The Black Panther Effect On Ghanaian Real Estate

Since its launch, the world renowned Marvel Black Panther film series, has positively boosted the global perceptions of African culture, concepts and spaces. Regardless of its fictional nature, audiences have been amazed by the unique aesthetics of the afro-futuristic world of Wakanda. Wakanda is depicted as the most technologically advanced nation on the planet, and is dotted with cities that feature impressive natural beauty and resources, advanced technological development and progressive citizens. Indeed, while Wakanda evokes a futuristic world, it also points to the very present and real appeal of fast rising African countries today.

In the past decade, major African countries including Ghana, Nigeria, Kenya and South Africa have seen significant socio economic and political development. In view of this, and the added advantages of their rich culture and unique tourist attractions, these countries attract millions of tourists and investors. Moreover, African leaders have sought to boost their nations growth by establishing initiatives that make it more attractive and easier to visit, live, work and invest in Africa. The combination of these developments has had a multiplier effect on the interest in major African countries and industries. One could even call it the ‘Black Panther effect’.

Perhaps one of the best examples of this positive Black Panther effect is the increased interest in Ghana. Ghana has become one of the most attractive destinations for business and leisure in Africa. This makes a lot of sense considering Ghana’s natural beauty, rich cultural heritage as well as its renowned political stability. In view of this, CNN named Ghana as one of the 21 best countries to visit globally in 2021, while the country’s travel industry is projected to raise $8.3 billion a year by 2027. 

Ghana’s status as a global hub has also been underscored by the success of the “Year of Return” initiative, a government backed program that attracted millions of diaspora from around the world to re-connect, and invest in their cultural homeland of Ghana. In the past decade Ghana has usually seen between 800,000 to 1 million visitors. But after the year of return in 2019 (a year after the launch of the Black panther Movie franchise), Ghana saw a clear increase in visitors. The Ghanaian Minister of Tourism at the time Barbara Oteng Gyasi estimated the Year of Return had injected about $1.9bn (£1.5bn) into the economy. Furthermore Government reports indicate that a record 126 people from the diaspora were granted citizenship in 2019. Ghana has also since attracted a slew of international celebrities of diasporan descent including model Naomi Campbell, actor Idris Elba, comedian Steve Harvey and American rapper Cardi B.

Ultimately, this enhancement of Ghana’s tourism and socio economic ecosystem has also generated attention towards the country’s strategic industries, especially real estate. The emergence of established real estate developers and upscale neighborhoods have created a friendly market for foreign investors and made Ghana a top real estate investment destination. Indeed, these developments have led to the rise of Leisure Real Estate as a niche within Ghana’s property market that offers significant profit potential for investors. For instance, Short term lets have seen increased demand in Ghana in recent years especially within the diasporan consumer base. In fact both Nigeria and Ghana are among the fastest growing markets for Airbnb.

A recent television feature on Good Morning America that inspired the title of this article encapsulated the growing excitement around Ghana’s renaissance, especially within the diaspora. Danai Gurira, one of the stars of the Black Panther movie, explained that after the film’s success, “the world was ready to take in Africa in a whole new way. In a way that shows our specificity, our excellence, our diversity and our coolness. It really gave an esteem to the continent and an attention from the world that I think it was ready for”. 

Real estate industry stakeholders are working to harness the opportunities presented by the renewed focus on Ghana. As the national ecosystem and relevant technologies continue to develop, Ghana’s goal to be the number one destination for real estate in Africa will become a promising and tangible reality. Reflecting this vision Seso Global, Africa’s leading property App, has launched the highly anticipated Ghana Property Investment Tour, in partnership with Ecobank Ghana, Landtours Ghana Ltd and Estate Intel. Through the collaboration of these organizations and more, The Ghana Property Investment Tour will offer immersive experiences that show participants the very best real estate and hospitality that Ghana has to offer. Visit Seso Global to access the most exclusive and breathtaking properties for leisure in Ghana and West Africa.