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Business News of Friday, 23 October 2015

Source: GNA

Lamudi releases real estate market report

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Online property portal Lamudi Ghana has released Ghana’s first ever comprehensive real estate market report.

The market report, which was made available to the Ghana News Agency on Wednesday by Mr Fidel Amoah, the Content Manager, Lamudi Ghana, focuses on the Accra market, touching on key areas in the nation’s capital.

The data was collected and analysed by Lamudi, spanning January to March.

The Q1 2015 market report is published in the second edition of Lamudi Ghana’s magazine, Property Now, is available for free online.

The report indicates that Accra has a median house purchase price of approximately GH¢ 240,000 per bedroom, and a median apartment rental price of more than GH¢ 3,000 per bedroom per month.

It said areas such as Airport Residential and Trasacco are ranked as some of the most expensive locations to buy a house, with median prices reaching about GH¢ 618,000 per bedroom.

It noted that meanwhile, areas such as Dansoman and Kwabenya are ranked among the more affordable locations in the capital, going for a median price of roughly GH¢ 61,800 each.

The report pointed out that Ghana’s real estate has been experiencing growth as well as challenges over the years.

“The discovery of oil in 2007 led to a boom in luxury real estate investment. However, properties catering to the lower middle income segment have not seen much investment,” it stated

“The country already has a housing deficit of over 1.7 million units, with the gap widening each year. The lack of real estate data is partly responsible for this situation.”

The real estate market report is therefore, a welcoming relief for players in the real estate industry.

It aims to help real estate developers in their pricing while educating the public on what costs to expect in various locations.

Akua Nyame-Mensah, the Managing Director, Lamudi Ghana, outlined the importance of the report to the public.

“Building, selling or buying real estate will likely be one of the biggest decisions Ghanaians ever make. Lamudi’s publications equip property-seekers with the information they need to make better investment decisions and, ultimately, to find their ideal home,” she said.

The second edition of Property Now magazine includes other educational and entertaining content - expert interviews, development highlights and market trends - is available for free online.

Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets.

The fast-growing platform is currently available in 34 countries in Asia, the Middle East, Africa and Latin America, with more than 800,000 real estate listings across its global network.

The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.