In Ghana, a surge of investment in the housing sector has not translated into affordable homes for the majority of residents. Despite a growing interest from developers and financiers, the market remains out of reach for many Ghanaians.
According to an Al Jazeera analysis, three main factors keep property prices high: the cost of construction, limited access to financing, and a steady rise in demand. These challenges combine to keep the average cost of a new home well above the purchasing power of most citizens.
“High costs, limited financing and rising demand keep homes out of reach,” the report states.
Ghana’s rapid urbanisation and population growth have amplified the demand for housing, while the cost of building materials and labour continues to climb. At the same time, many potential buyers find it difficult to secure mortgages or other forms of credit, further limiting their ability to purchase property.
Without targeted policy measures to address these structural issues, the gap between investment and affordability is likely to widen, leaving a large portion of the population without access to suitable housing.
<small>Source: Al Jazeera — read the original story there.</small>