Hi great people, I went to Ghana home loans fair with a lady whom I met who has also moved to Ghana from London recently. She is an interior designer, so I thought it would be good for us to go and check out the fair. Ghana home loans (www.ghanahomeloans.com) are a mortgage finance company which operates under the bank of Ghana supervision as a non-bank financial institute. They are the only such company in Ghana that focuses exclusively on the provision of mortgages. (There’s a potential business idea for anyone interested).
Once a year they put on a fair where real-estate developers and companies come to promote their company or service. Its was on Sat 24th and Sun 25th of May (sorry for the late post) and is usually around that time each year. I have always seen the advert for it and been meaning to go each year but have never made it up until now!
I called up to get some information on what the day will entail and was quite excited to see what was on offer. The main aim was to get an idea of that was going on in the Ghana real-estate industry, find out what my potential competitors were up to and get some information.
When we first got there it seemed nice and bubbly, music playing and they were giving out free Ghana Home Loans mortgage education DVD’s and there was a small marquee for each company. There was not that many people. It was extremely hot so I was just looking for some shade lol.
We were approached by someone selling a Ghana property directory for 15Ghc which looked interesting, but we said we would come back later. We walked around all the stalls speaking to companies from developers at different price point levels, land acquisition companies to satellite TV companies (DSTV).
A common trend was that a lot of the developers were selling property that had not been built so had models of what the development and properties would look like and really slick booklets.
So it is basically you buying off plan. When we buy off plan in the UK, there are usually hefty discounts as a reward for parting with your money before you have seen the completed property but I did not see any such discounts here. Some of the prices they were quoting were absolutely crazy like one company are building apartments in either Cantonments or Airport area and the penthouse is $1.3 million, I mean wow…who is buying this stuff?! Lol
They are still selling the properties in US Dollar too which has always been crazy to me, as for years hotels have been charging rates in dollars. That is why Ghana’s economy is in the state that it is now! We are in Ghana!!! Use the Ghanaian currency!!! *Rant over*
Oh I bought a bottle of Cherry Lambrini…the taster was really tasty so I just had to. I’ve never seen that flavour in London. It was a miniature bottle for 4Ghc, which is currently less than £1 (I know, I’m so random lol).
Overall the fair was really enlightening, it was both surprising and great to see the Ghana Real-Estate industry is booming and starting new and exciting projects. I also noticed a lot of these new projects had underground parking, flat roofs or roof top terraces with swimming pools and bars. It actually made the standard triangle roof type properties look old and dated. Ghana is really moving with the times and are really coming round to the idea of apartments and making use of land space unlike before where people were building huge houses in the middle of a large plot of land = waste of land! And as land prices are going up and getting extremely expensive they NEED to make better use of the space. Well done, About time!!
I would love to grow my current real estate project into a business so that hopefully I can have a stand at next year’s event. That’s what I am going to be working towards.
Here’s all the information I collected. I asked about advertising in the 15Ghc Ghana property directory, so they gave me the booklet for free (Great stuff!!!)…