The Ghana Passport Application Process, 2021 (A Step-by-Step Guide)
- 11 January, 2021
- Tips and Advice
A passport is a basic right that every citizen is entitled to. Any Ghanaian citizen can go through the passport…
Buying a property is a process that comes with a lot of questions, especially for those seeking long-term investments. One of the biggest questions people have when buying real estate is how will the value of the property they are acquiring appreciate over time.
The appreciative value of a property is determined by a number of factors in Ghana. In this post, we compiled three of the most common factors that influence a property’s appreciative value.L
In Ghana, location is the number one factor that determines a property’s price and its appreciative value. Most properties located near good road networks with access to social amenities and the central business district have higher appreciation values compared to those located on the outskirts of the town, with little or no infrastructure. The houses, offices and land in such areas have lower property value when you compare them to areas which are developed like Cantonments, Osu, East Legon and others. The Overall Economy – A property’s appreciative value can be affected by the overall economy. If the currency is stable and employment is high, people will have the ability to take mortgages and pay them off. This increases the demand for properties and prices go up. For instance, young professionals have been receiving higher salaries, which had increased demand for affordable apartments. As a result, the prices and the appreciative values of apartments have gone up.
There are many property development companies in Ghana; up-and-coming ones and those that are already established. The already established ones are those who have been successful in the business for many years. They are known for the quality materials they use and delivering properties on time. These real estate developers have made a name for themselves and their properties generally have higher prices and appreciative values.
Developments which are built using high-quality materials will have a longer lifespan, which means that they will deteriorate more slowly and have higher prices and appreciate values compared to properties built using inferior materials.
These are just the three most common factors that determine the appreciative value of a property.
Are there any factors that we ignored?