Nigerian investors are making strong inroads into the Ghanaian real estate market where they account for over 50 per cent 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 per cent of buyer-interest in the 21st Century development located in Ghana’s most choice premises, placing them ahead of local investors who share the remaining 50 per cent with foreign clients.
He said that with the impressive demand from Nigeria, the country was their next destination, affirming that Nigeria’s 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 pushovers in the commercial segment where 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 of real estate assets estimated at 10 per cent 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.
Davis noted that the Ambassador Heights could deliver world-class design, adding that with its modern glass facade, manicured private gardens and beautiful interiors complete with luxury finishing, fittings, and appliances, it could complement an unrivalled ownership experience.
“It is designed to be an urban sanctuary within the city for a privileged few, offering immediate access to all of Accra from the vibrant central business district to the sprawling seashore. Merely minutes away from the Arts Centre, the National Museum and directly opposite the country’s National Theatre, there is no shortage of local culture and entertainment to cater to those with a discerning urban lifestyle,” he said.
Davis described Ambassador Heights, by virtue of its location, as a five-star mixed use development in which the hotel and the commercial space have been fully completed. He assured that buying into this development even as an investment makes much economic sense.
“Accra is the nerve centre of ‘New Ghana’ and all it stands for where the middle class income earners are witnessing a renaissance in attitude. There is also an awakening spirit of entrepreneurship and consciousness towards art and luxury, where comfort is a major factor in every lifestyle.”
According to him, there is no better statement than living in this Accra’s premier downtown address, explaining that it is one steeped in history with a clear view to the future and a distinct feel of a refined luxury lifestyle.
Real Estate Unite: 3Invest to explore African women potentials
But Ruth Obih, Chief Executive Officer of 3Invest, who attended the 6th Global Housing Finance Conference hosted by the World Bank in Washington DC in May, 2014 noted that due to her extensive networks in Nigerian real estate, the industry is set to take a new twist soon.
According to her, “I was particularly motivated when I was invited to attend the Women in International Housing Finance Workshop where I was hoping to meet Marja Hoek-Smit. I, however, met Carol Rabenhorst, an internationally recognised senior legal expert in real estate law who gave an excellent presentation entitled, “Hiding in Plain Sight: Gender Equity in Property Rights as Engine of Economic Growth for All.”
She stated that it was the catalyst needed to revive her previously unsuccessful plans to launch a Women in Real Estate chapter during the Real Estate Unite Conference. “If I had any doubts about this decision, they were all thrown out the window when I met Janicka Bassis, the founder of World Women in Real Estate (WWIRE) at MIPIM in March 2014.
Speaking at the conference, Obih said that with Nigeria’s rebased GDP, the sub-Saharan real estate market presents an attractive investment opportunity, a portfolio which currently accounts for about 7.6 per cent of the nation’s GDP but can be as much as 40 per cent if better mobilised.
“This is what we are seeking to do at this year’s event with the theme, ‘Igniting the FIRE, where lies the key?’ The theme represents key factors 3Invest has identified over the years as having the potential to catalyse the industry’s growth. The ‘F’ represents Finance, the ‘I’ represents Infrastructure, ‘R’ represents Red-tapism while ‘E’ represents Education,” she said.
Obih stated that Real Estate Unite 2014 will answer pertinent questions like how finance can be raised for building projects; why infrastructure investment should be addressed; how red-tapism can be eradicated from the housing sector and the ways forward for the education sector in terms of investment and security.
To address the issue, she explained that Governor Babatunde Raji Fashola will deliver the welcome address. The Minister of Finance & Coordinating Minister for the Economy, Ngozi Okonjo-Iweala will give a keynote address. Other confirmed speakers include Hakeem Ogunniran of UPDC; Simon Walley of the World Bank; Kunle Osilaja of Ecobank and Hassan Usman Hassan of ASO Savings, among others.
Speaking at the press gathering, Peter Bankole, Director, EDC, Pan Atlantic University and Chairman of the Real Estate Unite Advisory Board highlighted the importance of the event to real estate saying, “real estate is a major contributor to employment in the country. The more we are able to provide jobs, the less the likelihood that we are going to have uprisings.”
Source : SunOnline