Ghana: Discovery of oil having impact on the real estate sector

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The discovery of oil and gas in Ghana is having an effect on the Real Estate sector, there has be a rise in the number of high rise office complexes springing up in the capital city Accra. This is not driven only by the increase in local business activity in the country, but also from the desire for corporate entities to have decent offices from where they would operate.

With Accra recognized as the commercial hub of Ghana, all the big industry players have established their headquarters in the capital while carrying out their operational activities in other parts of the country. This has increased demand for good quality residential and commercial real estate development in the city. There is also an influx of rural workers hoping for jobs in the capital, this has spawned shanty towns and spilled vendors across Accra's streets,

Petronia City 
Initially oil production in 2011 led to a sharp growth in real estate. From a 0.2 percent growth in 2009, the real estate sector growth peaked at 13.9 percent 2010. As a result the capital, According to knight Frank's 2015 Africa Report, Accra is ranked among the top ten real estate hubs in Africa. This high demad is driving up property prices, and making Accra an  attractive destination for investors.

The capital is not the only place to benefit from mining and oil sector investment. Several towns located close to operational sites have been affected the industry. For example The New Abirem District is one place that has been strongly affected by the presence of Newmont Ghana, a leading mining company. The arrival of Newmont in the area has increased investment in infrastructure. Schools, roads, health facilities and homes are rapidly springing up.