Five Facts about Ghanaian Real Estate

5facts
5facts
5facts

The Ghanaian real estate has developed certain features over time. meqasa shares five of these facts about the sector:

  1.     The use of the internet to buy and sell the property

A few years ago, anybody who wanted to sell or rent out a property used chalkboards, scribbled a few words on the board about that property and added their phone numbers. These boards were put close to the roadside to catch the attention of prospective buyers or renters. This trend is gradually being lost due to the presence of real estate portals like meqasa Ghana. With just a few clicks, prospective buyers are able to link up to over 5,000 listings. Jumia House Ghana turned one a few days ago but it has about 6,000 listings on its website. This is an indication of how online trading is catching on in the real estate and property market.

  1.     Houses in Accra are more expensive

If you are looking to relocate to Accra, note that houses in Accra are 12% more expensive than in other places of the country. There are some places in Accra which are known to have the cheapest homes where prices range between 200,000 – 245,000 GH cedis, for example, in Madina, Kwabenya and Abokobi but generally, properties in Accra are expensive. The most costly places to purchase properties include Airport Residential Area, Osu, CantonmentsEast Legon and Spintex Road. In such places, prices of houses range from 600,000 – 950,000 GH cedis.

  1.     Apartments are fast becoming the popular accommodation choice

A lot of people in recent times are resorting to the renting or the purchasing of apartments, suite, penthouses etc. Apartments are rooms or several rooms owned by more than one household. Apartments are rising up and a lot more people are renting and buying them. Renting an apartment in Accra could cost you a minimum of 800 cedis per month depending on the location and the size of the apartment.

  1.     Property is a stable investment

There are different perceptions when it comes to whether one should rent or buy a property. Everyone admits it’s quite a difficult choice to make especially when the entire process of acquiring the property is so cumbersome but experts admit that once a property is acquired, especially in Ghana, its value continues to appreciate. The value of a property does not depreciate and that has been the trend since Independence.

  1.     Every area develops

About 10- 15 years ago, some places in the capital city had countable structures but in recent times, all these communities have grown to become large residential areas. Properties in these areas have reached very high prices and it’s almost impossible to acquire lands in these areas. Most people are currently licking their wounds for not obtaining properties in these areas when the prices were low. Areas such as Ofankor, Amasaman, Abokobi, Agbogba, Pokuase are examples of such communities.

 

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