The real estate market in Ghana particularly Accra is witnessing a significant shift towards sustainable and green building practices.
Developers are increasingly recognizing the importance of incorporating environmentally responsible construction methods to meet the growing demand for green buildings in our cities.
With rapid urbanization and its accompanying environmental challenges, embracing sustainable building practices is imperative for creating a greener and more sustainable future.
The adoption of green building standards in Ghana is therefore no longer considered a mere luxury; it is now a crucial measure of quality in the market.
The State of Green Building Industry in Accra-Ghana
Accra stands out as a leader in green building space among West African cities. The city boasts a higher number of green-certified projects compared to its regional counterparts, largely due to the efforts of organizations like the International Finance Corporation (IFC) in raising awareness and promoting the importance of green buildings since 2017.
The EDGE Green Buildings Market Transformation Program of the IFC shows that certified green buildings accounted for only around 1% of new builds in 2020 in Accra but are hopefully projected to account for over 20% of total building floor space by 2025.
Office spaces, warehousing, hotels, and apartment sub-sectors are expected to lead the charge with a projected penetration rate of approximately 22%.
However, sectors like healthcare and single-family residential buildings lag behind, with an expected penetration rate of just 2% by 2025.
Recent developments give hope to these projections. For example, three major residential projects comprising approximately 3,000 housing units have been awarded EDGE certification in the past 12 months.
Additionally, the introduction of new building regulations that require certain types of buildings to be constructed green is expected to be a game-changer for the market.
Accra’s progress in the green building sector is set to have a positive impact on its urban landscape, economy, and environment.
The city’s commitment to sustainable development is evident in the introduction of new building regulations that mandate green construction for certain types of buildings.
This regulatory framework, combined with the growing demand for green buildings, positions Accra as a frontrunner in the adoption of sustainable and environmentally responsible practices.
Access to funding plays a crucial role in driving the adoption of green building practices. Investors are increasingly demanding green building certificates as a prerequisite for funding, compelling developers and project owners to prioritize sustainability in their designs and construction efforts.
Moreover, the green agenda is not limited to Accra alone; other cities in Ghana, such as Takoradi, have also embraced sustainable practices by offering incentives like discounted permit fees and expedited permitting for green-certified projects within their jurisdictions.
Barriers to Green Building Adoption in Ghana
While the adoption of sustainable and green building practices in Accra is gaining momentum, several barriers hinder their widespread adoption. Lack of knowledge and awareness among construction professionals, buyers, and other stakeholders is a significant challenge.
The concepts of green building practices, designs, technologies, and performance matrices are relatively new to the industry, making it essential to bridge the knowledge gap.
Construction professionals often lack sufficient experience, training, or background in sustainable construction to implement green building solutions effectively.
Similarly, buyers’ lack of awareness of the benefits of sustainable buildings hampers the demand for such properties.
Without adequate knowledge and demand, developers may not prioritize sustainability aspects within their projects.
Another significant barrier to green building adoption is the perceived higher cost of sustainable designs. Developers may be hesitant to allocate provisions for sustainability measures in their projects due to concerns about upfront costs.
Pros of Sustainable and Green Building Practices
Environmental Benefits
Sustainable and green building practices prioritize the use of eco-friendly materials and techniques, reducing the carbon footprint of construction projects.
By choosing sustainable materials, developers can contribute to combating climate change while conserving natural resources.
These practices mitigate the environmental impact of the construction industry, aligning with global efforts to address climate change and preserve the planet for future generations.
Energy Efficiency
Green buildings are designed to be energy-efficient, offering several advantages. They reduce energy consumption and, consequently, lower utility bills for homeowners.
By incorporating energy-efficient designs and technologies, Accra can address its ongoing energy challenges and reduce strain on the national power grid.
This not only benefits individual households but also contributes to the overall energy sustainability of the city.
Improved Indoor Air Quality
Sustainable buildings prioritize the well-being of occupants by incorporating better ventilation and air filtration systems. Accra, like many urban areas, faces pollution concerns that can negatively impact indoor air quality.
By implementing sustainable practices, developers can ensure healthier indoor environments for residents, promoting their overall well-being.
Long-Term Cost Savings
One of the primary obstacles to sustainable construction is the higher upfront costs associated with green materials and technologies.
While green building practices may involve higher initial costs, they often lead to significant long-term savings. Energy-efficient designs and technologies reduce energy consumption, resulting in lower utility bills over time. Additionally, green buildings require less maintenance, further reducing expenses.
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The cost-efficiency of sustainable buildings makes them attractive to both homeowners and commercial property developers, offering a compelling financial incentive for their adoption.
Market demand and value
The global shift towards sustainability has elevated the demand for green buildings. Properties with sustainable features command higher market value and are more attractive to potential buyers and tenants.
This increased demand creates investment opportunities for developers and contributes to the overall growth and development of the real estate market in Accra.
Cons of Sustainable and Green Building Practices in Accra
While the benefits of sustainable and green building practices are significant, several challenges hinder their widespread adoption in Accra. It is crucial to address these barriers to fully realize the potential of sustainable construction in the city’s real estate market.
Lack of awareness and education
Limited awareness and understanding of sustainable building practices among stakeholders, including developers, contractors, and potential homeowners, hinder the adoption of green construction methods.
It is crucial to bridge the knowledge gap by providing education and training opportunities to industry professionals, emphasizing the long-term benefits and advantages of sustainable building practices.
Similarly, potential homeowners should be informed about the positive impact of green buildings on their quality of life and the environment.
Regulatory Challenges
Inconsistent or outdated building regulations and codes can pose challenges to the widespread adoption of sustainable construction practices.
Overcoming regulatory hurdles and ensuring that the regulatory framework supports and incentivizes green construction are crucial.
Governments and regulatory bodies play a vital role in promoting sustainability by updating building codes and regulations to include incentives for green construction.
Steps Towards a Greener Future
To fully realize the potential of sustainable and green building practices in Accra and Ghana in general, a concerted effort is needed from all stakeholders, including government agencies, construction professionals, and the general public.
By working together, we can create a more sustainable and prosperous future for the city.
Government Support
The government can play a pivotal role in promoting sustainability by updating building codes and regulations to include incentives for green construction.
By providing financial support and subsidies, the government can make sustainable practices more accessible and affordable for developers. These measures will encourage the widespread adoption of sustainable building practices in Accra.
Education and Awareness
Builders, architects, and construction professionals should invest in educating themselves about sustainable building practices. This includes staying up-to-date with the latest technologies, materials, and design principles that promote sustainability.
Additionally, homeowners should be informed about the long-term cost savings and benefits of green buildings, encouraging them to demand and prioritize sustainable features in their properties.
Collaboration
The construction industry, academia, and environmental organizations should collaborate to raise awareness and share knowledge about sustainable practices.
By fostering collaboration, stakeholders can collectively work towards promoting sustainable building practices in Accra.
This includes organizing workshops, seminars, and conferences to disseminate information and foster a culture of sustainability in the industry.
Financial Institutions
Banks and financial institutions have a role to play in promoting sustainable construction by developing specialized green financing options.
These financial products can provide developers with the necessary capital and resources to undertake green building projects.
By offering attractive financing options, financial institutions can incentivize the adoption of sustainable practices in the real estate sector.
Community Engagement
Communities can actively advocate for sustainable building practices, encouraging developers to consider environmental impacts and long-term cost savings.
Community engagement can take the form of public awareness campaigns, grassroots initiatives, and collaborations with local authorities.
By involving the community in the sustainability dialogue, Accra can foster a sense of ownership and collective responsibility for creating a greener future.
Conclusion
Sustainable and green building practices offer a pathway to a greener future for Ghana. As the city continues to experience urbanization and environmental challenges, it is crucial to prioritize environmentally responsible construction methods.
The increasing adoption of green building standards by developers in Accra demonstrates a growing recognition of the importance of sustainability in the real estate market.
By addressing barriers such as lack of awareness, high upfront costs, and regulatory challenges, we can unlock the full potential of sustainable construction and create a more sustainable and prosperous future for residents and the environment.
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