Tuesday, October 18, 2016

Airport Residential Area in Accra - Ghana

The airport residential area has seen a major facelift and has metamorphosed into an amazing display of beautifully crafted architectural masterpieces. Driving from the Tetteh Quarshie roundabout towards Accra Central, there is the upsurge or rise in the number of tall buildings, which previously were non-existent. You cannot but heave a sigh in amazement at the sight of these skyscrapers, which have changed the view of the airport area.

This probably follows the plans previous and current governments laid out to modernize the capital city in their bid to attract foreign investors. Therefore, lands around the airport especially are being leased by the government to investors for major real estate developments. The Ghana Airport Company Limited’s vision of positioning Ghana as the preferred aviation gateway and leader in airport business in West Africa and the mission of providing a world-class airport and services for the benefit of stakeholders has sparked the desire to bring the area up to international standards.
  Airport City, Accra GhanaThe airport area and its vicinity are being expanded for commercial activities. As a result, one cannot ignore the creation of the Airport City which harbours major hotels, malls, office and retail space and residential apartments and other developing residential areas like the Airport Hills. Individual house owners are also leasing, selling or renovating their homes for rent or turning them into guesthouses. This is in preparation to meet the demand for housing by the influx of foreign investors who are taking advantage of the investment opportunities in Ghana. Gradually, this area is becoming a commercial district attracting people from all over the world on a daily basis. It is therefore not surprising that most of the buildings in the Airport city are investments of either foreign companies or individual foreign investors and some local companies.

The presence of expatriates, coupled with the fast development of the airport area, has increased its value making it prestigious for housing and business activities. Additionally, these expatriates and local businessmen prefer to rent or buy a property closer to the airport due to proximity, convenience, security and comfort. This has increased demand causing the price of buildings and lands to rise. Depending on the type and size of space, rent around this area can cost you between 2000 and 6000 USD while buying will cost you between 600,000 and 2 million USD.
  Airport City, Accra - Ghana.The future of real estate in Ghana is bright. Because of Ghana’s location, political stability, ease of doing business, increasing population, growing oil industry, energy and service sectors, many developers anticipate a booming economy in the coming years. This has affected the rate at which foreign investors are building in wait for the future demand for housing, office and retail space. Also, it is expected that the emerging middle class and upper class will continue to rise and there is a need to expand the housing sector.

The development of the airport residential area is no coincidence, but intentional. As one developer put it, the time is now to sow in real estate development and reap multiples during the bumper harvest. As a result, investing in real estate in Ghana now means securing a place or positioning yourself to be part of the future success of the real estate business.

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