Ghana’s middle class has grown from those who took their children to private schools, eating dinner at fancy places and worked in white collar jobs, to include those who take their children to government schools, but work in the informal sector and eat dinner at fancy places only on occasions or as rewards.
There are a lot of contributing factors to this growth. One important factor is the increase in trade. The trade business has taken a lot of people from lower income to middle class. Their wealth is under rated mainly because they work in the informal sector. Most of these traders deal in importation and exportation of goods thus paving the way for a new breed of “thousand-ners”. Abossey Okai and Makola have become the new financial district as spare part dealers, market women who deal in cloth, provisions, plastics, electronic stores have joined the fray of the middle class grouping because of their growing income.
As the income of these middle class societies grow, they want to have a taste of a different kind of lifestyle as they can now afford it. This has brought the onset of more private schools, eateries and the influx of luxury apartments and homes into the market, as more businesses are expanding to cater for the growing need. The real estate industry is one that is benefiting from this broad scope. Home Loan officers are seeing more people coming into their offices to secure mortgages or payment plans to finance their dream home. They might not feel very rich or feel that they have attained high class status but by owning their own property, they are on their way and the potential and access to credit gives them that hope. The nouveau rich are also bringing a boom to the real estate market. They now have the means to live large and the income to live in grand homes. It is them that have the income to live in the luxury apartments and the town homes springing up all over Ghana.
The more the middle class grows, the greater the demand for homes. The real estate industry will have to supply, not just homes but satisfy the taste buds of the new middle class. It goes beyond the structure and includes quality. More real estate companies will have to look beyond the ordinary to meet up with the changing tastes of the middle class. Devtraco Plus has already started going above and beyond for its clients. Our townhomes are not like any other in town. Our most recent property, The Acasia, has rooftop pools on each home. This is a unique feature yet to be mimicked by any other real estate company in Ghana at the moment. As the middle class grows, Devtraco Plus is ever ready to stand side by side with them when it comes to quality, infrastructure and contentment.