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Ghana Report
Marcopolis presents the Ghana Report focused on investments, doing business, economy and other topics featuring interviews with key executives and government officials. The sectors under review are agriculture, banking, energy, industry, telecom, IT, real estate and more.
VideosJune 07, 2023
What Makes Leading Real Estate Company Devtraco Stand Out? An Interview with Joseph Aidoo
- Written by Sandra Francisco
- Published: June 07, 2023
Joseph Aidoo, Co-Founder and Executive Director at Devtraco Group, one of the leading real estate companies in Ghana, explains what makes the company stand out from other developers.
"Devtraco Limited was started by my father in 1993 as primarily concrete products manufacturers. In 1997, we moved into real estate development and quickly gained notoriety for developing projects on time and on budget. After that, I founded Devtraco Plus, which is geared towards the higher end of the market. We did well and gained notoriety again. Not too long after that, we acquired a majority stake in one of the largest construction companies in Ghana. Since then, we have been just building real estate after real estate. Our unique selling point is taking a market-oriented approach and designing something that the client wants. This makes it so much easier to sell. Real estate is about location, location, location, right? So over and above location, the next thing for our market is what they want, look and feel, and pricing. I think that has been our unique selling point", says Joseph Aidoo.
"The high-end property market is largely supported by expats renting properties. Prior to our entry into this market, most projects had units with a minimum price of half a million around 2010 and 2011, with mostly two-bedroom apartments. However, we decided to target the same expat end-user but with slightly smaller units, allowing them to purchase a two-bedroom apartment for $250,000 instead of half a million. This appeals to the Ghanaian investor who purchases the units 90% of the time. The rental company for expats is happy to rent a smaller unit at a lower price point because it is more profitable. This is just one example of what we are able to do for the investor buyer", he adds.
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