Premium Homes Magazine-Africa (PHMAFRICA.COM)

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GHANA EDITION

Ghana Listings

Ghana’s leading properties

Indoor plants Land

Premier properties on sale

The Exchange

Featured Development Saint Gobain Innovative solution

Riviera Residence is a unique mixed use residential development encompassing an all-inclusive city living lifestyle. Offering living, dining, shopping, wellness, play and leisure experience whilst nestled in a magnificent lakeside setting.

Located in the thriving suburb of East Legon, which is fast becoming the new Jewel of Accra. Riviera Residence offers unbeatable value for money designer style lakeside apartments in Accra consisting of Studios, 1 Bedroom, 2 Bedroom and 3 Bedroom units as well as 4 Penthouses with lake side views seen through high ceiling to floor windows and splendid balconies.

ENQUIRIES: Lifestyle Property Development L. 14 Boundry Road, East Legon, Accra E. sales@lifestylepd.com T.+233 27 777 0333 W. www.lifestylepropertydevelopment.com

Lifestyle Rediscover the

in living

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4 | CONTENTS

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IN THIS ISSUE West Africa’s largest multi-use real estate project

FEATURES 6 Editors Suite Welcome to the September - December edition of Premium Homes Magazine Africa, Premium Homes magazine is the premier publication for.....

8 Art Digest It is said that 30,000 people converge on Ghana’s capital, Accra, for Chale Wote, a yearly celebration of the arts in the heart of the city’s historic Jamestown district. ...

13 Top Tech Pick for homes Give your home and your family convenient, modern security with the Ring Video Doorbell.

Incorporating video recording functionality, motion sensors, and two...

Lifestyle; indoor plants and how to keep them 16 Brighten up your space with the best indoor plants that are low maintenance (aka, hard to kill). Follow our guide to try out your urban green thumb ...

27 Featured Development ‘The Exchange’, West Africa’s largest multi-use real estate project, and the first of its kind in Ghana, is now under development and set to change the way people live. It is expected...

35 Ghana Listings Premium Homes offer a compilation of numerous residential flats/apartments and commercial spaces in Ghana. Whatever your ...

Lands 45 A collection of well located and secured land at various sizes in Ghana. Whatever your requirement, we have....

Top Tips in becoming a homeowner Thinking you can afford a certain price and actually being pre-qualified for a specific amount are two different things. Today, it is always better to make ...

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(DISCLAIMER &COPYRIGHT) READERS PLEASE NOTE: Some properties will be actually priced in foreign currency and subject to exchange fluctuation.

The descriptions of properties, the content, whereabouts and price are given in this magazine as a guide only. Please request futher details from advertiser as required. The publisher suggests all buyers of property seek independent legal advice before entering into any contract to purchase. Supplied editorial material cannot be returned.©Cover - Saint-Gobain

ON THE COVER @Riviera Residence is a unique mixed use residential development encompassing an all-inclusive city living lifestyle. Offering living, dining, shopping, wellness, play and leisure experience whilst nestled in a magnificent lakeside setting.

Located in the thriving suburb of East Legon, which is fast becoming the new Jewel of Accra. @Riviera Residence offers unbeatable value for money designer style lakeside apartments in Accra consisting of Studios, 1 Bedroom, 2 Bedroom and 3 Bedroom units as well as 4 Penthouses with lake side views seen through high ceiling to floor windows and splendid balconies.

PROPERTIES ADVERTISEMENT Premium Homes Magazine - Africa T. +233 247 656 912 / +233 209 384 711 E. info@premiumhomesmagazine.com E. kwekumatthew@premiumhomesmagazine.com E. Mawulimatt7@gmail.com PREMIUM HOMES MAGAZINE | 5

EDITORS SUITE

We would like to welcome you to Premium Homes Magazine Africa, Your property and lifestyle publication.

What makes a property truly exceptional? perfect locations, spectacular views, unique architecture luxurious finishes, historical significance, impressive square footage, enviable local amenities.

Designed to suit the quixotic and highly evovled needs fo the 21st century traveller, the three-level residence comprises innovative technology with sensitively designed amenities, elevating the experience of the space above any other.

Premium Homes Magaizine- Africa features exceptional properties selected for this issue. we have also showcased the lastest in Art Digest, lands And Top Tech Pick.

Please note that the prpoerties presented here are just a sample- our website contains a comprehensive listing of luxury real estate both in and around africa. We are more than happy to answer any question you may have about property, investing.

I hope you enjoy this exclusive glimpse behind the doors of some of the most luxurious properties in this special publication, each presented wih sumptuous photography and fascinating locations.

Matthew Kweku .M. Arkutu Editor-in-chief PHM-AFRICA Matthew Kweku. M. Arkutu Editor-in-Chief

FIND ALL OUR LATEST LISTINGS, REAL ESTATE NEWS, AND A DIGITAL VERSION OF THIS MAGAZINE AT WWW.PHMAFRICA.COM

f @PHMAFRICA it @PHMAFRICA 6 | EDITORS SUITE

ART DIGEST

Our pick of the new and need-to-know in arts, culture, fashion and luxe living It is said that 30,000 people converge on Ghana’s capital, Accra, for Chale Wote, a yearly celebration of the arts in the heart of the city’s historic Jamestown district. Though it’s tough to put a precise number on total attendees: Unlike most festivals, the event is free and open to anyone. And come they do: crowds of body-painted performers, free-spirited artists, skateboarders, dancers, drummers, horses being led around by rope, Afrobeat singers, and kids in elaborate costumes.

Ghana has several long-standing traditional tribal and regional festivals, and Chale Wote, which loosely translated means “Man, let’s go!” in Ga, a language spoken in the southeastern region of the country, was started in 2011 as a way to bring that rich culture forward. Vendors sling kebabs and Star beer, the local brew; the street and stage are filled with performers both modern (Skate Nation, Ghana’s only skate crew, lit up the block by hitting handmade jumps) and old school (young boys covered in white paint danced to whatever was blasting from the speakers); and locals graffiti the walls in vibrant colors.

2017 had the charismatic Afrobeat superstar Mr. Eazi surprised festival-goers with an appearance on Saturday afternoon and was nearly crushed by fans clamoring for selfies. Neighborhood characters in traditional outfits mingle with cool kids who wrap the distinctive printed cloth in creative ways and speak proudly of the history and significance of the fabric. Nowhere is Accra’s spirit—that special mix of the elegant old and energetic new— seen more vivdly than at Chale Wote.

See You this year !!

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ART DIGEST COMMITTEE OF ENQUIRY The African continent is faced with the challenge of Corruption. This semi abstract painting depicts a group of experts in the fight against corruption

Art by Mawuko Arkutu emarkutu@yahoo.com 0244670865 / 0202727035 8 | ART DIGEST

ART DIGEST NEW DAY The beautiful sunrise in this landscape piece provides one with equal opportunities.

Art by Mawuko Arkutu emarkutu@yahoo.com 0244670865 / 0202727035 PREMIUM HOMES MAGAZINE | 9

ART DIGEST ECONOMIC FORUM These elongated market queens represents the market force when it comes to the state of the economy.

Art by Mawuko Arkutu emarkutu@yahoo.com 0244670865 / 0202727035 10 | ART DIGEST

ART DIGEST ROYALTY This painting is a showcase of African culture and Heritage.

Art by Mawuko Arkutu emarkutu@yahoo.com 0244670865 / 0202727035 PREMIUM HOMES MAGAZINE | 11

ART DIGEST AFRICAN TAPESTRY In the area of fashion this is a representation of African Fabric through the eyes of the artist.

Art by Mawuko Arkutu emarkutu@yahoo.com 0244670865 / 0202727035 12 | ART DIGEST

Ring Video Doorbell

FridgeCam by Smarter

Give your home and your family convenient, modern security with the Ring Video Doorbell. Incorporating video recording functionality, motion sensors, and twoway communication, this doorbell has the technology to keep your home safe and secure no matter the time of day.

Hungry, but not sure if you have enough ingredients to make yourself a nice home-cooked pasta? Considered that problem fixed with FridgeCam FridgeCam is a small circular camera that is stuck onto the inner door of your refrigerator. So, every time you close the door, it snaps a photo of the contents and instantaneously and sends it to your smartphone in the Smarter app which can be pulled when you want to check your food supply

Top

Tech pick for

homes

Oria by Sensorwake

Proof

If you are a person who has trouble sleeping, then Oria, the scented alarm clock might just be the thing for you. Created by a company called Sensorwake, the clock offers patented scents around users’ rooms to help improve the sleep quality of the individual. Priced at $207, Oria will hit the stores probably around winter this year

Proof will track your blood alcohol content with a wristband. Checking your blood alcohol content with a breathalyzer while out with some friends might just be a party trick. Proof is a small band that can gauge your blood alcohol content and send the information to an app where you can subtly see where you are in the night and whether you should order that next beer.

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Connected Toaster by Griffin Technology

BeOn Starter Pack Best smart security lighting BeOn’s smart bulbs don’t come cheap, but they’ll keep shining when the power goes out, turn on automatically when they hear your doorbell or alarm, and even replay your typical lighting patterns when you’re not home.

It’s absolutely critical to have the right start in the morning, and there is no better way to do that than with Griffin Technology University’s Connected Toaster, This Bluetooth-enabled smart toaster which is controlled by a smartphone app aims to make your bread blues go away by getting it right, every time

Top

Tech pick for

homes

Sony Bravia A1E TV

Google Home

IThis TV sits directly on the ground with a back leg that it leans against.

The TV doesn’t come with side speakers as the sound will come from the screen itself using a new technology called Acoustic Surface that works by vibrating the glass. That’s right it doesn’t come with speakers, it is a speaker

Google Home is powered by the Google Assistant. Ask it questions. Tell it to do things. And with support for multiple users, it can distinguish your voice from others in your home so you get a more personalised experience.

It’s your own Google, just for you. Get real-time answers including the latest on weather, traffic, sports, finance, local businesses and more. Ask for things like translations, calculations, nutritional information and unit conversions hands-free. Or search for any other information you’re curious about

14 | TECHNOLOGY

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16 | PREMIUM HOMES MAGAZINE 6 | LIFESTYLE

INDOOR PLANTS

& How to take care of them.

By Eric Allen

Brighten up your space with the best indoor plants that are low maintenance (aka, hard to kill). Follow our guide to try out your urban green thumb.

Growing tired of a lifeless interior? Or maybe your room’s a blank canvas ready for its first dash of color. The best indoor plants can add just the right amount of intrigue— they’re free-form and organic yet clean and sculptural; they delight with their unpredictability yet reassure with their steady presence. And their life span, thankfully, is much longer than that of cut flowers. But when considering plants in a room’s design, there are a few things to take into account. Architectural Digest caught up with horticulturist Dennis Schrader from Landcraft Environments in Mattituck, New York, to get the dirt.

“You have to think of the container it’s going in like a piece of furniture,” Schrader says. “It should match the interior.”

As for the plant, you’ll want to coordinate that as well.

Below is a guide to appealing options and their respective requirements, but first, what if you choose to incorporate more than one plant into your design scheme? Schrader advises grouping plants the way they naturally grow.

“You don’t want to put a fern next to a cactus,” he says.

And what’s more, plants that grow together will have similar needs, making it easier on the caretaker. As for

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how many to include, he says, “That all depends on how many you want to take care of.”

Finally, location should be dictated primarily by the plant’s light requirements and then by the owner’s taste. Try a plant here or there and see what looks good to you, and don’t be afraid to move it around over time. For smaller plants, Schrader says, “you can use them as a table setting, then move them to a window sill later on.”

Fiddle-Leaf Fig Tree (Ficus lyrata) This shrub boasts a long, elegant stem and branches with broad, leathery leaves. For placement, Schrader suggests “under a skylight or next to a window.” In other words, it needs as much sun as possible. Schrader suggests pruning the top branches when it grows above the window frame.

Fiddle-Leaf Fig Tree Care Water once a week, or more if it’s winter and the air in your home is dry.

18 | LIFESTYLE

Split-Leaf Philodendron (Monstera deliciosa) Favored by Henri Matisse, this plant has a distinctive leaf that looks as though it’s been gently cut into by a careful hand. Schrader says you can cut off the top—as long as it has air roots attached—and replant it, meaning if you buy one of these, you could easily have more, if you’d like.

Split-Leaf Philodendron Care Water once a week.

Meyer Lemon Tree (Citrus x meyeri)

Kentia Palm (Howea forsteriana)

This tree bears its namesake Meyer lemons, believed to be a hybrid of lemons and mandarin oranges with a subtler, sweeter flavor than lemons. But these trees don’t stop at fruits: “When they bloom you have this beautiful fragrance of citrus flowers,” says Schrader.

Meyer lemon trees do well indoors as long as they have lots of sun.

The fronds of this plant spring to great heights from the soil, then lean forward, quietly shading the ground beneath. “It looks great in a big urn,” says Schrader, noting that it should be given lots of space, as it can grow up to 10 feet with a broad reach.

Kentia Palm Care Requires medium to bright light; water weekly.

Meyer Lemon Tree Care Water weekly.

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Castiron Plant (Aspidistra elatior)

Eucharist Lily (Eucharis amazonica)

Schrader says this plant is “mostly for foliage,” meaning if you’re looking to add a lush, dark green plant to your space, this one is for you. It does well in medium to low light and is tolerant of neglect, so it’s fine if you forget to water it once in a while.

Another dark green plant, but this one features large, white flowers that bloom throughout winter and early spring. “Even when it’s not blooming, it’s nice to look at,” Schrader says. It thrives in medium light; allow soil to dry between watering.

Castiron Plant Care Water once a week or every ten days.

Eucharist Lily Care The leaves will wilt when it needs water, but once a week should suffice.

20 | LIFESTYLE

Snake Plant (Sansevieria trifasciata) “I think they’re having a resurgence, especially for contemporary interiors,” says Schrader. With sword-shaped leaves winding gently from the soil like charmed snakes from a basket, this plant strikes a lovely balance between order and chaos.

Snake Plant Care Care is minimal—place anywhere you’d like and let soil dry completely between watering. Check the soil every week, but it’s fine to skip a few.

African Spear Plant (Sansevieria cylindrica) “Very architectural, very sculptural,” says Schrader.

Indeed, this plant’s conical leaves conjure images of spires, obelisks, and skyscrapers.

African Spear Plant Care Place in any light you choose; water every few weeks.

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GHANA

A P A R T M E N T S The Colosseum Apartments is an impressive residential complex of 22 three bedroom spacious apartments, with maid’s room.

Ideally located on a quiet street in Kanda, within a five minutes radius of the main business centres, schools, shopping malls and the bourgeoning Osu entertainment district, The Colosseum offers a range of amenities for residents’ comfort and security.

Property Features: Each apartment is fully fitted with top of the range imported fitting and fixtures.The layout is well conceived with ample living spaces and beautiful terraces.

Fully fitted kitchens with appliances Beautiful sanitary ware with cabinets and vanity mirrors Fitted wardrobes to all bedrooms Communal amenities include: 24/7 security Reception and concierge services State of the art gym On-site management office Ample underground parking Back up power and water supply Swimming pool with sun deck Equipped roof top terrace with barbeque area The Colosseum Apartments, a perfect investment solutions, a great living experience!

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GHANA

NOW SELLING & RENTING Visit our beautiful show flat

T: +233 540 122 800 + 233 547 868 888 E: info@colosseumapartments.com W: www.colosseumapartments.com

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INNOVATIVE SOLUTIONS TO SHAPE THE FUTURE OF AFRICA

With Africa emerging as the world’s fastest developing continent, and experiencing a significant urbanisation, Saint-Gobain has a key role to play. The following pages present the Group’s wide portfolio of brands and solutions that will contribute to the development of Ghana and shape its future.

Visit us on www.saint-gobain-africa.com Location: 2nd Floor Dahoma Place, 21 Spintex Road Tel: +233 (0) 302 81 49 25 Accra

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FEATURED DEVELOPMENT

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ADDRESS: Plot #10 Kotei Roberston Street, North Industrial Area, P.O.BOX 11140, Accra-North, Ghana. TEX site office (Airport Bypass road, between Airport rounda 28 | THE EXCHANGE

about and Polo Club) MOB/TEL: Carl Yared +233 549 772 717 Sam Zacca +233 244 330 806 EMAIL: cyared@theexchangegh.com / szacca@theexchangegh.com PREMIUM HOMES MAGAZINE | 29

30 | SAINT GOBAIN

GLASS FOR SUSTAINABLE HABITAT BY SAINT-GOBAIN GLASS: MANUFACTURER AND DISTRIBUTOR OF GLASS SOLUTIONS TO THE ARCHITECTURAL, CONSTRUCTION, BUILDING MAINTENANCE, DOOR, WINDOW AND REPAIR SECTORS. PRODUCT RANGE Saint-Gobain Glass specialises in float glass manufacture and magnetron-coated glass. Some examples include: • SGG COOL-LITE XTREME and SGG COOL-LITE SKN II: high selective solar control and low-E glass for façade applications.

• SGG BIOCLEAN: a dual-action self-cleaning glass harnessing the power of accumulates on the outside of windows.

• SGG STADIP or SGG STADIP PROTECT: laminated safety and security glass, including bullet-proof, anti-blast and fire-rated glass.

• SGG PLANISTAR SUN and SGG PLANITHERM 4S: improved thermal insulation along with solar control with a very good neutrality required in housing. Ideally suited for use in homes with large areas of glazing and south- or west-facing windows.

APPLICATIONS

BENEFITS

• Architectural glass (façade): light glazing; anti-reflective glass; easy maintenance glazing; acoustics glazing; smart glazing.

• For the home: conservatories and glass roofs; house windows; external fittings (glass doors, guarding, balustrades and balcony partitions).

• Interior glazing: kitchens and bathrooms (bathroom mirrors, glass tiles and splash backs, wall cladding, furniture, shower screens); living rooms and working spaces (picture frame, wall covering, doors and partitions, furniture items, mirrors); public spaces (elevators, wall panels, shop front, floors, stairs treads).

Solar control and thermal comfort: Reduces the need for heating or air-conditioning.

Acoustic comfort: The acoustic glass within a double-glazed unit comprises a special interlayer, which acts as a dampening core to prevent sound frequencies from vibrating from one pane of glass to the other.

© Varvaki Architects

Indoor air quality: Glass is an inert material. No emissions are released in the air.

7 600 m2 of SGG COOL-LITE KNT 755 and SGG DIAMANT, Kigali Heights – Kigali, Rwanda

Sustainability: Glass is a 100% material.

SGG

PLANITHERM 4S

PROJECTS IN AFRICA Escape – Dakar, Senegal: SGG PLANITHERM 4S® and STADIP SILENCE Le Mac – Nairobi, Kenya: 10 000 m2 of SGG BIOCLEAN+ Mall of Africa – Johannesburg, South Africa: 4 000 m2 of SGG COOL-LITE SKN 154 II

www.saint-gobain-africa.com/en Tel: +233 50 040 8717/+234 816 891 9209 PREMIUM HOMES MAGAZINE | 31

MANUFACTURER OF FIBRE-CEMENT SOLUTIONS WITH AN ALTERNATIVE TECHNOLOGY CALLED CRFS (CEMENT REINFORCED WITH SYNTHETIC FIBRE), REPLACING ASBESTOS. PRODUCT RANGE Fibre-cement roof sheets: Fibrotex tile; Ondulada tile; TopComfort tile; Translucent tile.

BENEFITS Fibrotex and Ondulada tiles • Flexible: Best finishing with perfect plugins.

• Durable: Resists heat, combustion and organic chemical agents and corrosion.

• Practical: Complete line of complementary parts.

Fibre-cement boards: For outdoor (external walls, facades, sidings, platbands, eaves) and indoor applications (internal walls, covering, wettable areas, ducts and shafts).

TopComfort tile • Thermal comfort: A thermal fibre-cement reducing internal temperature up to 4°C. • Durable: Composed of an outer layer of white cement and titanium dioxide.

• Aesthetically pleasing: White coloured tile.

• Practical: Complete line of complementary parts made of fibre-cement.

• Sustainability: The product contributes to the LEED SRI score = 91.

Translucent tile • Excellent illumination: Enables up to 70% of the light falling upon the roof to enter.

• Durable and recyclable: Made of polypropylene.

• Light: Easy to install.

• Aesthetically pleasing: Does not yellow.

FIBRE-CEMENT BOARD

Fibre-cement board • Durable and resistant to impacts and moisture.

• Fire-resistant.

• Flexible: Can also be used on curved surfaces.

• Provides thermal and acoustic insulation.

www.saint-gobain-africa.com/en

Tel: +233 54 012 3003 /+233 24 320 0700

32 | SAINT GOBAIN

ONDULADA TILE

MANUFACTURER OF SOUND-ABSORBING ACOUSTIC CEILINGS, FREE-HANGING UNITS AND WALL PANEL SYSTEMS. PRODUCT RANGE • Modular ceilings.

• Vertical applications.

• Grid and accessories.

APPLICATIONS

BENEFITS

• Educational premises.

• Healthcare facilities.

• Leisure: hospitality, restaurants and retail.

• Indoor sporting facilities.

• Acoustic solutions for Thermally Activated Building System (TABS).

Acoustic comfort: Products have an impact on sound strength, sound propagation, sound clarity and reverberation, thereby contributing to improved listening comfort and speech clarity.

Aesthetic: A variety of design options are available, ranging from modular ceilings with shapes and sizes.

ECOPHON AKUSTO™

ECOPHON SOLO™ South Africa

ECOPHON SOLO™ & ECOPHON GEDINA Green Building Council South Africa

Sustainability: A recycled glass content of more than 70%; surfaced with safe water- based paints; contains no anti-microbial chemicals.

Environmental product declarations (EPDs) verified by an independent third party.

www.saint-gobain-africa.com/en Tel: +233 54 012 3003 /+233 24 320 0700 PREMIUM HOMES MAGAZINE | 33

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GHANA LISTINGS

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@RIVIERA RESIDENCE

@ Riviera Residence is a unique mixed use residential development encompassing an allinclusive city living lifestyle. Offering living, dining, shopping, wellness, play and leisure experience whilst nestled in a magnificent lakeside setting.

This five story development boasts; • Ample covered parking • Landscaped private waterfront promenade • 4 Storey high infinity swimming pool • Clubhouses • Fitness centre • Secure and Private children’s play area • Internal piazza area with restaurants overlooking the lake • Convenience shopping • Backup water reservoir • Back-up generator • 24 hour security..

36 | HOME LISTINGS

PRICE UPON REQUEST ENQUIRIES Lifestyle Property Development L. 14 Boundry Road, East Legon, Accra E. sales@lifestylepd.com T.+233 27 777 0333 W. www.lifestylepropertydevelopment.com

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38 | PREMIUM HOMES MAGAZINE

PLACE HOLDER

@ Riviera Residence is a unique mixed use residential development encompassing an allinclusive city living lifestyle. Offering living, dining, shopping, wellness, play and leisure experience whilst nestled in a magnificent lakeside setting.

This five story development boasts; • Ample covered parking • Landscaped private waterfront promenade • 4 Storey high infinity swimming pool • Clubhouses • Fitness centre • Secure and Private children’s play area • Internal piazza area with restaurants overlooking the lake • Convenience shopping • Backup water reservoir • Back-up generator • 24 hour security..

$ 46,000.00 ENQUIRIES Lifestyle Property Development L. 14 Boundry Road, East Legon, Accra E. sales@lifestylepd.com T.+233 27 777 0333 W. www.lifestylepropertydevelopment.com

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NOW SELLING

Tower Cascades

CONSTRUCTION COMMENCED

www.towercascades.com

OdoiTsui, Dzorwulu, Accra.

Each apartment comes with a staff bunker and en-suite bedrooms. A pool

with an open barbeque area that could be used as entertainment space as well

as for relaxation purposes. A beautifully fashioned garden. Play area for the children. Availability of services and housekeeping for the apartments. State of the art security facilities. Specially selected high end fixtures and fittings.

Availability of mortgage financing.

Flexible payment plan.

Sales Management 0205 180180

Adequate and secure parking spaces. A dedicated Management services

PROXY PLUS C O

N S U

L T

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DESIGN FOR LIFE L. Spintex Road North-West, nr 33, Grand Accra, Ghana T. +233 (0) 345 657 869 / 345 768 095 if antartemobiliario t antarte 44 | PREMIUM HOMES MAGAZINE

antarte MOBILIARIO

LAND

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48 | LAND

Is the Ghana real estate market oversaturated and about to

CR ASH ?

By: Ernest Hanson

W

hen driving around parts of Accra, casual observation of multiple “To let” or “For sale” signs could easily be interpreted as an oversupply of housing stock or an impending property bubble in the Accra real estate market.

Sometimes our general observations seem to counter what we usually read in the papers regarding a 1.7m housing deficit and growing homelessness. There seems to be a co-existence of oversupply with undersupply in Accra’s housing market. Whilst our heading may seem strange and provocative, especially coming from a developer, we hope that `some of our insights will trigger previous personal experiences and observations which help our reader to answer the question posed above.

A housing bubble can be defined by increasing property prices fueled by demand, speculation and exuberance creating a cycle where more speculators enter the market, further driving demand. At some point, demand decreases or stagnates at the same time supply increases, resulting in a sharp drop in prices — and the bubble bursts. From my basic understanding of historical property market crashes, speculation is often always supported by leverage (debt and mortgages). These have been the core factors driving international property price crashes.

Real estate bubbles are invariably followed by severe price decreases (also known as a house price crash) that can result in many owners holding mortgages that exceed the value of their homes.

In the USA for example, over 11.1 million residential properties, or 23.1% of all U.S. homes, were in negative equity at Dec. 31, 2010. I believe public discourse around a pending real estate market crash in Accra stems from the application of some of these historical financial market crashes in more developed markets. Whilst the Ghana property market has seen some speculation in land and property, the lack of leveraged financing and institutional investors have not created the same adjustment mechanisms one would find in more sophisticated markets.

Firstly, in the segment we operate in, (middle to high income or $75,000 to $250,000 price bracket), we find that mortgage buyers constitute less than 10% of home buyers. The point here is that debt has been key in fueling property price bubbles across the world. In Ghana, mortgages are growing from a very low base and constitute a small proportion of buyers. In addition, Ghanaians seem to more averse to sell anything property culturally: the same forces that push people to sell in Europe or America, are not always at play in our local market.

The lack of mortgage buyer’s means many landlords are sitting on pure equity on their properties. In the absence of the financial pressure of mortgage interest and bailiffs, less savvy Ghanaian landlords would rather leave properties empty. It usually takes force majeure or sudden life events to persuade landlords to reduce prices to get a quick sale. As developers, we believe these factors have made certain real estate investors not as disciplined as they would typically be in other markets. Real estate should be based on fundaments like rental yield and the life cycle of the properties.

Conversations on Ghana real estate are all frequently centered on questions about the lack of demand. We often forget how difficult it actually is to bring supply onto the market. Starting from land issues, bureaucracy at the ports to a lack of construction financing, there are multiple factors which actually make it difficult to bring supply onto the market. Ghanaians can all attest to the slow pace of construction and delays associated with some local real estate projects.

When looking at the supply side, we also need to ask, are we actually building the right kind of supply. Outside of a few public sector initiatives post Ghana’s Independence like State Housing Corporation and TDC Housing projects, the Ghana real estate market is less than 20 years old. Early small scale private developers who built apartments in central parts of Accra from the early 2000’s, mainly built large but not always functional 3 bedroom apartments. These same apartments

now constitute a dis-proportionally large share of the accommodation stock in central Accra.

They are also in direct competition with townhouses for tenants and often lose out. To compound the problem, these developments have not always been maintained to a level able to compete with new stock and landlords have sometimes failed to invest in interior design and furniture to attract tenants. The point here is that paradoxically we seem to have an oversupply of older and not always well maintained apartments and an under-supply of functional and modern apartments that are within the budget/price range of the ever changing pool of potential renters.

The new pool of renters now includes returnees seeking central locations at decent price points or expats. We are increasingly seeing a growing number of mid-level managers who need a lockupand-go as they are usually travelling across West Africa in search of other opportunities and using Ghana as their base. The oversupply in certain segments seems to be driven by a mismatch between what the pool of prospective home buyers and tenants want versus what a number of private developers are building.

I would also like to see conversations around supply delving also into issues on quality. By quality I mean best practice or international level quality.

If we asked the question, “do you believe there is an oversupply of international quality housing in Ghana?” the answer would invariably be a “No”.

The oversupply debate could quickly turn into a severe shortage if we went further and asked about the supply of quality yet “reasonably priced” and value for money accommodation in Accra.

The juxtaposition of empty developments together with high occupancy developments confirms our view that the market is highly heterogeneous and should not be painted with the same brush. Despite the challenging economic environment in 2016, our most recent development, Beaufort Ridge, was still able to achieve over 90% occupancy levels and double digit rental yields for homeowners.

This demonstrates that there is gradual flight to quality in a market that has an ever increasing mix of accommodation types and standards.

In light of the question posed above, whilst opportunities may exist for investors to identify distressed real estate assets, there is unlikely to be a general correction in the wider market due to the issues highlighted above. The lack of debt in our market means most market corrections will be via rent or occupancy levels rather than through house prices. Nevertheless, savvy investors focusing on return on investment should invest in property that best matches the needs of the new pool of prospective tenants and in property stock that generates the best yield over the longest property cycle.

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Location: 14 Jungle Rd, Christian Service Center East, Legon, Accra, Ghana Time: 8am - 9pm Tel.:0302517518 50 | PREMIUM HOMES MAGAZINE

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What’s a

“Premium Home” property?

By: Premium Homes & Art Magazine Africa (PHAM-AFRICA)

How do we define a Premium home property? Do we rely on price per square foot, absolute value, city, country or type of property? Is a property “Premium home” only when it is located in a ‘safe-haven’ city such Geneva, London? is the Premium home market expanding geographically or will these properties only ever exist in certain areas of the world?

The subjective nature of the question and the ever changing realities of the property market within an increasingly globalized economy mean that property market commentators and participants may find it difficult to agree on a true definition of ‘Premium Home’.

properties are included. We do also believe this category is better defined by describing the people who purchase the homes at this end of the market.

At Premium Homes & Arts Magazine- Africa, we intend to become the focal point for the only segment of the property market which we believe to be truly global-the very top. The majority of the transactions in this niche consist of homes sold between $1m and $10m.

The world’s population of approximately 200,000 ultra high net worth (UHNW) individuals – described by Wealth-X as those individuals with net asset of at least $40m – are the principal participants at the top of the market. The global mobility of the UHNW population, their appetite for owning property around the world and the multitude of choices which lie before them mean that their purchases are primarily driven by want rather than need.

This means that whilst transactions at the top of the market can be completed very quickly indeed, the opposite is just as likely.

...

Top of the market Whilst acknowledging that geographical difference exists, we therefore describe the $1m+ market as ‘Premium Home’ and believe this broadly speaking, is an accurate reflection of the top of the global property market. Naturally this figure may exclude some smaller properties in prime areas and include some vast properties in less popular areas however as a starting point for this niche, it ensures that all world-class

...

Ultra high net worth

Buyers with ample liquidity and numerous options – including not buying at all – are rightly inclined to tough negotiators whilst sellers are often disposing of a property out of choice rather than necessity and thus can also afford to be patient waiting for the right

offer. In contrast to the mainstream property market where most buyer are looking for a principal home, buyers in the “Premium Home category purchase for a number of additional reasons including: as a ‘safehaven’ asset, to enhance a lifestyle (e.g. a vineyard or ski chalet), for business reasons (a base in global city where the principal might be based for large part of the year), for family members, as a hedge against inflation or as a residence which generates an income (such as a working ranch).

Whilst every $1m+property may not be Premium home, the vendors and agents of any $1m+ property should take global view on marketing in order to maximize the speed of the sale and the sale price achieved. Through the Premium Home website, magazine and exceptional marketing events, we celebrate the best homes in the world and help UHNW buyers, sellers, agents and advisors identify and market these residences. Wonda world real estate, Clifton homes, Trassaco, Mirage residence, Colosseum apartment, Riveria residence, 01 Parwest, to name a few.

PREMIUM HOMES MAGAZINE | 51

First time home buyer?

Top Tips for becoming a new homeowner

Here are some tips for avoiding common first time home buyer frustrations:

52 | PREMIUM HOMES MAGAZINE

Know Your Home Buying Limits

Approach Your Home Search with a Plan

Thinking you can afford a certain price and actually being pre-qualified for a specific amount are two different things. Today, it is always better to make pre-qualification your first priority, especially if you’re a first time home buyer. Not only will it save heartache by putting a dollar limit on your home buying dreams, it will save time and allow you to make a confident offer when you find that special property.

Connecting with a reputable real estate agent sooner than later can save you time, money, and frustration - especially when inventory is tight. Don’t delay!

House hunting is a task that requires time and effort, whether your move takes you across town or across the country. Assess your options, whether you’re moving within the country, or anywhere else. If it’s a longdistance move, weigh the pros and cons of renting for a period of time as you settle in to new surroundings. At the very least, do some “homework” in advance. Read about neighborhoods, talk to locals, gather information.

easy commute or a community close to weekend fun and entertainment.

We can tell you from experience, that most buyers looking for their first home do not end-up purchasing in the area they initially started their search.

The key about “location” is to be flexible, and to make decisions based upon accurate information and realistic expectations. Home buyers who remain fixated on a particular area, are much more likely to make mistakes and/or overextend themselves financially.

Look Below the Surface Whether you like what you see or not, take the time to look at the home’s structure in addition to its facade. Beware of the beautiful trappings of a builder’s model home and know which features are standard and which are upgrades at additional cost.

This can differ between communities. Look at the architecture. Measure room sizes and consider the physical layout to assure that the home will suit your needs, accommodate your furniture and reflect your style.

Tally the Cost of Homeownership The mortgage might represent the largest chunk of your housing budget, but there are a myriad of costs of home ownership that you must not forget, in addition to taxes and insurance.

Investigate special assessments, community memberships, transportation costs, energy efficiency and prevailing rates for utilities, and the area’s cost of living.

Don’t ever expect to find your new home in a single day. That really only happens on television! In fact, you might have to submit multiple offers before you reach a binding contract, especially in a competitive real estate market

Expand Your Home Search We all know the mantra, “Location, Location, Location.” In real estate, it is true that location usually trumps everything. But, don’t limit your home search to a single neighborhood or suburb. Instead, be honest about your requirements, whether they include a prime school district, access to parks and playgrounds, a dramatic view,

Also add in any one-time charges -- for new furniture, a lawnmower, planned improvements, landscaping and general upkeep. Lastly, don’t forget to set aside some of the budget for routine home maintenance expenses. Not keeping up with regular maintenance is a common first-time homeowner mistake, which will potentially cost many thousands of dollars when it comes time to sell.

budget. Living in a “fixer-upper” is not fun, and buying a house that becomes a “money pit” is not wise.

In Home Buying Patience is a Virtue It’s a kindergarten lesson that has applications for house hunters as well.

Buying a home is a long-term commitment.

Know that even if your search extends longer than you wish, it is wise not to make a snap decision - patience is required.

When seeking to buy your first home, prepare to be tugged in different directions, but then resolve to let your mind rule over the heart. Recognize that your emotional desire to move and be settled in a new home might not be the best option, and that paying rent for another six months may be smarter than committing to a mortgage on a home that won’t fulfill your needs. Finally, get your financial affairs in order before you begin your search, and you’ll be less likely to be disappointed.

Rely Upon Your Full-Service Real Estate Agent!

One of the best ways to avoid common home buying pitfalls is to work with a knowledgeable and reputable real estate broker. Don’t wait to connect with a reputable agent. You will find that most agents value the relationship, and are with you for the long-haul - whether you buy next week, or next year. Simply be honest about your wants and needs, and your time frame - and be sure to share your “wish list” as well as a “must have” list with your agent.

Keeping in mind the above... you’ll be well prepared for the house hunt, and on your way to your buying your first home.

Are You Handy? Don’t Overestimate Abilities Many homes require some work, and you will want to add personal touches.

But don’t plan to take on tasks that are beyond your abilities and your stated PREMIUM HOMES MAGAZINE | 53