5 Reasons Why You Should Buy Property in Ghana

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People buy property for different reasons. Some buy it as an investment to resell at a higher price, some need a place to stay and some buy property as a business and lease it out. Whatever your reason is, lands and houses are commodities that are highly sought after all over the world. Investing in Ghana by purchasing lands and houses is a worthwhile investment and below are some of the reasons why you should invest in real estate in Ghana.

1. High Appreciation Value

“Landlords grow rich in their sleep.”

John Stuart Mill

Real estate is a sure way to wealth. One of the reasons real estate is worth so much is because of the rate of appreciation. Unlike a car which starts to depreciate and reduce in value the moment you start the engine, real estate keeps on appreciating and increasing in value year-on-year. Rental yields in Accra range between 8-12%. These are some of the highest numbers that you will find in Africa. Each year, the value of properties in Accra, Ghana and all over the world, generally, rises.

2. Moderate Pricing Rates

Generating funds to invest in real estate can be challenging. Investing in European and western real estate markets is much more costly than investing in Ghana. Properties in Accra are about 15% more expensive than in other parts of Ghana. But on a global scale, the prices are relatively quite affordable.

Pricing is always relative to the buyer and the seller but if we should compare the prices, The rates in Ghana are moderate. There are also flexible mortgage options available to anyone who wants to purchase property in Ghana.

3. Growing Market

One of the best indicators of growth is the condition of the market. Ghana’s real estate is currently booming. Even during a pandemic, the real estate industry recorded massive growth. Meqasa.com recorded over a million page views in May when the pandemic was still raging on.

Ghana’s strong growth in recent years is, primarily, driven by its top three main export commodities: oil, cocoa, and gold.

The services industry also plays a significant role in the overall GDP of the nation. The GDP of Ghana increased to GHS 16,691.97 million in the first quarter of 2020 from GHS 15,884.19 million in the fourth quarter of 2019. Due to COVID-19, the central bank recently cut its 2020 growth forecast to between 2-2.5% from an earlier estimate of 6.8%. However, amidst all this, the real estate market remains growing. The Ghanaian economy is growing, aided by the government’s various reforms, including trade liberalisation, price deregulation, privatisation, and the elimination of exchange rate distortions.

4. Large Housing Deficit

Ghana’s housing deficit stands at around 2 million. Some say that the actual figure is much larger than that. Whatever the case may be, the fact remains there is a large deficit in the housing industry and, consequently, a high demand for housing. From an investor point of view, this deficit creates opportunities to invest in housing in Ghana.

The rental market in Accra is vast. Statistics show that 37.5% of all households in Accra are renting. That’s roughly 22% of the population of Ghana. Buying a house in Ghana, as an investor, could open up a new revenue stream for you from renting it out in the low, mid or high-end market.

5. Minimised Risk

There are a lot of factors that people buying a property in Ghana will look out for. Factors like the political climate, proneness to natural disasters like hurricanes and earthquakes and the stability of the local currency to the US dollar. Ghana checks green in all these areas with a peaceful and tolerable political climate. With over 100 tribes in Ghana, the rule of law has held peace in Ghana since the coming into force of the 1992 constitution. Ghana is not in an earthquake zone, and the Ghana cedi has been mostly stable against the US Dollar this year. Once you buy land in Ghana or buy a house in Ghana the legal way, you should have minimal problems and a safe investment that can last for decades.

Investing in real estate in Ghana is a safe and lucrative investment that anyone can make. There are many credible real estate companies you can contact to purchase land or a house in Ghana. Let us know if you consider the above reasons as enough to convince you to purchase property in Ghana and benefit from owning property in the beautiful sunny country of Ghana. If now, we will be glad to know what other reasons we left out or you would have liked to see on the list.

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