Adenta, Oyarifa, Spintex, Ashaley Botwe, these are areas in Ghana’s capital that a little over a decade ago seemed so far away from the city centre. Most of these areas were known to be bushy and undesirable. To the extent that most people could not even imagine owning property in those areas, let alone living there.
Fast forward to today, the story is the complete opposite. In fact property value in these areas, be it a house or a piece of land has more than doubled, especially for those properties on the side of the main road. These areas now have decent roads, thriving businesses, recreational places and amenities.
You may be wondering where on earth I’m going with this? Well, just pause for a moment and let your mind wonder to places like Aburi, Kuntunse, Pokuase, Nsawam, Kasoa and Prampram. What was the first thought that popped into your mind at the mention of these places? Let me guess, far? Villagelike? Underdeveloped? Crazy traffic? Long drive to and from work every single day?
Granted, neighborhoods like Cantonments, Ridge, East Legon, Osu, Labone, Airport Hills, Airport Residential are almost everyone’s idea of a dream area to reside in. Such areas have been labeled as affluent or “rich peoples” areas, as most Ghanaians will put it. Unfortunately value of property in such areas is so high that it is simply out of the reach of most people. But all is not lost.
Just to quote Gary McCausland, an Irish Chartered Property Surveyor, property developer/investor, author and former television presenter, “A good location doesn’t mean the best area in town….. If you buy in the centre of the best area then you are going to pay the highest price and that doesn’t leave you any room to make a profit. A good location, for me, means somewhere on the fringes of a good area that, in time, can become part of that good area”.
This advice was meant for property developers, but doesn’t that go a long way to benefit buyers as well? Whatever extra cost the developer is hit with will ultimately affect the final price of the property. So in the outskirts of the capital, where land is cheaper, guess what?…
Needless to say, you get the property at a much cheaper cost, as compared to those in the city centre, and in the next 5 years to a decade, the value of your property will definitely go up, even double. But don’t take my word for it, ask those property owners in Adenta, Oyarifa, Spintex and Ashaley Botwe.
Other advantages of living on the ‘fringes’ of the city centre is that you experience the best of both worlds. It is not just a myth that in the outskirts, there is less pollution, therefore the air is cleaner, the area is less noisy, and food is relatively cheaper and fresher. This is actually true. So you get to work in the city centre, where all the ‘action’ is, and then come home to a serene and stress free environment.
Additionally, roads leading to such areas are now in very good condition and constantly maintained because they connect to other regions of the country. Also, some of the property developers in those areas provide good internal roads, utilities and amenities for their residents.
Actually, the longer you wait to buy, the farther away from the city centre the developments go.
So the next time you hear Prampram, Aburi, Kuntunse, Pokuase, Nsawam and the like, FEAR NOT.
Written by Daphne Amarkai Quayson
Sales and Marketing Officer
This article was first published in the Business Finder, April 21 edition, in our new column, REAL ESTATE 101