Ghana’s property market has been on the rise over the last decade. Due to a stable democratic environment and a strong currency, residential property prices have soared over the years.
The capital city of Accra, in particular, has been quite attractive to investors. There are a few key areas that have a surge in prices.
The most expensive area in Accra is the Airport Residential Area, with average house prices of US$262,250. Other expensive areas in the capital include East Legon US$220,842 and Spintex US$652,632.
The least expensive houses in Accra can be found in Madina with averages price of US$55,211, followed by Kwabenya and Abokobi, with average house prices of US$67,633 and US$57,971 respectively.
In the rest of Ghana, house prices remained cheap, at an average of US$77,295 over the same period. In Kumasi, the average price of a house stood at US$60,732 in mid-2013. In Sekondi-Takoradi, the average house price was US$49,690 over the same period. Cape Coast has the least expensive houses in Ghana, at an average of US$33,126.
A few years ago, many Europeans and Americans found their way to Ghana to take advantage of its booming economy and to start businesses. With the buying power of their currency, they bought property in some of Ghana’s best and most popular residential areas.
It may be because there are no restrictions on foreigners buying property in Ghana. However, there are four forms of land ownership, some of which cannot be privately owned. Each involves different modes of acquisition. These are Government Land, Vested Land, Customary/Stool Land, and Family/Private Land.
Potential buyers should first consult the Ghana Investment Promotion Centre regarding procedures, and to be directed to the appropriate agencies involved in legally acquiring property, since identifying legal ownership can be a problem.
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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