SIGNIFICANT NATIONAL ECONOMIC developments recorded by Ghana in recent years have registered on the global economic radar, positively impacting Ghana's property market. Many local and foreign entities are significantly increasing their demand for residential, commercial and industrial developments to facilitate their employees' and business needs.
Ghana's property development industry is divided into three sectors:
* Public sector real estate development
* Emerging private sector real estate development
* Private individuals
The activities of these three groups are facilitated by the banks, while the primary mortgage market, although at an early stage of development, has demonstrated enormous growth potential.
The property development industry consists of three main segments: residential, commercial, and industrial property In the main, the industry is dominated by residential and commercial developers. In the last 10 years the residential market, undoubtedly the most vibrant in the industry, has registered, at a minimum, an estimated 85,000 transactions each year.
The commercial property segment, which includes office accommodation and retail space, is the second largest segment in the industry. Third is the industrial segment but it is considerably smaller in size. Recreational and civil/cultural property developments are new areas that are gaining interest among the industry stakeholders.
The property industry, especially the residential and commercial sectors, are dominated by private companies that control over...