Mr. Emmanuel Botchwey, the Executive Chairman of Regimanuel Gray Ltd, has emphasized the need for stakeholders in Ghana’s housing industry to embrace vertical development in order to accommodate the growing urban population. Speaking at the Ghana Real Estate Developers Association (GREDA) CEOs Breakfast Meeting in Accra, Mr. Botchwey highlighted the urgency of preparing for the future housing demands driven by the country’s youthful and rapidly urbanizing population.
With a significant proportion of Ghana’s population falling below 20 years, Mr. Botchwey pointed out the impending surge in housing demand as these individuals transition to seeking their own accommodations. He stressed the importance of adopting vertical housing solutions to optimize land usage and cater to the burgeoning population.
“We have about a decade to fully embrace vertical housing development due to our current population structure,” Mr. Botchwey stated. “Developers need to economize on space, and first-time homeowners must be open to embracing reduced floor areas to effectively manage the available land for future housing needs.”
The population structure in Ghana reflects a youthful and rapidly urbanizing demographic, with approximately 38% of the population falling in the 15-35 age bracket. As urban areas continue to expand, the demand for housing among young urban dwellers is expected to escalate, necessitating innovative solutions to address the housing deficit and ensure sustainable urban development.
Mr. Botchwey, who is overseeing the development of the Regimanuel Satellite City near East Legon Hills in Accra, plans to allocate about 30% of the project’s land to high-rise apartments. With a master plan encompassing 17,000 homes, the inclusion of high-rise developments demonstrates a strategic approach to support the housing supply for the population.
In conclusion, the emphasis on vertical development in Ghana’s housing industry is crucial to meet the future housing demands driven by the country’s youthful and rapidly urbanizing population. Stakeholders must prioritize innovative solutions to address the housing deficit and ensure sustainable urban development in the coming years.
