Nest is focused on developing Town houses in prime residential areas of Accra. The NEST team is made up of award winning architects, contractors, lawyers, project managers, property managers and interior designers that ensure clients are provided with functional, comfortable and stylish homes.
The company has been in business for eight years and has a reputation for excellent craftsmanship, durable construction and a mix of natural and avant-garde finishing materials.
The residential market is the most active segment of the real estate sector, with an estimated value of transactions of $1.7bn.
It has been estimated that demand for residential property in the Accra-Tema metropolis will amount to 150,000 units a year. Industry sources indicate that Ghana's current residential property demand grows at over 200,000 units a year, with an accumulated shortfall of 750,000 housing units. Current production of residential properties averages only 70,000 units a year, implying a significant annual supply gap.
Rents for commercial properties range from $16 to $69 per square metre a month. Residential property rents range from $2,000 to $8,000 for bungalows in the upper-end market. Construction costs range from $300 to $1,200 a square metre for buildings.
Various government attempts to solve the housing deficit on a wide scale have failed. One example was the government involving STX Construction of Korea to build over 200,000 units of houses across the country. The project basically came to a halt as a result of boardroom wrangling among the contractors.
As a result of this, Ghana's government has sought alternative options by initiating talks with Shelter Afrique to support the affordable housing schemes. Shelter Afrique is to invest about $100m in its initial plans.
Ghana has huge opportunities in property development and construction. Potential investors interested in the real estate sub-sector would be looking at the construction of residential houses, industrial and commercial properties as well as shopping centres. Residential accommodation, particularly hotels and hostels for tertiary institutions, are a significant part of this demand.
Investment opportunities in the mainstream property development industry include the following:
* The construction of residential housing (low-cost housing, high-rise quality apartments, retirement villages)
* Industrial property (light industrial parks, warehousing...