Searching for a property as a young professional in Ghana is one of the most daunting tasks. Buying properties outright is almost an impossible option making renting a better option. There are a number of features that run through for most young professionals when they are seeking to rent properties: proximity to work, good transportation systems as well as reliable utility provision.
Real estate agents have observed that young professionals do not necessarily need large compounds their main concern mostly lies in a space that is close to their places of work, hence the new trend in apartments.
What are apartments?
They are the newest style of houses mostly recommended for professionals with a fairly small family size. This category of people are usually advised to choose an apartment over other housing types, since they are located in central areas and are usually smaller. Apartments can easily be sold at a higher price when one needs to relocate, which gives them more flexibility if they decide to relocate. A number of real estate companies in the city are moving towards the construction of apartments. An apartment, a condominium or a flat is a housing style, which is part of a larger block of units that are shared amongst several households. These could be either high or lowrise buildings.
In a recent interview with Jumia House Ghana, Chief Executive Officer of Beaufort Properties, Ernest Hanson recommends apartments as the best property types to all young professionals.
“I think young professionals, whether it’s due to family pressure or social inertia, feel they have to buy a three-bedroom house as a first home and unfortunately, when this happens they are forced to buy in the periphery with very little infrastructure, poor road access and they have to commute long hours to work which in effect goes to affect the economy in terms of productivity”.
He continues, “the ideal scenario will be for that young professional to buy a small startup home in town, like a studio apartment in Osu or East Legon. The reason is that you are in your 20’s or 30’s, you can enjoy the social amenities located in these areas. Those areas also offer better rent prospects, should your salary increase, should you get a promotion, if your career develops in any way, you can sell out and move out”.
“I think the concept of a housing ladder is not really good in Ghana or people have started the wrong way round. It makes sense to start from town and as you grow out you move from town. I think if young Ghanaians, first-time buyers can count some of the family and social pressures of buying a big house straight away, it will put them in good stead in the future because these peripheral houses can be an albatross on their neck because the rentability and the saleability is limited.”