While there are many opportunities for foreigners and locals to buy land in Ghana, buyers must be aware of a few things.
The first thing buyers must do is ascertain the rightful owners of the land they wish to purchase as there have been instances of people selling land that they do not legally own. Buyers should also get the title deeds reviewed at a government land office and perform a land valuation at their own costs.
Secondly, buyers should get involved in all the steps required to purchase the property and to review the final documents themselves. In addition, it is advisable to engage the services of a lawyer to also go over the documents before you make a final decision on the purchase of the property.
Below are a few other things to keep in mind when deciding to purchase land or property in Ghana.
- A company or individual cannot own land indefinitely in Ghana. Instead, the government leases the land for a specific period that varies from 25 years to 150 years. Foreigners are at a disadvantage here as they receive shorter leases than Ghanaian citizens.
- It is prudent to acquire the services of a registered real estate agency that will be able to offer you sound advice and to help you negotiate the Ghana property market.
- Buyers should consult the Ghana Investment Promotion Centre to determine the correct procedure that needs to be followed to acquire property. The centre will then direct buyers to the agencies responsible for identifying the legal owners of properties. As the land titles are often difficult to verify, the costs for these transactions will be about 8% to 16% of the price of the property. The transactions will all be conducted in Ghana’s official language, English, and will be paid in Ghanaian Cedis.
Mobus Properties Ltd. is a privately-held Ghanaian property investment, development and management company focusing on commercial and residential property development. The company has property portfolios in Ghana and Nigeria.
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