One thing common in every major roads, streets even on highway in ghana is shopping stores! Investors and property owners never miss to take advantage of little space lying in between road and fence boundary to build stores, in this article we are going to explore the reason to the influx of stores building construction VS residential apartment, which is more lucrative?
UNDERSTANDING THE GHANIAN ECONOMY
In ghana small to medium scale businesses/entrepreneurs account for nearly 70% of GDP of the country, this businesses put together are even more the 85% of all businesses operating in the country although there is a sad reality that four (4) in five(5) of this businesses collaspe before reaching age five but on the other side of the coin there are always new businesses starting up every year.
The ease to start a business is perhaps one recipe to why there is constant demand for Building stores.
BUILDING STORES VS CONVENTIONAL OFFICE/MALL SPACE
Conventionally office or mall space cost more and is coupled with the challenges of unavailability in the country, ghana a developing country makes it easy for Building stores concept to thrive what’s more is that it’s cheaper,continent and remotely available to meet targeted demorgraph of intended business prospect.
RESIDENTIAL APARTMENT OR STORES
The decision to choose between building a residential apartment or stores on a piece of land will depend on factors pertaining to the locality in which the land is situated and more importantly the scope of the business or residential status of the locality, a locality may have features perfect for residential but if there are many other property owners investing in apartment in that locality already you trying stores may be genius and more profitable especially when there is potential need for it or you can try a mixed purpose facility, regardless stores or apartment are always good choice of investment in ghana especially in cities like accra, kumasi, tarkoradi etc.
WHICH IS MORE EXPENSIVE TO BUILD STORES OR RESIDENTIAL APARTMENT.
Building and construction is a lifetime investment, either you choose to invest in stores or apartment, generally stores building is less expensive compared to apartment due to varied design and facilities usage store is generally of modest design and its facility usage and maintenance is less compared to stores and as long as you have constant tenants it’s profitable while apartment may lagged in getting tenant.
