Ghana Report

InterviewsFebruary 09, 2024

Navigating the Ghanaian Real Estate Market: Insights from Karim Dakmak of Meridian Group

Karim Dakmak, Business Development Manager at Meridian Group

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: Written by Sandra Francisco; Published: February 09, 2024

Interview with Karim Dakmak, Business Development Manager at Meridian Group

Could you share details about your business strategy within the current landscape in order to maintain competitiveness and sustained success in the real estate sector?

In our sector, our primary focus and competitive edge lie in the quality of service we offer. It is crucial for us to actively engage with our stakeholders to understand the services they value and what aspects are significant during their stay with us. Whether it is providing accommodation, offering a particular lifestyle, or creating a comfortable environment, our goal is to ensure that tenants not only stay but also encourage friends and family to join our community.

From my perspective, it is a collaborative partnership involving us, the tenants, and the various landlords we collaborate with. We aim to establish common ground through effective communication, identifying shared values between tenants and landlords. This involves understanding what tenants value (X, Y, and Z) and ensuring alignment with the values important to landlords as well. Our objective is to bridge any communication gaps, fostering a mutually beneficial relationship. Once this synergy is achieved, we believe we find the sweet spot that enables our sustained growth and success.

What about embracing innovation and integrating technology, considering the continuous evolution of new technologies? What efforts are being made to incorporate innovations into your properties and business processes, enhancing the overall experience for tenants?

In the Ghanaian market, it is more of a hands-on approach, and our sector has not traditionally relied on technological innovations like AI, which is relatively new in real estate but not in other sectors. Currently, we have not extensively implemented such technologies, but we do aspire to explore them in the future for the benefit of both us and our clients.

If we observe other providers in the commercial space market, only a few have adopted technologies like speed gates and iPads for tasks such as assigning and facilitating communication between the main reception, various tenants, and floor receptionists. We have successfully integrated these technologies, offering added security to the building. With features like our lift system, access to different floors is restricted for security reasons – requiring a key card or access code for entry. This ensures that only authorized individuals can access specific areas, enhancing overall security measures.

Beyond business operations, how does Meridian Group participate in and contribute to the local community? Are there specific initiatives or social impact projects that the company is currently involved in?

Currently, we have established a partnership with Miniplast Ghana, a plastics manufacturing company. Together, we have launched a recycling initiative in Atlantic Tower and Meridian Apartments, both being part of the Meridian Group. We have engaged with various tenants to facilitate their entry into recycling. To support this, we have provided them with, for instance, a carton box for segregating their waste. Once deposited in our bins, which are also segregated, Miniplast collects the sorted waste at the end of each month. They then proceed to process the segregated waste as part of our collaborative recycling effort.

Can you elaborate on how Meridian Group incorporates sustainability principles in its projects and any plans for further enhancing its environmental systems?

Regarding that aspect, we have obtained the EDGE certification for Atlantic Tower, validating the efficiency in the design and construction of our buildings. In all our subsequent projects, and any future endeavors, we are committed to securing EDGE certification. This involves the use of sustainable materials and products designed to minimize water waste, including taps and toiletries in both bathrooms and common areas.

For those unfamiliar, EDGE certification is a globally recognized accreditation, not limited to Ghana. Spearheaded by the World Bank and other institutions, it provides credibility to stakeholders who have taken extra steps to ensure sustainability in the complexes or buildings they provide. This involves not only the use of sustainable materials but also aiding our tenants in reducing waste consumption through the implementation of these eco-friendly products.

What market trends do you anticipate influencing the demand for commercial office space in Accra? And how does Meridian Group intend to address these trends?

Given the current economic situation, we have observed a decline in recent times. However, we are optimistic about a potential market pick-up in the next few years. With this anticipated recovery, there is likely to be an influx of foreign or even local investments, leading to an increased demand for office space. We hope to position ourselves to capitalize on these opportunities and derive benefits from the heightened demand when it materializes.

What initiatives or services will Meridian Group implement to ensure a positive experience for both commercial and residential tenants?

Our competitive advantage lies in the service we provide and the care we extend to our clients. Whenever an issue arises, our team is on the ground, available 24/7 to address challenges and problems promptly. We actively engage in fire service trainings to ensure smooth operations, and after each session, we gain new insights and perspectives on potential improvements. Moreover, our staff members are both fire and first aid trained, ensuring that in case of an emergency, we have individuals ready to handle any challenges promptly and guarantee the safety of tenants and visitors.

Are there specific collaborations or partnerships that Meridian Group is engaged in to bring new opportunities and value to the business? How does the company approach strategic alliances?

Besides our collaboration with Miniplast for the recycling initiative, we are also part of an association known as the Airport City Association. This association encompasses all properties within the enclave of Airport City, from the Marriott Hotel to Silver Star. As a member, we actively contribute to running, maintaining, and ensuring the smooth operation of all activities within the enclave and its surrounding neighborhoods.

As a young leader in the industry, what fresh perspectives and approaches do you bring to Meridian Group's operations and strategic planning?

Over the years, we have seen the development of new trends and technologies. I have noticed that the older generation can be resistant to adopting some of these changes. Drawing from my education and exposure through social media and the internet, I have identified trends and technologies that we can implement within the business to enhance our services and operations. For instance, we might incorporate technologies like sensors and cameras, and implement a booking system to precisely track people coming in and going out. In the real estate market, particularly on the residential side, we have identified trends in what customers are seeking in a flat – whether it is size, layout, or furnishings. Considering these aspects, we are developing new models to invest in our business and hopefully foster growth in that regard.

Regarding your future vision, considering your unique position within the family legacy in real estate, what is your outlook for the future? How do you envision the company evolving and creating a lasting impact in the real estate industry?

My vision is to position the group at the forefront of every industry or sector we choose to explore, including, for example, real estate where we are already established in both residential and commercial aspects. While there are ongoing improvements and untapped opportunities in these areas, my goal is to facilitate the company's growth without compromising the quality of service that defines us. Recognition for our service is what sustains us and forms the core of our success. We aspire to enhance this service to aid our growth and better understand the needs of our clients and stakeholders – how they wish to be treated and served effectively.

Additionally, there are various sectors related to real estate that we have only touched the surface of, and we plan to delve deeper. We aim to expand into different business domains, and although I will leave the specifics as a surprise for now, I am confident that with our service-oriented approach and mindset, any sector we choose to invest in will see us leading from the forefront.

What inspires and drives you in your daily endeavors?

My upbringing instilled in me the importance of prioritizing customer or client service. Seeking satisfaction and recognition from clients, knowing that we have provided the best service, is what fuels my commitment. The assurance that my efforts are appreciated, whether expressed financially or verbally, drives me to consistently deliver top-notch service. Witnessing the growth and evolution of the company over time is something that fills me with pride and serves as an additional source of motivation.