Renting a home is a popular trend in Ghana, with only approximately 13 per cent of the population owning their home, a report published by Lamudi Ghana, a global giant in the real estate industry said.
According to the report dubbed “Real Estate in the Emerging Markets 2014 – Ghana” renting provides a simpler and more accessible path to longer term living arrangements, as there were still many red-tape processes in practice that make it hard for many to receive mortgage loans.
The report which was made available to the Ghana News Agency on Friday by Mr Fidel Amoah, Lamudi Ghana Content Manager, said as a developing country, Ghana poses many opportunities for the real estate market, for several reasons.
“As it is particularly hard to qualify for a mortgage and because prices are currently extremely high, those looking to purchase are the minority,” it stated.
“The trend to rent will however, continue and the property market is extremely receptive to those looking to rent for shorter time periods.”
It said in combination with the high demand for affordable housing, and the already available high-end housing, and the real estate market in Ghana was providing both locals and foreigners with immense opportunities for future investment.
The report said with a relatively young population, many Ghanaians were only now entering an age where property was becoming relevant.
“These young Ghanaians are graduating from universities and are looking to find their jobs and homes; with housing prices still being quite high, renting is their best option. This increase demand provides a great investment opportunity for those considering Ghana,” it said.
It noted that in recent times, there had been much focus on high-end or luxury housing, which does not in fact, cater to a majority of the population.
It said Lamudi’s onsite data confirms that a typical house hunter in Ghana was between the ages of 25 and 35, indicating that many people and families were interested in the real estate market.
“The gender distribution is still quite unbalanced, with 66.28 per cent of house hunters being male and only 33.72 per cent being female,” the report stated.