The Real Estate Market of Ghana 2016 Report

The real estate industry in Ghana continues to boom as new residential facilities are springing up everywhere in the country. Newly wedded couples of today have one thing in mind: owning or renting a property to start their family.  Owning a property is considered as one of the most important investments that one could ever make in life and it is considered as chalking success for achieving that.

The prospects for economic growth in African countries for 2015 continue to be positive. For several years, Ghana was at the top of the list for economic growth due to increased oil production. Even though production has dropped off, the oil industry is still thriving.

The political and economic climate in Ghana has improved and is more stable than in previous years. Even though the country went through a challenging economic time due to energy challenges that spanned a period of three years, the economy is gradually picking up from the doom days.

Ghana has more cultural tolerance than some other African countries, which means more immigrants flood the country. As a result, more retail and commercial properties are moving into the country. Since the Accra Mall opened in 2007, several new and smaller malls are springing.

The residential property market in Ghana is booming due to the strong economic growth. Prices for homes in Ghana and land prices are currently higher than in previous years. Many of the middle-class people in Ghana are selling their property and are being bought up by non-residents of the country and foreign investors. Another reason there’s such a fast turnover with a lot of properties, is that properties for rent and sale by owners are being advertised online more, reducing the need for print advertising. Investors can find properties they’re interested in buying in seconds.

Properties in some Ghana neighborhoods are no longer affordable for the average Ghanaian, since the per capita income is struggling to keep up with the economy. However, according to statistics the World Bank has compiled, the economic status of many Ghanaians has changed from low income to low, middle-class income.

The non-developed land in the area surrounding the airport is selling for approximately 800,000 USD, making financing difficult for the average person. For people in this situation, selling a property in Ghana and moving elsewhere, make more sense. However, there are still some residential properties in the airport region that are within reach for some Ghanaians; gated-apartment communities near the airport feature swimming pools and two or three bedrooms. Some rentals in these communities are in the USD300,000 price range.

The population in Accra is currently 2.5 million and steadily growing, so a lot more property in Ghana is needed to accommodate the population, which will result in the construction of new apartment complexes and residences. Ghana is more conducive to business than some other African countries and doesn’t rely solely on oil production, and more investors are looking to Ghana for real estate investments. Options for real estate in Ghana are diverse and include residences, offices, warehouses, and land for rent or sale by owner.

Many of the gated communities in Ghana are a good option for the average Ghanaian family or professionals, and in many cases, offer affordable rentals. Some apartments may be rented for approximately USD600 a month, USD. Residents enjoy the privacy and safety afforded by gated communities that offer houses and apartments. Many of these communities are located within tiled or paved compounds, in modern buildings. Amenities include three or more bedrooms, two full baths, tiled floors, and residential parking.

If you’re looking for a rental for a short-term basis, attractive villa-style rentals are available and come fully furnished. Renting a villa is a great option if you’ll be working or studying in Ghana, and want a lavish lifestyle, convenience and comfort for the duration of your stay.

If you search through listings, you can still find buying a house in Ghana at a reasonable price range outside the major metropolitan areas are feasible prospect. Kasoa in the district of Awutu Senya has two or three bedroom residences for approximately the equivalent of $60,000 USD. Although the property in Accra sells for more than some people are willing to invest, affordable properties are available for sale. The Greater Accra regions of Ajaringano, Dome, and Spintex Road feature sale prices of under USD400,000.

Many of the houses in the Accra region and surrounding communities feature two or three bedrooms, each with a bath. Homes in the Accra region are close to shopping and schools. These homes are a great investment option for foreign investors. The 3 billion USD loan, Ghana got approved from the China Development Bank, is being used to improve the infrastructure of the country, and the economy is expected to thrive.

Henry Kojo Ameyaw

PE Local