3 Things Expats Should Know: The Ghana Real Estate Scene

Categories: Tips and Advice

3 Things To Know About Renting or Buying Houses in Ghana

To Let sign --- Image by © Vincent Mo/Corbis

If you’re from outside Ghana or are new to renting and buying, you will most likely find that renting or buying houses in Ghana, especially where real estate agents are involved might be very different from what you’re used to back home or what you would expect.

Here are a few of such differences you might encounter in Ghana’s real estate market, especially where it involves Real Estate Agents and Agencies.

1. Registration Fee

Some agents will charge you a fee for showing you a property. The value of this fee differs from agent to agent. Some might charge you regardless of the number of properties they show you; or they will charge per property shown (This habit, thankfully, is on the decline.). Others will expect you to bear the cost of transportation to the property or between properties.

While this practice is very common, some agents will show you their property at no extra cost.

We indicate on meQasa.com which agents charge registration fees and which do not. Just click on an agent’s name to view their profile and you’ll see (as shown in the image to the left) if they charge viewing fees and how much if they do.

2. Commission

You might already be familiar with this. In Ghana, agents will usually charge you (the tenant or buyer) a percentage of the total amount involved in the rent or sale.

The usual rate for rentals is 10% of the transaction value. While some agents will take the whole 10% from the tenant, others will take 5% from you and the remainder from the home owner.

In the case of a sale, the usual rate is 5% from the buyer.

3. Contracts

After meeting with you, some real estate agents will try to get you to sign some form of agreement with them.

This contract may be anything from an agreement not to close a deal with a different agent on any property shown you by the current agent, to something as extreme as not working with any other agent in your search for a house or apartment.

Please be very certain you know what is contained in the document before signing.

meQasa.com makes efforts to verify agents on the platform, but we still can’t vouch for everyone currently, so we STRONGLY encourage you to have legal counsel before renting or buying houses in Ghana; or to at least exercise appropriate caution when buying a home.

Are you aware of any other quirks in the Ghanaian real estate market? Is there a practice in the process of renting or buying houses in Ghana that surprised you?

Share them with us in the comments below!

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