Whether you're an expatriate looking to buy property in Ghana or a Ghanaian citizen looking to relocate, this article will provide you with essential information about the process of buying land and the various types of land available for sale in Ghana.
This is a big decision and one that should not be taken lightly; there are many factors to consider when purchasing property in a foreign country. We're going to cover some of the most important things to keep in mind when looking for land in Ghana and how they might affect your decision making process.
The decision to purchase land in Ghana or abroad will depend on your personal circumstances. If you're an expatriate, consider the following:
* What are your reasons for buying property in Ghana?
* How long do you plan to stay in Ghana?
* Do you plan to move permanently?
* Will you be returning to your home country once a year?
If you answered yes to any of these questions, it may make more sense for you to buy property abroad rather than in Ghana. Expatriates who stay in Ghana on a long-term basis and those who intend to return regularly might find that they benefit from buying property locally.
The process of buying land in Ghana is not as straightforward as one might think. The first thing to consider is the type of land you're interested in purchasing. There are four types of land that you can buy in Ghana:
- Residential land: there are two types of residential property, freehold and leasehold. Freehold means that the buyer owns the property outright and leasehold means that the buyer pays an annual rent for their property.
- Agricultural Land: this type of land is used for farming activities and can either be leased or purchased.
- Commercial Land: this type of land is most often used for business purposes, such as shops or offices.
- Industrial Land: this type of land is typically found close to a city centre and is most often used for commercial and manufacturing purposes. There are two types of industrial property, freehold (ownership) and leasehold (rent).
for Purchase in Ghana
There are many different types of land available for purchase in Ghana. Some of the most popular types are agricultural land, commercial land, and residential property.
Agricultural Land:
Agricultural land is typically used for farming and crops but can also be used for livestock or any other agricultural purpose.
Commercial Land:
Commercial land is zoned as such to accommodate businesses - both small and large. Commercial land is ideal for industrial purposes as well.
Residential Property:
Residential property refers to residential plots of land that can be developed into homes or apartments. Agricultural property and commercial properties may include residential properties on the same plot of land.
* Location: The location of the property is a key factor to consider before buying. If you're looking for a place on the coast, for example, you'll need to find land in an area that's near the coast or be prepared to commute from more inland areas.
* Cost: The costs associated with buying property in Ghana vary depending on factors like the type of land purchased, location and size of land.
* Utilities: Utilities like electricity, water and internet are provided by private companies in Ghana. This can significantly increase monthly costs or require expensive solar panels and water tanks.
There are two types of property in Ghana: freehold and leasehold.
Freehold land can be bought by anyone and is the most popular choice for a permanent address in Ghana.
Leasehold land can only be bought by Ghanaians and foreigners with a residence permit.
Leasehold land is more affordable than freehold land, but it cannot be passed on to descendants.
Regardless of where you buy in Ghana, you'll need to pay a capital gains tax when you sell your property.
Regardless of your decision to buy land in Ghana or abroad, it's important that you do your research before making a final decision.
It will save you time and money in the long-run.
