In 1877, the pivotal decision to relocate the Gold Coast’s capital to Accra initiated a transformative journey that shaped the city into a bustling commercial hub, embodying the allure of urban living.
However, Accra’s meteoric rise, constituting nearly 17% of the nation’s population within a mere 1.4% of the country’s land mass, has birthed a phenomenon with both challenges and promising prospects for the real estate sector: urban sprawl.
Urban sprawl, characterized by low-density housing, distinctive zoning practices, and increased reliance on private transportation, emerges as Accra’s borders expand.
This rapid growth outpaces essential infrastructure development, leaving communities on the city’s outskirts devoid of vital amenities such as roads, electricity, water supply, schools, healthcare facilities, and markets.
The concept of gentrification plays a pivotal role, escalating land prices, rents, and living costs, propelling higher-income individuals to seek prime real estate options and driving up property values.
Investors, recognizing this trend, converge on Accra’s real estate market, intensifying the demand for premium properties.
Governmental Initiatives and Private Ventures
In response to these challenges, the Ghanaian government has taken a proactive role in shaping the urban environment.
The National Affordable Housing Program, inaugurated on August 1st, 2023, at Pokuase by President Nana Akufo-Addo, exemplifies a fusion of public and private efforts to provide accessible housing alternatives.
This initiative, led by the Ministry of Works and Housing and private developers, aims to address the growing demand for affordable housing.
Concurrently, the real estate landscape experiences a shift towards Accra’s periphery.
The Woodlands Housing Project by Devtraco Group, strategically located in Prampram-Ningo along the Accra-Aflao highway, demonstrates a profound understanding of market dynamics.
Leveraging the cost efficiencies of suburban land, this venture aims to meet the nation’s demand for affordable and mid-income housing.
Building Vibrant Communities
Devtraco Group’s Woodlands Housing Project is designed to create a vibrant and fully functional community, catering to the aspirations of the average working Ghanaian.
Meticulously planned amenities aim to provide families with a place they can truly call home, reflecting the dreams and aspirations of the average Ghanaian.
As these communities thrive, a surge in commercial real estate is anticipated in previously unexplored regions.
Shopping centres, educational institutions, eateries, accommodations, fitness facilities, cinemas, and more are expected to cater to the burgeoning population.
Government agencies and corporations will seek rental properties to enhance service provision.
Opportunities for Discerning Investors
Accra’s evolving urban sprawl redefines the real estate sector, presenting compelling opportunities for discerning investors.
The synergy of public initiatives, as demonstrated by the Pokuase Affordable Housing Program, and visionary endeavours of major developers like Devtraco Group guide Accra’s real estate future.
The city’s allure as a modern African hub continues to captivate local and international interest.
For astute investors seeking to diversify and prosper, acquiring property during the developmental phase offers a strategic advantage.
Early engagement with developers provides access to potential appreciation within upcoming projects.
To embark on this journey within a burgeoning community, interested individuals can reach out to Devtraco Group at +233 (0)24 340 0300 or [email protected].
Your future within Accra’s burgeoning landscape awaits.
The writer, John Entsuah, is a Business Executive and Entrepreneur and is currently the CEO of Devtraco Group
