Share:

Ghana Real Estate Market View

Elaine Wilson • 4/16/2020

Economy Overview 

The impact of COVID-19 on the economy is projected to present challenging times for the country. Ghana's GDP is expected to decline sharply to 2.6% from the projected 6.8% for the year 2020 with many job losses, reduction in disposable income and economic hardships expected. There has been an increase in the price of commodities as a result of panic buying with borders, schools and offices (except for essential services) being closed until further notice. The Government of Ghana has instituted several social and economic interventions to deal with hardships that may occur amid the pandemic and the police and military have been deployed to ensure compliance with the Government’s directive to stay home, under the tag line #spreadcalmnotfear

 

Retail Overview 

Except for essential goods and services, most retail outlets are closed for business, while those in the fast food industry have had to revert to take-outs and delivery services only. As economic and social activities have slowed down significantly, most tenants and landlords will both experience a significant dip in resources if the situation persists. Rent concessions could be a likely trend in the coming months as landlords and tenants engage on the way forward, dwelling on the 'force majeure' clause found in most tenancy agreements. 

 

Industrial Overview 

Although borders have been closed to human traffic, the ports are still open allowing for import and export of commodities, with human interactions reduced at present. Production of goods have switched to essential commodities such as hand sanitisers instead of alcoholic beverages. The impact on warehousing is yet to be assessed, but due to the upsurge in online sales, the need for stocking up to meet the growing client demands by online retailers and the food and beverage sectors is sure to increase the need for storage and, hence warehousing.  

 

Office Overview 

The demand for office space is set to decline as prospective tenants are also facing the impact of COVID-19 and reviewing business strategy. Occupancy levels may remain the same in the short to medium term within the sector, however, it is too early to speculate the full impact on rents, occupancy and vacancy rates, and business models. It is clear however that serviced offices may face difficulties as many of their clients are linked to short stay expats with business needs. 

RELATED COVID-19 INSIGHT

blue duotone graphic of people in office
Insights • Economy

EMEA Markets View

Our EMEA local market research colleagues share the latest real estate market views from their countries.
Andrew Phipps • 7/15/2021
New Perspectives (image)
Research • Topical Report

New Perspective: From Pandemic to Performance

As a global leader in the commercial real estate (CRE) industry, Cushman & Wakefield offers clients a new perspective on COVID-19’s impact on CRE and beyond, preparing them for what’s next.
Michael Boonshoft
couple with face masks on Milan street
Insights • Economy

Italy Real Estate Market View

A regular update on the commercial real estate market in Italy.
Carlo Vanini • 6/18/2021
Rome
Insights • Economy

Spain Real Estate Market View

A regular update on the commercial real estate market in Spain, reflecting all our service lines: Offices, Industrial, Capital Markets Group, Retail and Hospitality.
Ramiro Rodríguez • 5/25/2021
Brussels Office Marketbeat
Insights • Economy

Belgium Real Estate Market View

A regular update on the commercial real estate market in Belgium.
Cédric Van Meerbeeck • 3/25/2021
Prague, Czech Republic
Insights • Economy

Czech Real Estate Market View

A regular update on the commercial real estate market in Czech Republic.
Marie Baláčová • 7/1/2021
Poland
Insights • Economy

Poland Real Estate Market View

A regular update on the commercial real estate market in Poland.
Katarzyna Lipka • 7/27/2021
Bratislava, Slovakia
Insights • Economy

Slovakia Real Estate Market View

A regular update on the commercial real estate market in Slovakia.
Juraj Bronček • 7/13/2021
Looking out over Buda castle, Budapest
Press Release • Economy

Hungary Real Estate Market View

A regular update on the commercial real estate market in Hungary.
Orsolya Hegedűs • 7/27/2021
Rue Sainte-Catherine, Bordeaux, France
Insights • Economy

French Real Estate Market View

A brief bi-weekly update on the French commercial real estate market.
Magali Marton • 7/13/2021
Zhivopisnyy Most, Moscow, Russia
Insights • Economy

Russia Real Estate Market View

A regular update on the commercial real estate market in Russia.
Denis Sokolov • 7/27/2021
Marketbeat Germany
Insights • Economy

Germany Real Estate Market View

A regular update on the commercial real estate market in Germany.
Helge Zahrnt • 7/27/2021