Vice President of IMANI Africa, Bright Simons, is of the assertion that renting a shop in a mall in Accra costs almost treble the amount paid for in the United States.
He made the assertion after disclosing in a post on X that Cabo Corso, a burger joint, owes Accra Mall rent worth $170,000 and $8,000 utility bills.
According to Mr Simons, the burger joint was paying $10,500 in rent a month.
He bemoaned the exorbitant amount being charged with the statement, “That’s a lot of burgers, chips & soda!”
For Mr Simons, this case sheds so much light on an ongoing study of the Accra real estate market. He came to the conclusion that “Mall rent in Accra can be 2.5x that of the US.”
“Rent in the western-style real estate spaces in Africa is driven more by hope than by math. The Mall was willing to let rent pile up for 16 months rather than show too much vacant space & also bcos of hope,” he further added.
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— Bright Simons (@BBSimons) December 8, 2023
Key insights:
A. Rent in the western-style real estate spaces in Africa is driven more by hope than by math.
B. The Mall was willing to let rent pile up for 16 months rather than show too much vacant space & also bcos of hope.
C. Mall rent in Accra can be 2.5x that of the US. pic.twitter.com/aJ0rul3izE