Ghana’s real estate industry can recover despite impact of COVID-19

Players in the real estate industry are hopeful of a major turnaround of the sector locally, despite the impact of the COVID-19 pandemic.

The sector took a nosedive due to the outbreak of COVID-19.

Several months down the lane, with a global rollout of vaccines, easing of some restrictions, economies have begun to pick up.

The Chief Executive Officer of international real estate company, Gateway Real Estate Africa, Greg Pearson, believes Ghana has well-positioned itself to attract foreign direct investment into the sector.

“If you look at the move of direct investment into Africa, it’s billions of dollars and that could put a massive amount of foreign investment back into countries like Ghana specifically where it is easy to work. We’ve got the coastal advantage and the land opportunity.”

“It’s now refining the power requirement in providing the services that they need. If you look at logistics, Ghana has set itself up fantastically to be the hub for West Africa. A lot of people are attracted to come and live and work in Ghana, as it was specifically easy to get people to come in and work from Accra.”

Greg’s outfit has secured US$3.4 million for the construction of an A-grade commercial office building in the capital, and he is confident such investments can help revive the industry.

The real estate industry took a major hit at the onset of COVID-19.

The year of return program in 2019 saw a lot of people from the diaspora visiting the country.

Despite this, stakeholders in the real estate industry had at the beginning of the year expressed confidence in growth in their businesses.

Online real estate company Meqasa said that it is already beginning to see some signs of improvement.

Publication: Citi Business News

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