In 2011, when I first arrived in Ghana, the real estate market was hot.
There were a handful of players who focused on the luxury end of the market including Trasacco Estates Development Co., Regimanuel Gray Group, The Manet Group and a few notable names on the affordable side like DevTraco Ltd. Redrow Ghana, and Lakeside Estate Ltd. There was also a relatively new developer called Clifton Homes that seemed to be making a splash with a sleek website and recognizable billboards throughout town.
Two years later, the residential real estate market is much more crowded.
Over the last two years, Clifton Homes has completed several projects including:
- The Residence: 1-3 BRs in Cantonments, one of the most exclusive areas in Accra, for prices starting at $99,500 (2012)
- Addy Villas: 5 BR townhomes in East Legon that ranged in price from $310,000 to $349,000 (2013)
- Clifton Place: a mix of flats and town-homes located in East Legon (2013) starting at $75,000.
- Clifton Court: 2-3BR flats in East Legon (2013)
Imitation Is the Sincerest Form of Flattery
Two years later several developers entered the market for upper-end homes:
1. Beaufort Properties: Established by a team including one of the founders of Clifton, Beaufort is building higher density flats. The company’s first project, Beaufort Ridge (artist rendering below), is a 7-storey building that includes 61 1-3 BR units and 2 penthouses. Amenities include a swimming pool, gym, club house, and basement parking.
Suggested prices for the units:
- 1 BR: $180,000
- 2 BR: $290,000
- 3 BR: $390,000
2. Cypress Investments’s La Beach Towers (described in previous post): 3BR start at US$595,000
3. Imperial Homes seems to be offering the most formidable competition. It has some completed projects and several more in the pipeline
- Imperial Court (Abelempke)
- Imperial Lodge (Dzorwulu)
- Imperial Gardens (North Ridge)
- Premier Place (Airport Residential Area)
- The Mantaka Apartment (Airport Residential Area)
- Premier Court (Airport Residential Area)
- Philippa (Osu)
- Bentley Grove Town Houses (East Cantonments)
- Imperial Grove Apartments (East Cantonments)
- Oak Tree Apartments (North Legon)
4. PW: The large engineering and construction company recently completed the Polo Heights project in Airport Residential. This sold-out project consists of three 9-storey towers. Prices for the 4 BR apartments started around $400,000-$500,000. It is rumored that a Nigerian buyer purchased an entire tower for $17 million.
5. Soroma Homes has several projects in the works
- Henrietta’s Place (Cantonments): 60 1-3 BR units with prices starting at $100,000
- Lorinda Heights (outside of Accra in Kumasi): 1-3 BR units in a 4 storey building. Prices starting at $89,500; expected completion in 2014
- Christiana Court (outside of Accra in Kumasi): 18 units