Ghana Real Estate: Eric Ebo Acquah Presents Quality and Affordable Housing Developer Blue Rose Limited
Eric Ebo Acquah shares his assessment of the real estate market in Ghana and talks about the affordable housing sector. He also presents Blue Rose Limited, a real estate developer based in Accra, committed to providing quality and affordable housing to all.
Interview with Eric Ebo Acquah, CEO of Blue Rose Limited
How do you see the real estate market in Ghana?
The general trend now is that people are looking for houses that fit their budget. Lots of people are looking for homes at around 20 to about 40,000 US dollars. More people are looking and because of COVID, they are putting more importance on their home because a lot of them are working from home. Income levels are still low, so many people cannot afford high-end houses and that has made the affordable housing market vibrant.
How is your company making houses affordable?
Blue Rose Limited is a real estate developer based in Accra, committed to providing quality and affordable housing to all.
Housing is expensive and is staying that way because a house is something that people can sell later. The cost of living has gone up everywhere and most of the materials used for housing are imported. The value of the US dollar is also higher. All of this means sometimes people who want to build homes have to pay more than what they had budgeted for. As an example, if people want to use bamboo for a ceiling, it needs to be treated very well so that it will be preserved but treating it can be very expensive because it cannot be used raw. The chemicals used to treat it are also imported so it all boils down to cost.
Because of these circumstances we are trying to be more efficient in how we build homes. The more efficient we are, the less waste there is and so costs are not passed on to the client.
What makes you different from the competition?
This is something that we have been doing for the past number of years. We are on the ground; we are very experienced in the housing sector, and we know how best to cut costs. We do not compromise on quality, but we make sure that any additional cost that can be cut, we cut it. From our last interview two years ago until now, the quality of our housing has improved. We are getting better; our customers are happier, and we have learned a lot. We are expanding in West Africa and will start building affordable housing in Sierra Leone.
Since we last spoke to you, what projects have you undertaken in Ghana?
Because of COVID, business was a bit slow in 2020 and 2021. But since the latter part of 2021 we have been working on a 3000 house community. We are also looking for potential partners so that we can do more, and we are opening up the company’s shares to potential investors to help us expand to other areas.
What sort of partners are you looking for?
We are hoping for local and foreign partners. We are ready to open up, not just with cash, but with ideas.
In terms of expansion, what are your plans?
COVID-19 has slowed our expansion, but now we are in the process of ramping things up.
What inspires you to do what you do?
Two things inspire me. The first is helping people. It is a joy to me. The second is giving people a different place to live is also important. Under normal circumstances, some people cannot afford a house, and now they can. I see that and I am inspired.
What kind of housing do you build?
We build one bedroom to four-bedroom houses. The terrace one-bedroom home has a living room, bathroom, kitchen and is easily expandable to two. We have two-bedroom terrace and semi-detached homes. With the one-bedroom terrace home the price is good, and people can afford it. That is where the market is. It costs between 25,000 and 35,000 US dollars.
We are also selling more to Ghanaians who live outside the country.
ABOUT BLUE ROSE LIMITED: Blue Rose Limited is a real estate developer based in Accra, Ghana. The company is committed to providing quality and affordable housing to all.
For more information, please visit: www.blueroselimited.com.
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