The growing presence of business travelers and international students in Ghana has intensified the demand for premium residential properties.
The resurgence of the real estate development and construction sectors has played a crucial role in revitalizing the country’s economy after the COVID-19 pandemic. In the first three quarters of 2024, the construction sector recorded a 9% growth, contributing to a 6.3% overall expansion in the non-oil sector. As a key economic driver, this sector impacts multiple industries, including manufacturing, employment, and consumer spending.
Ghana’s construction sector serves not only as a foundational industry but also as a catalyst for transformation, as seen in major projects like Prestige by i2 Development, strategically positioned within the Kotoka International Airport Enclave. In a recent interview, Mr. Youssef Aitour, Co-Founder and Managing Director of i2 Development, highlighted that “investments in real estate development play a crucial role in fostering trade, enhancing productivity, and boosting the economy.” He further explained that landmark developments, particularly mixed-use projects, generate employment and lay the groundwork for long-term economic stability. The Prestige project exemplifies this by improving infrastructure and driving economic activity in its vicinity.
“Investments in real estate development play a crucial role in fostering trade, enhancing productivity, and boosting the economy”
Mr. Aitour highlighted.
Recent industry reports indicate that rental properties in Ghana can deliver returns between 19.3% and 22.0%, making real estate an attractive sector for investors. Prime locations such as Airport City, Airport Residential Area, and East Legon continue to be in high demand, maintaining annual occupancy rates of approximately 70-80%. The Prestige project by i2 Development is contributing significantly to this upward trend.
Moreover, large-scale developments like Prestige are instrumental in job creation. The project is expected to generate over 3,000 direct and indirect jobs, spanning both skilled and unskilled labor. This employment boost is set to lower local unemployment rates and enhance community livelihoods, reinforcing how major construction initiatives positively impact regional economies.
The construction industry remains a major source of employment across various skill levels. From architects and engineers to construction workers and electricians, these projects require a diverse workforce, fostering job opportunities within local communities. Additionally, construction activity stimulates nearby businesses, as the influx of workers increases demand for restaurants, cafes, and retail services, further strengthening the local economy.
Beyond direct employment, real estate developments also spur job creation in supporting industries, including building material suppliers, transportation services, and equipment rental companies. The increased demand for these services contributes to broader economic growth and sustainability.
“A thriving real estate development sector also attracts domestic and foreign investments,”
Mr. Aitour remarked.
With its focus on modern, well-structured communities, the Prestige project is poised to draw additional foreign capital. Improved infrastructure and premium amenities will enhance the area’s appeal, fostering a dynamic commercial hub that can significantly benefit the national economy.
Enhanced amenities and infrastructure will make the location increasingly appealing, fostering the growth of a dynamic commercial hub that can significantly contribute to the national economy.
Strategically located within the Kotoka International Airport Enclave, Prestige is also well-suited for tourists and business travellers. This positioning enhances Ghana’s profile as a favourable business destination and promotes tourism, leading to a surge in visitors and broader economic activities. Improved facilities bolster Ghana’s international reputation while supporting sustainable development goals.
Mr. Aitour has emphasized that i2 Development is committed to sustainable building practices that align with global trends and local needs. The Prestige project seeks economic benefits and prioritizes long-term environmental sustainability, ensuring resilience against climate change.
Projects like Prestige elevate the quality of life for both residents and visitors. Improved infrastructure and services are set to transform the Kotoka area into a vibrant hub for living and working, fostering community development and attracting a diverse population.
The Prestige development significantly enriches Ghana’s construction sector, particularly around Kotoka International Airport, by bolstering infrastructure, generating employment, attracting investment, and supporting tourism initiatives, positioning real estate projects as vital components in shaping the nation’s economic landscape.
Location is crucial in real estate investment, and proximity to transportation hubs significantly enhances property values. As Ghana’s primary airport, Kotoka International Airport serves as an essential gateway to West Africa, improving accessibility for nearby properties and attracting domestic and international tenants.
The airport’s ongoing expansion is projected to increase passenger capacity and upgrade facilities, driving more air traffic and raising demand for both residential and commercial spaces in the vicinity. This trend mirrors global urbanization dynamics, where proximity to major transit routes is increasingly sought after.
The rising influx of business travelers, and international students in Ghana has escalated the demand for high-quality residential properties. Off-plan developments near the airport present unique investment opportunities in both short- and long-term rental markets.
Living close to the airport offers lifestyle advantages, such as convenient access to international travel and nearby upscale amenities like dining and healthcare facilities. The blend of residential and commercial spaces in emerging neighborhoods around Kotoka fosters a vibrant community appealing to diverse residents.
Currently, the economic momentum and strategic positioning of Kotoka International Airport render it a prime area for real estate investment.
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