Real Estate Opportunities In Ghana
Of all the strategies for accumulating wealth, investing in Real Estate is probably the one that has been used the most frequently. More fortunes have been made in this arena than in any other field. While many others have become wealthy investing in the past, it’s exciting to know that you can still do it in today’s real estate market, especially when we speak of the real estate opportunities in Ghana. There are many avenues available to you in this space not because of the availability of land but also the number of affordable houses and buildings for sale in Ghana at the moment.
If you are looking to invest in real estate, Ghana is definitely the place to be. It has a growing economy, Jobs, many schools both public and private alongside an amassed amount of wealth in real estate properties. There is room for everyone to invest and profit from their investment. This is a space that is continually growing and you will definitely be in the wrong if you do not take advantage of the quick-growing real estate sector.
Just think about all the opportunities made available to you in a country rich in culture, wildlife, beautiful nature, and many rich natural resources. All these make Ghana the perfect vacationing spot and attracts thousands of tourist into the country every single year that end up living in apartments and suites that are made accessible to book anywhere in the world on various Ghana real estate websites, you are able to check on estate houses with their prices and locations before you even step foot unto the motherland.
There are many affordable houses for sale in Ghana if you are looking to stay longer and this is also an opportunity for visitors to own property in Ghana. I know some of you reading this article will be wondering “ Can a foreigner buy a house in Ghana?” The answer is yes.
In accordance with the laws of Ghana, foreigners can buy houses in Ghana, However, there are some rules and guidelines to follow when doing this. As a foreigner, you must ensure to keep abreast of the land tenure systems and laws if you are looking to take advantage of real estate opportunities in Ghana. Foreigners cannot own lands outright but can lease it long term. All foreigners that purchase lands have a lease that lasts for 50yrs, even if a house is purchased, you will still have to renew the lease once the 50 years is due. Should you be looking to be an investor, you will have to register with (GIPC) Ghana Investment Promotion Centre, and this is for your own security. That is if only you are looking to invest if it is for personal use or ownership you need not go register with them. I will also like to say A freehold condominium is the most straightforward way for a foreigner to own property as well since you do not have to go through a lot of paperwork to get that done and is more straightforward compared to landholdings. This is a new territory for you as a foreigner so its best you take your time and do all necessary checks before making a purchase. Land and building purchases can be a risky business here as some realtors or landowners tend to sell to multiple people so always be sure before any sort of payment is made.
Now that you know foreigners are able to own properties in Ghana I will love to answer a few more questions. I am sure a lot of you reading this article will love answers too and I will be addressing each of them.
- How do I find real estate opportunities?
- How much does a house cost in Ghana?
- Is it expensive to live in Accra Ghana?
- Is Ghana a rich or poor country?
- What is the cost of living in Ghana?
How Do I Find Real Estate Opportunities In Ghana
The real estate market in Ghana has gained a significant boost in current years and the opportunities are countless, demand for private and commercial property has been on the rise and in demand. According to the Ghana Investment Promotion Centre (GIPC) “The residential market is the most active, registering an estimated 85 000 transactions per annum over the past decade. Commercial property is the second-largest segment in the market and includes office accommodation and retail space”.
This is actually a good time if you are actively looking for real estate properties and opportunities then Ghana Property Finder is the best place to find top of the line verified listings for sale and for rent. Using this platform provides you with the security of not getting duped and making safe investments. You get access to the various apartment and townhouse listings in various cities, you can narrow down searches based on your price range and the amount of money you are looking to invest in.
Once you locate land or property you are interested you can reach out to the agent making the listing through the Ghana property finder website and they will get in touch with you. Another good thing about real estate in Ghana is, you can buy houses in Ghana and pay monthly. So with this, you have to make an initial deposit and the rest of the payments can be spread over a period of time and all this depends on the agreement you have with the property managers or real estate company Real estate in Ghana promises to remain a strong investment well into the future. Contact Earl Beam Realty today and find out how you can invest in Ghana’s best real estate. Earl Beam Realty is a fine establishment in the real estate industry and does have multiple upcoming projects in Dzorwulu, East Legon Hills, and Dodowa, so keep an eye out to stand a chance at picking one of these apartments.
How Much Does A House Cost In Ghana
Property in Ghana varies based on the location, acres, and type of property you looking to invest in. There are top tier neighborhoods that come at a cost due to all kinds of recreational social and medical facilities found in their surroundings. If you are looking at the capital of Ghana for instance that has a large number of people visiting and an increase in apartment properties and townhouses there are a number of prime areas you should keep an eye out for such as; East Cantonments, East Legon, Dzorwulu, Airport Residential, East Legon Hills. Roman Ridge, Ridge, Airport Hills, Nyaniba Estates, Labone, Burma Hills, East Airport, and Spintex. These are top tier neighborhoods in the Capital city. The vast majority of high-end residential properties in Ghana can be found within these prime neighborhoods, You will mostly find townhouses and high rise apartments. Top of the line Penthouses and townhouses usually cost more than other property types with their values ranging between US$450,000 – US$2,5000,000 and for rental purposes, you should expect to pay between US$4,000 – US$6,500/month for this type of residence. Other properties can be found in some sections of these neighborhoods that are less expensive due to surrounding areas and probably squatters that seek shelter. These areas also have high values attached to their properties due to the valuation of the locality. The average price range for apartments in those neighborhoods range between US$85,000 – US$620,000 and expect to pay rent ranging from US$1,500 to US$4,400/month. These are usually studio apartments and 1-3 bedroom units.
For a middle-class person, you can opt-in for developments by individuals and real estate companies that build within the suburbs around some major towns. Here land values are quite low and affordable and can be found on smaller properties. According to Broll these lands are measuring between 60ft x 70ft, 50ft x 70ft, or 40ft x 60ft in comparison to the traditional plots of 100ft x 80ft and 100ft x 70ft. These are usually in high demand compared to the high-end properties. These usually cost between US$56,000 to US$350,000 while rentals range from US$300 to US$1,000/month.
For the lower end of the real estate market, this is an aspect that has been left by real estate developers to be handled by the government. That is because everyone is concentrating on High – end and mid-level occupancy buildings and neglect the lower markets. Apartments and houses can range from US$20,000 – US$60,000 and renting these go for US$200 – US$500.
This should give you a fair idea of how much you should budget when looking to purchase an apartment building or house in Ghana.
Is It Expensive To Live In Accra Ghana
Ghana is a beautiful country that is blessed with natural mineral resources, beautiful beaches, and a lot of tourist attractions that can be found all over the country in various regions. This is a rich country that is open to tourists and investors. If you think Ghana is a poor Nation and not worthy of investment then you are really missing out on a lot of opportunities to invest especially real estate which is currently booming and residential housing is in high demand.
Accra is the capital of Ghana so you should expect a certain level of class when you choose to live or visit the capital city. Think about all the beautiful hotels, restaurants, and pubs where you can have fun, enjoy fine dining, and share a drink with friends. All of this comes at a cost, but will not cost you an arm and a leg to get around this beautiful city.
To start off with one of the most important aspects which are accommodation, you should be able to get a decent house or condominium to rent during your visit or stay for around US$10 – US$100 a night and if you are looking for more luxurious accommodations, you should be ready to shell out upwards of US$ 200 a night and be trust assured you will get yourself a fine place to stay with all the luxury you desire. If you are looking to stay for a much longer period you can look to rent out a place for a longer period, One of the difficulties with that, is a lot of homeowners want you to pay at least a year or 6months worth of rent at once before you move in, so if you do not have the bulk cash available to pay for that, it is best to look online for apartments that you can pay on a monthly basis and AirBnB will be the best choice to help with your search.
When it comes to transportation their cost varies as there are different methods of traveling around the city. You will not necessarily get the western sort of transport like underground railways and Buses. You can move around with the Local “TroTro” as we call it in Ghana, which are mini buses that move from one location to the next and filled with different people, these buses stop along various routes to pick and drop others along their route. I will say this is the cheapest form of transport in Accra but not advisable for new visitors that are not familiar with their surroundings. Expect to spend as little as 2cents – a Dollar US$1 when using this mode of transport. We also have taxis that charge a higher rate, for short distances it should cost between USD$1.3 and USD$2 for longer distances that should cost between USD$3 – USD$9. You can also choose to go with an Uber and expect to spend an average of USD $6 when moving around.
For food in Accra, it all depends on your taste and how adventurous you are. If you are willing to try the local foods being sold by the roadside which are extremely cheap and have their own special taste, you are in for a whole variety of local dishes which should cost an average of USD$2 if you are looking for more familiar eateries like KFC you should spend around USD$ 5 – USD$10, for fine dining and beautiful restaurants you should be looking to shell out USD$20 – $USD30 per plate and a drink with this you can afford to eat in luxury hotels and restaurants. If you are looking to get a better breakdown of the living in Accra you can visit Expatisan to find out more.
In conclusion, I will say the cost of living in Ghana is moderate and a bit on the high side if you are looking to live a luxurious lifestyle and can afford it. It should not cost you a lot if you are looking to live a laid back lifestyle and enjoy yourself at the same time. For foreigners, the cost of living in Ghana should not be a hindrance to you as it is very affordable and prices can go up quite a bit depending on your preference. Be sure to include Ghana in your plans next time you are looking to visit Africa.