote about how tenants can deal with terrible landlords. It does not have to come to fist fights but it is important for tenants to put their foot on the ground and face property owners squarely in demanding that the right thing is done.
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