Property developer with ambitions beyond Ghana.

Up until about two decades ago, Ghana’s real estate market was dominated by the government. However, once the financial and real estate sectors were liberalized in the 1990’s, a mortgage market was created, the private sector took root and gradually a middle class began to grow.

Today, the property development market remains in its infancy, and opportunities to invest in redevelopment, renovation and rehabilitation of properties abound. Moreover, there remains an enormous gap for new construction. Although industrial and commercial properties are in demand and to developers represent appetizing bait, the real need lies in residential properties; indeed, the shortfall of housing units stands at some 250,000. Some analysts predict that Ghana needs an estimated 100,000 units a year for the next 10 years to meet the current demand. Current production stands at just 70,000 a year.

The reality is that the low-income segment is often overlooked, as it is not as lucrative a market for developers, yet it is these people who are in most need of housing. Conversely, the mid-income segment is well attended to, thanks to big players such as Manet Housing, part of the prestigious Manet Group.

Manet Group is a 100% Ghanaian real estate development holding company, dedicated to developing commercial and residential property. Established just 18 years ago, it is already listed among the top 20 companies in the country.

To date, the award-winning company has built over 1,800 homes: first among its accomplishments was the 350-home Manet Cottage development in the Baatsona district of Accra. The fully detached houses comprise two, three and four bedroom standard, deluxe and executive homes. This project met with great enthusiasm and was sold-out before completion.

The success of that project provided the platform for three other developments; the Manet Cottage annex, the Manet Gardens (similar to Manet Cottage and also in Baatsona) and the Manet Ville in East Airport – which for the first time offered elegant and affordable semi-detached homes.

From there, Manet continued growing its portfolio of projects. Other iconic developments that have altered Accra’s skyline for the better include Manet Court in East Airport, Manet Palms in East Legon, Manet Paradise in Ada, and Manet Towers in Airport City.

The Manet Group is now set to grow via a two-pronged strategy of nationwide expansion and business segmentation. In a bid to replicate its award-winning business model, the group is embarking upon the construction of luxurious, affordable high-rise apartment buildings.

The Manet Group is also developing new capabilities and competences in the areas of hospitality and leisure (under Manet Hotels Limited) and commercial office development (under Manet Towers), and also has ambitious plans international expansion. Its founder and CEO Dr Theresa Oppong Beeko says, “I cannot fully predict the effects the Manet Group will have on the Ghanaian economy but I am certain, nonetheless, that we will extend the scope of our business well beyond the borders of Ghana.”

One of Manet Group’s strengths lies in its local knowledge. As a local player, the company understands the market’s needs and is sensitive to the demands of the Ghanaian population, thus making it an ideal partner for foreign investors interested in entering Ghana’s real estate market.

“I understand the market and I know what it is about. If you have been here long enough you will find that we are open and welcoming to outsiders,” says Dr Oppong. “We are open to working with foreign developers, contractors and investors. If there is a party interested in entering either the commercial or residential market, or building roads and highways, Manet can be their first point of contact. We have a proven track record of success.”

Manet Group also boasts a remarkable ability to cover all bases; aside from luxury housing and modern office towers, which house several top corporations in Accra’s business district, the company has made a name for itself principally for its low and middle income housing blocks, deemed an essential component in filling Ghana’s severe housing deficit.

“Our core business is the low-income group, but we still do houses for the upper-income segment. We have orders from foreign investors for our houses,” says the CEO.

Manet’s residential properties are of such high quality that they have actually attracted the “wrong crowd”.

“We did not build properties with mid-income clients in mind, but we seem to be attracting them. We are dealing with mid-income clients without them being our objective. We aimed to build properties for low-income people,” explains Dr Oppong. She adds that Manet Housing will now target the upper-middle segment.

In 1998, Manet won the Silver Award for the Best Developer at the annual Ghana Real Estate Developers Association (GREDA) and this year, Dr Oppong has been nominated as Personality of the Year in the real estate sector.