Ghana Real Estate Sector: Luxury Residence, Tribute House, Opens its Doors to Residents in Accra

Tribute House, Accra’s newest landmark residence, in the ever-popular Airport Residential enclave, opened its doors to residents this past week. While the real estate industry in Ghana has been reeling from supply chain related delays and freight and material cost increases, Tribute House’s completion marked an impressive achievement for the project’s developer, Denya Developers.

The complexity of the build was higher than previous developments that Denya Developers has delivered. With more granite and marble cladding than any other residential high-rise in Accra, the exterior finishing proved to be quite demanding. Kofi Abrefa, Head of Marketing for Denya Developers, said that he was particularly proud of the two dramatic arches at the fifth floor pool deck and rooftop observatory. “If you look closely, every element of the feature arches is cladded in beautiful granite with each slab having been planned out and cut to size before arriving at our site. We certainly did not skimp on the exterior – or the interior for that matter. I couldn’t be happier that it all came together and that it looks as beautiful as it does.”

As with almost all ongoing developments in Accra, there was a delay, but the six months of lag due to the impact of the pandemic and subsequent supply chain issues hasn’t diminished the accomplishment. The residential building is completely sold out with the exception of one penthouse which will be offered once it is fully furnished.

“Given the high cost of land in prime Accra, a lot of developers try to max out the space they’re working with. We on the other hand choose to not over-build our projects to preserve that feeling of home versus hotel. It’s not only better for buyers looking for a place to live, but also for those who are buying for investment as it makes it easier to find long-term tenants that way. Considering the high demand that we’re seeing for these apartments, we could have easily marketed another two to the three floors though and they would have sold out prior to completion,” said Mr. Abrefa.

What made Tribute House so sought after when it seems that almost all of Accra is under construction? “Our buyers are looking for quality homes that will last, which is exactly what our construction method delivers. I think that is our fundamental advantage along with who we are as a trustworthy and good company. Denya Developers’s motto is ‘built to last for generations’ and it’s not just some catchy marketing slogan that you’d come across on our website. Our developments are of significantly higher quality than some competitors and they will last for decades.”

Since coming into the market in 2015, Denya Developers has built a reputation for their excellent construction technique and execution. They use a higher grade of concrete and more steel per square meter than any of their competitors in the market. Their buildings are designed to withstand the expected changes associated with global warming and are safe for Seismic Zone 4.

“We really do believe in the quality of our buildings. That’s why we’re confident to offer Ghana’s longest warranties. But it’s not just the fantastic core of our buildings. We also care a lot about the little details that make the living experience so much better, but that others might cut – like a rubbish chute on every floor or bottled-water quality water from every kitchen tap, just to name a few. These extras may not be immediately apparent, but that is why we tend to have a higher rate of referral customers than other developers.”

With inflation at multi-year highs and interest rates rising, the demand for physical assets has been notably increasing. But an equally important trend is the new found interest among the young and prosperous to choose apartment living over a compound house or townhome. “When I first started marketing our Denya properties, most of our buyers were more focused on investment. We’re now seeing the opposite, with prospective customers first considering how a layout would suit their needs and lifestyle before enquiring about rentability. This is no surprise. It’s happened in every other capital city too. It just makes sense when you factor in convenience of commuting times and locations of popular schools.”

With Tribute House successfully handed over, the Denya Developers team will now be shifting its focus to the Pavilion, a two-phase residential development in prime Cantonments, that will feature the largest elevated pool deck in Ghana. The design intention is to create a private resort in the heart of the city, taking advantage of the ocean views and summer temperature that make Accra such a desirable destination for the diaspora and residents alike. With the first phase of the Pavilion almost completely sold out, Denya Developers is taking fully-refundable reservation deposits before officially opening up phase two for sale in June this year.

Tribute House’s one beds, two beds and three beds will be available for rent also starting in June. For those who wish to learn more about Tribute House or the Pavilion in Cantonments, the Denya team encourages you to reach out via their website.

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