The most significant change the world has experienced so far is possibly the COVID 19 pandemic. No sector of life has remained the same after this big shake up. From health to business to education to politics;everything has seen a major transformation. Although the year started on a good note, the real estate scene has not being spared the effects of the pandemic.
Ghana’s Real Estates has grown considerably in the last 10 years on the back of consistent political stability, rising equality and economic prosperity as well as an urbanization rate that is one of the fastest on the continent.
With the sturdy growth over the years, a new bill with regards to the real estate market has been proposed to help make sure real estate practitioners transact business in a more regulated environment. This would help prevent and put a stop to real estate malpractices such as illegal income and tax invasion.
The beginning of this year looked promising for major players looking to buy or sell prime assets and invest in the Ghanaian real estate market. The emergence of the COVID-19 pandemic seem to have had a toll on the economy which was to grow at a rate of 6.8 % with a current growth rate of 2.6%. This has presented challenging times for the country with many job losses, reduction in disposable income and general economic hardships.
With Nationwide Lockdown as a result of the pandemic, economic activities have been on the low.
Currently, developers and investors would have to make changes that would come to bear positively on the real estate market and the economy. With the easing of the covid 19 restrictions accross various sectors of the economy, the real estate sector is likely to experience increased activities in terms of sales and rentals.