In many of our cities, especially Accra and Kumasi, the way people live and work is changing. The days are gone when you had to travel long and far for shopping, to the office, or for leisure. Recent developments, designed to have homes, shops, offices, and entertainment all sit in one place, are becoming the new normal.
In this post, we take a look at the multi-functionality of live and work spaces, mixed-use developments in Ghana, why they’re rising, and what opportunities they bring for the real estate sector.
What are Mixed-use Developments?
It’s become common these days to see areas within cities where you have residential, commercial, and leisure spaces all combined in a single property or situated within a district. You can observe apartment blocks with shops on the ground floor and offices and other facilities nearby.
Projects in this category are called mixed-use, so-named for their multifunctionality. And because they are designed to save time and bring convenience to residents, they’ve become quite trendy and are obvious across cities. These are like ‘mini-cities’ where you can get virtually all your needs just within walking distance.
Accra is leading this drive with various projects, followed by Kumasi and Takoradi, seeing interest from developers. Smaller towns are beginning to attract mini mixed-use designs near universities, regional business centres and industrial zones.
Why Mixed-Use Developments Are Growing in Ghana
Mixed-use spaces are now booming as a response to rapid urbanisation in major cities. The unending throng of people to regional capitals, sometimes to the point of congestion, especially in Accra and Kumasi, is an automatic call for increased housing.
But the scramble for space is now more dire; land in good areas of the city is wanting, even with cash in hand. Yet, unlike previously, when anywhere was okay to live, many people, especially young professionals these days, prefer habitats that are in tune with modern convenience: less commuting with everything within reach.
And this is where developers have tried to make the most of what parcel of land they can get. Combining homes, offices, shops, and recreational spaces into an enclave means more money from different income streams, far more profitable than single-use projects. This kind of establishment is, however, not exclusive to our part of the world but a fragment of global real estate trends making waves in local markets. And it’s pulling in foreign investment as well as expertise with it.
Besides, who wouldn’t want to live closer to work, especially when Accra’s traffic can be very unapologetic and the bane of productive life?
What’s in Mixed-Use Developments for Residents?
Consumers who inhabit these spaces experience the convenience of living, working, and shopping in the same area. They no longer have to endure long commutes and have relatively less stress from traffic.
Residents can also access gyms, restaurants, supermarkets, and more facilities within walking distance, all of which encourage a sense of community and interaction. Designed to enhance safety, mixed-use spaces, most of them gated, feature organised security systems, which make the environment much safer.
Why Mixed-Use Developments Are Good for Business
There’s a built-in customer base. A business owner in a mixed-use space is assured of a steady flow of patrons: residents, office workers, and visitors.
Business owners in these shared spaces bear relatively lower costs by operating in high-footfall areas, unlike in standalone locations. On top of that, you get to experience the prestige of being located in a modern, well-planned development.
This is good for business because proximity to other businesses will naturally invite collaborations and partnerships.
Popular Features in Ghanaian Mixed-use Projects
Developers design most of these projects to serve diverse groups. So, you’ll find residential apartments of various sizes—from studios to luxury houses—and office spaces for startups, SMEs, and big firms.
There are also shopping centres like mini-malls and retail outlets such as fashion, electronics, and household shops. You can also have restaurants, cafés, bars, and food courts.
In many such areas, you’ll find entertainment zones nestled in, like cinemas, event spaces, and children’s playgrounds, plus green spaces and leisure areas for relaxing. Parking facilities are present for residents and visitors. Strong security is also an important feature with systems like CCTVs, guards, and controlled entry.
Investment Opportunities in Mixed-Use Developments
A lot of benefits are promised to investors who are on the lookout for mixed-use properties. Buying rental units like apartments is a good idea. You can rent these out to young professionals and expatriates. You can buy commercial spaces like shops, offices, or co-working spaces or invest in retail outlets like a store that attracts steady foot traffic and brings steady income.
You can also invest in such properties for their long-term value: their prices keep rising because they’re well planned and are highly sought-after. Airbnb is another great opportunity you can look at. Tourism and business travel are picking up, and so having apartments in mixed-use spaces for this purpose can ensure quite handsome returns.
Challenges to look out for in Mixed-use Projects
Yes, the benefits of mixed-use developments are juicy, but they come with their own disadvantages. Some of these include the high cost of units. That’s a given. The intended targets for these apartments and offices are usually middle- to high-income earners, and they are priced accordingly. You must be prepared to pay more.
Due to the complexity of their design, if they’re not properly planned, there can be significant infrastructure pressure on these developments, as roads and other surrounding utilities can get easily congested.
Then there are maintenance costs: these can be cumulatively quite high. Of course, as a resident or business, you must and will pay for using shared facilities like security, cleaning, and utilities. While such projects are gaining popularity, some Ghanaians, the characteristically conservative, would still go for standalone homes that have private compounds like the ONO Aburi project.
Conclusion
Mixed-use developments are shifting the traditional Ghanaian living style. They offer convenience, lifestyle benefits, and strong returns for investors. Cities are growing, and traffic will continue to worsen; that’s why these projects will remain critical to the future of real estate in Ghana.