The Accra property market report is a comprehensive analysis of the residential property market across Accra, Ghana. It provides information about the various residential property types that are available in the capital city, as well as their average price.
It also includes an overview of the housing situation in Accra and the prevailing economic conditions, which are crucial factors to consider when investing in the real estate sector. With this report, you can make informed decisions about buying property in Ghana's capital city.
The Ghanaian property market consists of three main segments: government supplied housing, private built housing, and commercial property. Government supplied housing is for the working class as intermediary means of affordable accommodation. Private built housing comprises apartments and detached houses and is typically more expensive.
In Accra, prices for residential properties vary dramatically depending on the location and quality of the property. The report provides an overview of all these factors to help you make better decisions about investing in real estate in Ghana's capital city.
The report provides an overview of the various residential property types available in Accra. Subsidized housing is one of these options and it is a government-subsidized home that has a market price but can be purchased at a reduced price. Affordable housing is another option and it is priced below the market value as well.
Some other residential property types are public housing, private homes, recreational homes, and commercial properties.
The economy of Accra is one of the most important factors to consider when investing in Ghana's capital city. Today, it is one of the fastest-growing economies in Africa and has a GDP growth rate of 7.3%.
Ghana has experienced rapid economic growth over the last decade, largely due to its mining sector. The agriculture, tourism, and service sectors make up the remainder of its economy.
The population of Accra is roughly 2.8 million and the city has experienced a population growth of 4.2% in the last two decades.
The GDP overview is a subsection of the report that highlights some of the crucial factors to consider when investing in the residential property market in Accra, Ghana. The first point it makes is that GDP growth has been lower than expected. With a low GDP growth, demand for housing is also likely to be lower than expected. This will weaken rent inflation and reduce profitability.
The next point it makes is that inflation rates are high and this will affect rental income as well as house prices.
The housing situation in Accra has been steadily worsening as the population of the city is growing. This growth has led to increased demand for housing, which has forced prices up. The limited supply means that there's now a lack of affordable housing, and with so many people looking to buy property, it's inevitable that prices will continue to rise.
Central business districts are seeing the highest price increases because they're the most popular areas on which investors focus their attention. These neighborhoods have commercial establishments and public spaces which makes them desirable places to live. As the prices rise in these neighborhoods, it becomes more difficult for people who want to live central but don't have a high income to find an affordable place
There are also regional differences in house prices across Accra. Houses in some regions are more expensive than others because of various factors like location and availability of amenities.
The average price for residential apartments in Accra is GH¢9,600. This ranges from GH¢3,000 to GH¢25,000 per square metre (sq.m).
Accra is a fast-growing city with a developing economy and, as a result, it has a high demand for housing. With people migrating from rural areas to the city, an explosion of housing projects has been developed in response. For example, a development called the Atrium is being constructed in North Kaneshie and will have 260 apartments of different types.
Housing prices in Accra are influenced by a number of factors. One factor would be that the housing market has been dominated by foreigners, who are not subject to the limitations to the Ghanaian economy. This has resulted in an inflated cost of living and property prices.
Whilst the market is expected to continue to grow, it is important to note that because Accra is a relatively new city, this growth is not sustainable. The future of Accra's property market will largely depend on how well it is able to cope with its current housing challenges.
