Kennedy Agyapong’s property regret: Turning mistakes into smarter real estate investing

By Isaac DWIMOH-OPOKU & Francis Oppong JANTUAH

“Buying properties and renting them—I made a mistake.” These were the surprising words of Hon. Kennedy Agyapong, one of Ghana’s most successful businessmen, during an interview on the Connected Mind Podcast. His confession echoes the timeless regret of Sir Isaac Newton who, after losing a fortune in the South Sea Bubble, lamented: “I can calculate the motions of the heavenly bodies, but not the madness of men.”

These statements from two successful men and from two vastly different eras reinforce a timeless truth: success in any investment field demands more than wealth or intelligence—it requires deep knowledge, preparation and discipline. Mistakes in real estate investing in Ghana are not made by Mr. Agyapong alone.

In Ghana’s real estate market, despite a housing deficit of over 1.8 million units, many investors make costly mistakes. To understand why, we must examine the cultural, emotional and strategic missteps that often sabotage property investments in Ghana.

The cultural trap – Property as a status symbol

In Ghana and much of Africa, property ownership is more than a practical asset—it’s a declaration of success. The bigger the house, the louder the message to friends and rivals alike. Unfortunately, this status-driven approach to property leads many to invest emotionally, rather than analytically.

For example, young entrepreneurs often funnel business profits into building lavish homes prematurely. This diverts essential working capital, leaving the business cash-starved and exposed to collapse. Meanwhile, the “dream home” remains unfinished, earning no rental income, nor serving its intended purpose.

Investment without strategy – The root of regret

Even seasoned investors with good intentions often purchase properties without professional input or due diligence. Factors such as valuation, return on investment (ROI), payback periods, legal ownership, tenant demand and maintenance costs are often overlooked. This lack of analytical rigour leads to underperforming investments. Real estate, like stocks, isn’t just about buying—it’s about buying right.

Smart investing strategies for Ghana’s real estate market

Property selection – Buy right, not big

As Warren Buffett famously said: “Price is what you pay, value is what you get.” The success of a real estate investment begins with a well-informed selection process. No amount of luck, prayer or emotion can salvage a bad purchase.

Valuation before purchase

Professional property valuation provides essential insights into market value, rental potential and realistic yield expectations. This prevents overpayment and helps align projections with market realities.

Legal due diligence

Demolitions due to unauthorised developments and land disputes are common in Ghana. Legal consultation ensures:

• Land title verification at the Lands Commission
• Sound sale/lease agreements
• Compliance with zoning laws
• Proper registration and documentation

Skipping legal steps can lead to litigation or complete loss of investment.

Market research – Data-driven decisions

Like financial analysts in the stock market, real estate consultants use data to guide smart property decisions. Investors need to understand:

• Demand and supply in specific areas
• Preferred unit types (1-bed vs 3-bed, apartments vs bungalows etc.)
• Occupancy rates and rental pricing
• Growth hotspots

This avoids building in oversaturated markets and supports smarter cash flow projections.

Purpose-fit design & cost efficiency

Many properties underperform due to poor design fit for the target market. A luxury mansion in a low-income area or a poorly ventilated apartment can repel tenants or incur high maintenance costs.

Smart investors:

• Design for the target market’s needs and income level
• Use durable, low-maintenance materials
• Prioritise energy efficiency and functionality
• Budget realistically for ongoing maintenance

Profit doesn’t come from building the most expensive house, but from building the right one.

Professional property management

Managing tenants, repairs and rent collection is complex and time-consuming. Professional property managers:

• Screen tenants and reduce default risks
• Handle repairs and rent collection
• Price units competitively
• Comply with legal and tax requirements

This protects the property’s value and ensures steady income, turning chaos into a controlled business.

Diversification – Don’t put all your blocks in one building

Over-concentrating investment in one property or strategy amplifies risk. Smart investors diversify across:

• Property types (residential, commercial, short-let)
• Tenant types (expats, professionals, students)
• Locations (High end neighbourhoods, Middle-income neighbourhoods, emerging areas)
• Income models (long-term rent, Airbnb, co-living)

Diversification cushions the blow when any one segment underperforms.

Conclusion: Real estate regret is avoidable—with the right strategy

Kennedy Agyapong’s candid admission is a cautionary tale for Ghanaian real estate investors. In a market with massive housing demand but equally massive investment pitfalls, success depends not on status or ambition—but on strategy, professionalism and data. Real estate in Ghana can be profitable.

But it requires the same rigour as any other business: planning, research, legal due diligence and ongoing management. As we evolve economically, our investment mindset must evolve too. Emotion must give way to information. Speculation must give way to strategy. And regret must give way to returns.

>>>Isaac Dwimoh-Opoku is a real estate investment and valuation expert, and the Managing Director of Orient Property Consulting. He is a professional member of the Ghana Institution of Surveyors (GhIS) and the Royal Institution of Chartered Surveyors (RICS-UK). Orient Property Consulting is a leading real estate consulting firm in Ghana, regulated by both the Ghana Institution of Surveyors (GhIS) and the Royal Institution of Chartered Surveyors (RICS-UK). The firm provides comprehensive real estate services, including valuation, market research, investment advisory, property management and brokerage/agency. Find more details on www.orientghana.com

>>>Francis Oppong Jantuah is a real estate appraisal and investment consultant, serving as the Head of Valuation at Orient Property Consulting. He is also a professional member of the Ghana Institution of Surveyors (GhIS).

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