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Buying an apartment in Accra is a great investment, offering long-term financial benefits and potential rental income. Whether you are purchasing for personal use or as an investment, it is essential to understand the real estate market, legal processes, and financial commitments involved.
This guide walks you through the key steps to purchasing an apartment in Accra, covering costs, financing options, and legal considerations.
1. Determine Your Budget and Financing Options
Setting a budget is the first step when buying an apartment. Consider the total cost, including the purchase price, taxes, legal fees, and potential renovation expenses.
Average Cost of Apartments in Accra
| Location |
1-Bedroom (GHS/USD) |
2-Bedroom (GHS/USD) |
3-Bedroom (GHS/USD) |
| Cantonments, Airport Residential, Labone |
GHS 1.5M – 3M ($125,000 – $250,000) |
GHS 2.5M – 4.5M ($210,000 – $375,000) |
GHS 4M+ ($330,000+) |
| East Legon, Ridge, Dzorwulu |
GHS 900K – 2M ($75,000 – $165,000) |
GHS 1.5M – 3M ($125,000 – $250,000) |
GHS 2.5M+ ($210,000+) |
| Achimota, Spintex, Adenta |
GHS 500K – 1.2M ($42,000 – $100,000) |
GHS 900K – 2M ($75,000 – $165,000) |
GHS 1.5M+ ($125,000+) |
| Madina, Kasoa, Teshie |
GHS 250K – 800K ($21,000 – $67,000) |
GHS 500K – 1.5M ($42,000 – $125,000) |
GHS 900K+ ($75,000+) |
If you cannot pay upfront, consider mortgage or bank financing options.
Mortgage Options for Buying an Apartment in Accra
- Ghana Home Loans – Offers home financing solutions.
- Ecobank Mortgage – Provides long-term financing for home buyers.
- Stanbic Bank Home Loans – Covers both local and diaspora buyers.
- Republic Bank Mortgage – Specializes in real estate financing.
Compare loan interest rates, repayment terms, and eligibility requirements before choosing a mortgage plan.
2. Choose the Right Location
The location of your apartment affects property value, accessibility, and rental potential if you plan to lease it out.
Best Locations for Buying an Apartment in Accra
| Luxury & High-End Areas |
Mid-Range & Affordable Areas |
| Cantonments, Airport Residential, Labone |
Achimota, Spintex, Tesano, Adenta |
| East Legon, Ridge, Dzorwulu |
Madina, Ashaley Botwe, Teshie |
| Osu, Roman Ridge, West Legon |
Dome, Kasoa, Dansoman, Pokuase |
Consider factors such as proximity to workplaces, schools, hospitals, shopping centers, and transportation hubs.
3. Find a Suitable Apartment for Sale
Once you decide on a location and budget, start searching for available apartments.
Where to Find Apartments for Sale in Accra
- Real Estate Websites – Browse listings on Apartments.com.gh, Meqasa, and Jiji Ghana.
- Real Estate Agents & Brokers – Work with licensed professionals from GREDA (Ghana Real Estate Developers Association).
- Property Developers – Purchase directly from developers like Clifton Homes, Devtraco, and Regimanuel Gray.
- Classified Ads & Social Media – Facebook Marketplace and property groups often have listings.
Visit the apartment in person before making a commitment.
4. Conduct Due Diligence Before Buying
Before purchasing an apartment, conduct a thorough verification process to ensure legitimacy.
Checklist for Apartment Verification
- Verify ownership and title documents with the Ghana Lands Commission.
- Ensure there are no outstanding mortgage loans or legal disputes on the property.
- Check the structural condition of the apartment, including plumbing, electrical systems, and ventilation.
- Confirm the availability of water, electricity, security, and road access.
- Review service charges if the apartment is within a gated community.
Hire a real estate lawyer to review contracts before making payments.
5. Negotiate the Purchase Price and Terms
After confirming the apartment’s legitimacy, negotiate a price that fits your budget.
How to Negotiate a Good Deal:
- Compare prices with similar properties in the area.
- Request a discount for upfront or full payment.
- Ask the seller to cover legal and transaction fees where possible.
- If buying off-plan, ensure the developer has a track record of delivering completed projects.
Once negotiations are finalized, proceed with signing a Sale Agreement.
6. Complete the Legal Process and Ownership Transfer
The legal process ensures the apartment is officially transferred to your name.
Legal Steps for Buying an Apartment in Accra
- Sign the Sale Agreement – Outlines the terms between buyer and seller.
- Pay Stamp Duty & Registration Fees – Required for legal ownership transfer.
- Obtain a Property Title Deed – Register the apartment at the Ghana Lands Commission.
- Receive a Tax Clearance Certificate – Confirms there are no unpaid property taxes.
Work with a licensed real estate lawyer to handle the legal documentation.
7. Plan for Additional Costs
Buying an apartment comes with extra expenses beyond the purchase price.
Common Additional Costs:
- Legal and registration fees – 3 to 5 percent of the property price.
- Service charges (for gated communities) – Monthly maintenance fees.
- Renovation or furnishing costs – If needed.
- Property insurance – Protects against fire, theft, and damages.
8. Move In or Rent Out the Apartment
Once the apartment purchase is completed, you can move in or rent it out.
Renting Out Your Apartment
- List the apartment on Apartments.com.gh to attract tenants.
- Hire a property manager if you do not live in Accra.
- Set a competitive rental price based on market trends.
- Sign a rental agreement with tenants to protect your investment.
How Apartments.com.gh Can Help You Buy an Apartment in Accra
Apartments.com.gh is a trusted platform for:
- Verified apartment listings from reputable sellers.
- Direct connections with real estate agents and developers.
- Rental management services for buyers looking to lease their property.
Visit Apartments.com.gh today to find your ideal apartment in Accra.
Conclusion
Buying an apartment in Accra is a rewarding investment when done correctly. By following these steps—from budgeting and property selection to legal documentation—you can secure a home or rental asset with confidence.
Start your apartment search today on Apartments.com.gh and take the next step toward property ownership in Accra.
