How the Guinea Diaspora Is Building Homes in West Africa

Guineans in the diaspora looking to build a dream home face pitfalls ranging from finding a quality builder to verifying land papers and avoiding mismanagement of funds by close friends and family. Sometimes, the only way to protect your dream is to find a partner who can take away all the risks.

In a recent webinar organized by Jobomax Homes, a leading real estate developer in West Africa, the focus was on the challenges and opportunities of building a home in Guinea. As with any project, building a house requires considerable time, expertise, and finances to realize the dream.

Should you choose to build your home yourself, here are five crucial considerations for building a house in Guinea, drawn from real-life diaspora experiences and real estate experts.

What To Know Before You Build Your Home in Guinea

The Importance of Trustworthy Partnerships:

Building a home in Guinea from abroad requires reliable local partners. Partnering with trusted individuals or companies is crucial for land acquisition and construction. Unverified partners can lead to fraudulent land deals and substandard construction.

To avoid these pitfalls, thoroughly research any individuals or organizations claiming to operate in Guinea’s real estate sector. Reaching out to them and reviewing their portfolios can help validate their credibility. Companies like Jobomax Homes, known for their commitment to transparency and legal compliance, offer clients the peace of mind necessary to pursue their home-building projects confidently.

Navigating Your Finances:

Financing a home in Guinea can be challenging, especially for those in the diaspora. The webinar highlighted the challenges of securing mortgages in Guinea, where high interest rates complicate the process.

Established in 2019, the Guinean Agency for Housing Finance (AGUIFIL) and the Guinean Mortgage Guarantee Fund (FGHG) work to improve access to housing finance, especially social housing. However, the sector faces significant challenges due to the low accessibility rate to banking services. Interest rates on residential mortgages range from 6% to 20%, with a maximum term of 25 years. However, very few mortgages are issued, and none have been granted to diaspora members. These factors make the process stressful, and interested people tend to give up before starting.

During the webinar, some solutions were offered, such as Jobomax Homes’ flexible financing options and extended payment plans that can cover up to 70% of the total cost. These can help mitigate these challenges and make homeownership in Guinea more accessible.

Adaptability in Construction and Planning:

The construction process in Guinea can be impacted by factors like weather, lack of needed tools, and regional security. Weather, especially during the rainy season, presents a significant challenge. Extreme weather can compromise building materials like cement and complicate foundation work on waterlogged land.

Assess land conditions before purchasing or selling to ensure that projects can withstand weather-related challenges. Jobomax Homes has honed its ability to navigate these challenges, enabling it to consistently deliver projects on time despite potential delays.

The Value of Local Expertise:

Engaging local professionals who understand the bits and pieces of the Guinean market is essential for successful home construction. Jobomax Homes’ approach of employing a team of local professionals, highlights the value of local expertise in ensuring that projects are executed effectively and in compliance with local regulations and standards. Jobomax Homes team is diverse in ethnicity and gender, with at least 40% of the team being women. The perspectives the team brings to the business helps Jobomax Homes meet the varying concerns of a diverse customer audience.

Ensuring Long-Term Investment Value:

Building a home in Guinea is not just about securing a place to live; it’s also about making a sound long-term investment. The webinar demonstrated how properties in strategic locations like Doumbouya City and Kendoumaya, with access to amenities and potential for rental income, can provide personal and financial returns. This highlights the importance of considering the future value and utility of the property when making investment decisions.

How the Guinea Diaspora Is Building Homes in West Africa

Some constructors at Jobomax Homes building a property at Pearl de Guinee near Doumbouya City, Guinea

Jobomax is Building Affordable Dream Homes in Guinea, Ghana and Sierra Leone

Jobomax Homes makes homeownership possible for Guineans, Sierra Leoneans, and Ghanaians in the diaspora. In Guinea, they have four developments located in Conakry. To learn more about building your dream home with Jobomax Homes, visit them on their website or connect with them on Facebook, Instagram, LinkedIn, Twitter, or YouTube.