Mr Kofi Ampong, Chief Executive Officer of Broll Ghana Limited, property managers, has described the inaugural West Africa Property Investment Summit 2015, as the milestone in the development of business in Ghana and Nigeria.

He said Broll Property Group, which was the Platinum Sponsor of the event viewed it as a business opening for West Africa in general.

Mr Ampong said the two-day summit was dedicated to highlighting the West Africa Real Estate markets and cultures, recent developments, sharing of knowledge and networking.

Topics discussed included key drivers and growth prospects, currency concerns and feasibility of common currency for ECOWAS.

“Less than 15 years ago, certain countries in the West Africa sub-region were regarded as no-go areas for many investors. Concerns around political instability, corruption, ownership rights and currency risk kept potential investors at bay. But today, the vast development opportunities offered by a rapidly growing West African population can no longer be ignored,” he said.

Mr Ampong said the potential to earn juicy dollars based returns makes the sub-region particularly compelling for international investors looking for hard currency income and capital growth alternative to Australia, Europe and the UK.

He said West Africa has the largest single market and collectively, the second biggest market in Africa to tap into the juicy investments within the sub-region where on a lighter note Accra is the gateway, Lagos the destination and Abidjan, the Paris of West Africa.

Mr Ampong said West Africa sub-region, is made up of nine Francophone and six Anglophone and Ghana’s economic situation more or less forms a part of that.

He noted that Ghana faces major challenges in the form of sharp currency depreciation, falling oil prices, deteriorating macro-economic imbalance, rising inflation and interest rates.

“The oil producing countries within the sub-region are also facing fluctuating global oil prices with the resultant effect on revenue shortfalls. Most Anglo and Francophone countries are still battling with rising inflation and deteriorating macro-economic imbalances which have corresponding effect on the real estate sector.

“Nigeria, the sub-regional giant is also going through a period of upheaval – the short-term uncertainty due to falling commodity prices, devaluation of the naira and exchange controls. Despite these, Nigeria remains politically stable, attractive and a key destination for investments with significant capital raised to be placed in the development and investment markets from Asia, Europe, the Middle-East and the US.”

Touching on the West Africa Real Estate, he said there has always been competing demands for scarce prime land. Key land uses are agriculture, residential, commercial (office/retail) industrial and special purpose (schools, churches, hospitals etc).

Mr Ampong said in terms of land use, these are ranked according to importance: agriculture, residential, offices, special purpose, industrial and modern retail.

Though demand for land for residential developments has grown exponentially, the last 15 years have seen strong demand for land for commercial property developments in most cities in West Africa.

The oil and gas find in most of these countries has also led to developments and demand for prime or A - grade quality office and retail properties.

He said investors now see the West Africa sub-region as the world’s next big growth story and development opportunities are enormous.

“Interestingly, many international investors seem to focus on investing in the Anglophone countries compared to Francophone.

“There are unlimited opportunities in the Francophone countries and the language barrier should not be a hindrance or obstacle. Investors should take the bull by the horn and venture into these ‘virgin’ countries such as Benin, Burkina Faso, Niger and Togo, with no western style malls, particularly for retail investors,” he said.

He said despite opportunities in the sub-region, barriers to entry remain slightly high. The major risk for developers and property investors is no longer political instability but rather, access to title deeds, to some extent, capital constraints and the procurement of building materials.

He said in some instances lack of depth and quality of tenants are also challenges as well as high rentals demanded by owners of developments/properties.

“It is also informative to state that countries in West Africa challenged by the Ebola epidemic have overcome the scourge.”

Broll Ghana Limited was the winner of the 2015 Property Award for Best Valuation Firm and Property Management Company.

Broll Ghana Limited, a member of the Broll Property Group has over the past nine years made a significant impact in Ghana’s real estate market.

The company which was established in 2006 has been engaged in property services covering the administration of residential, commercial and industrial real estate.

Broll Ghana’s services include property management, which typically involves the managing of property that is owned by another party or entity.

The property manager acts on behalf of the owner to preserve the value of the property while generating income.

The property manager is typically responsible for budgeting expenses, securing renters, collecting rent, complying with laws and regulations, and maintaining the property.

This includes preventive maintenance, repair or corrective maintenance, routine cleaning and maintenance, and construction, including tenant improvements when handling commercial or industrial space.