Nigerian investors dominate interests in Ghanaian real estate market

Nigerian investors have demonstrated burning investment appetite with their dominance of Ghanaian real estate market where they account for over 50 percent of the total transactions in the country’s bourgeoning middle and high end markets.

Though they are more visible in the residential segment of the market, they are at the same time no push-overs in the commercial segment where the development and ownership of some quality high-rise office buildings in the heart of Accra, the country’s capital, are linked to Nigerian business moguls.

Robert Davis, the marketing manager of Movenpick Ambassador Hotels, developers of Ambassador Heights’ luxury apartments, confirmed to BusinessDay in Accra at the weekend that Nigerians are the prime movers of premium real estate transactions in Ghana.

Davis noted that the Ghanaian real estate market attracts foreign direct investment not only because of the quick value appreciation and high rental yield of real estate assets estimated at 10 percent per annum, but also because of the security, socio-economic and political stability in the country, pointing out that the challenges experienced by the country’s currency was gradually easing off.

He hinted that demand for the 18-unit Ambassador Heights has been quite encouraging with Nigerians securing 50 percent of buyer-interest in the 21st century development located in Ghana’s most coveted location, placing them ahead of local investors who share the remaining 50 percent with foreign clients.

With the encouraging demand from Nigeria, the developer said the country was their next destination, affirming that Nigerian property market has great growth potential and huge opportunities for investment.

According to him, Ambassador Heights would deliver world class design and build quality, adding that with its modern glass facade, manicured private gardens, and beautiful interiors complete with luxury finishing, fittings, and appliances, it would complement an unrivalled ownership experience.

“It is designed to be an urban sanctuary within the city for a privileged few, offering immediate access to all of Accra – from the vibrant central business district to the sprawling seashore. Merely minutes away from the Arts Centre, the National Museum, and directly opposite the National Theatre, there is no shortage of local culture and entertainment to cater to those with a discerning urban lifestyle”, he said.

By virtue of its location, Davis described Ambassador Heights as a 5-Star mixed use development in which the hotel and the commercial space have been fully completed, assuring that buying into this development even as an investment makes much economic sense.

“Accra is the nerve centre of ‘New Ghana’ and all it stands for where the young middle class are witnessing a renaissance in attitude. There is an awakening to entrepreneurship and a consciousness towards art and luxury, where comfort is a major factor in every lifestyle choice.”