The capital city of Ghana, Accra is the epi-center of the real estate boom in Ghana. With a population of 30 million people and growing. Accra attracts migration from all over Ghana and beyond it’s shores with an increase in demand for high quality, western style homes with upscale amenities. Making Accra a top destination to invest in luxury real estate. While other regions of Ghana are experiencing an upsurge of interest and acquisition of land in which new land owners can build their dream home or investment property. Volta, Eastern and Central regions of Ghana provide fertile lands with sweeping mountain or ocean views making it ideal for foreigner nationals wanting to live in Ghana. As you consider investing in Ghana it is wise to determine the type of real estate you want to invest in and the potential ROI.
There are many luxury apartments for sale in Accra and more popping up each day. If you decide to buy a 800 sq. ft. luxury 2 bedroom, 2 bathroom apartment in Accra at $200,000 then turn around and rent it out $1,750 a month. You can gross a rental yield of around 11%. Since property values fluctuate based on a multitude of factors the yield could go as low as 8%. The rental yield rates in Ghana tend to be between 8% – 11% annually. As an owner of rental property in Ghana you will be subjected to an 8% levey on the gross rent by the Ghana Revenue Authority.
Unlike the majority of cities in Ghana where the home ownership rate is around 57.4%. Most of the homes in Accra are rentals accounting for about 37.5% of the total rental market. Making renting a big business in Accra. Real estate investment can be profitable no matter where you invest in Ghana but based on your financial goals you may want to think long and hard about where you want to invest in Ghana and why!