Investing in land is a great way to make money, especially if you are trying to do it on the cheap. If done correctly, buying land in Accra for investment can give you excellent returns over time. But there are some things that need to be considered before making this type of purchase.
Buying land for investment is a common practice in Ghana. Buying land for investment is different from buying land for residential or commercial purposes, in the sense that you can buy land for investment in the following ways:
Purchase land with power of attorney. You need to acquire a power of attorney from a legal professional to do this. If you are the sole beneficiary, you must transfer the land into their name. This is not applicable if you are married. For instance, if you are single, you must deal with your spouse in this regard. A step back is necessary to ensure you do the required research.
Now that you have the background, let us go into the various types of land investment.
The first thing to know is that you cannot buy land in Accra. The only places you can get land in the city are in the central business district. When you buy land in the center of the city, you will be able to buy that land for about GH¢ 500,000 (roughly $100,000). If you want to purchase land in a location outside of the city center, you should first look for land in places that are in the outskirts of Accra and then from there you can buy land in the central business district.
The type of land that you will be able to buy depends on the size of your investment and how much you want to invest.
A lot of people get caught up with buying land in Accra when in reality you need to go through a number of steps to even make this sort of purchase happen. Before making any purchase of land, it is important to know the laws of the land in which you are trying to do business.
For instance, one of the things that needs to be examined is if the land is subject to private use, public use, community use or urban planning. For the last type of land, there are laws to follow that will determine how it is allocated and how it is managed.
For land that is not subject to any kind of planning or who is not part of any local body, you will find that you need to go through the Commissioner of Lands and Survey office for approval.
There are a lot of things to consider when purchasing land in Accra for investment. First of all, the location you want to invest in. The location you choose will determine the prices of the land. Additionally, the area you want to invest in also plays a major role in the price. For instance, if you choose to invest in a property in Lapaz, it will cost more than one in Serrekunda.
There are also other things to consider when buying land in Accra, such as the type of land you are getting. Are you getting a lot of the land, or just a little bit of it? Also, you need to be aware of the surrounding areas. If you choose to invest in a property on the other side of town, you need to be aware of the upcoming construction of the roads.