With Accra’s growing urban population and increasing demand for rental housing, investing in rental apartments is highly profitable. Whether you’re developing luxury, mid-range, or affordable apartments, proper planning ensures high occupancy rates and long-term returns.
This guide outlines how to build and manage rental apartments in Accra, from land acquisition to tenant management.
Understanding who your tenants will be helps you design apartments that fit their needs and budget.
✔ Who are your target tenants? – Professionals, students, expatriates, or families?
✔ What type of apartments are in demand? – Studio, 1-bedroom, 2-bedroom, or 3-bedroom units?
✔ Which locations offer high rental income? – Prime areas vs. affordable residential zones?
| High-Demand Luxury Areas (Higher Rent) | Mid-Range & Affordable Areas (Budget-Friendly) |
|---|---|
| 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 |
✔ Tip: Areas near universities, business districts, or transportation hubs attract more long-term tenants.
Acquiring land in a strategic location is essential for a profitable rental property.
✔ Conduct a title search at the Ghana Lands Commission to verify ownership.
✔ Ensure the land is zoned for residential development.
✔ Get a land title certificate to secure ownership legally.
✔ Lands Commission Ghana – Official land registry.
✔ Real Estate Brokers – Trusted agents can help find prime locations.
✔ GREDA (Ghana Real Estate Developers Association) – Provides verified land for developers.
✔ Tip: Work with a real estate lawyer to avoid disputes and fraud.
Before starting construction, you need official approvals from regulatory authorities.
✔ Building Permit – Approved by the Accra Metropolitan Assembly (AMA).
✔ Environmental Permit – Required for large-scale projects.
✔ Fire Safety Permit – Issued by the Ghana National Fire Service.
✔ Water and Electricity Approval – Apply for utility connections before construction begins.
✔ Tip: Work with licensed architects and contractors to ensure compliance with local building laws.
A well-designed apartment increases rental demand and tenant satisfaction.
✔ Apartment Layouts – Studio, 1-bedroom, 2-bedroom, or 3-bedroom units?
✔ Balconies & Natural Ventilation – Enhances tenant comfort.
✔ Parking Space – Essential for professionals and families.
✔ Shared Amenities – Consider adding backup power, water storage, and security.
✔ Tip: Energy-efficient features like solar panels and LED lighting can reduce maintenance costs and attract tenants.
Building apartments requires significant capital, so budgeting is essential.
| Type of Apartment | Estimated Cost Per Sqm (GHS/USD) |
|---|---|
| Basic Apartments | GHS 3,500 – 5,000 ($290 – $415) |
| Mid-Range Apartments | GHS 6,000 – 8,500 ($500 – $710) |
| Luxury Apartments | GHS 9,000 – 15,000 ($750 – $1,250) |
✔ Example: A 10-unit apartment complex (2-bedroom each) may cost GHS 6M – 10M ($500,000 – $850,000) depending on location and materials.
✔ Bank Loans & Mortgages – Apply for real estate financing from banks.
✔ Private Investors or Partnerships – Secure funding from real estate investors.
✔ Off-Plan Pre-Leasing – Rent out units before completion to generate early income.
✔ Tip: Always budget for unexpected costs like inflation, labor, and material price changes.
Your contractor and construction team will determine the quality and durability of your apartments.
✔ Work with licensed contractors registered with GREDA.
✔ Get multiple quotes before selecting a builder.
✔ Sign a detailed contract outlining timelines and payment terms.
✔ Tip: Regularly supervise the construction to ensure quality control.
Once construction is complete, effective marketing helps attract quality tenants.
✔ List on Real Estate Platforms – Use Apartments.com.gh, Meqasa, and Jiji Ghana.
✔ Work with Real Estate Agents – Agents can help secure tenants quickly.
✔ Offer Flexible Payment Plans – Monthly or quarterly payment options attract more renters.
✔ Social Media & Online Advertising – Promote on Facebook, Instagram, and Google Ads.
✔ Tip: Consider offering discounts on first-month rent to attract tenants faster.
Good tenant management ensures steady rental income and property maintenance.
✔ Sign Clear Lease Agreements – Define rent amount, duration, and house rules.
✔ Maintain the Property – Ensure repairs and maintenance are done on time.
✔ Collect Rent on Time – Use bank transfers or mobile money (MoMo) for transparency.
✔ Screen Tenants Carefully – Verify employment, references, and rental history.
✔ Tip: Consider hiring a property management company for hassle-free rental operations.
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Building rental apartments in Accra is a profitable long-term investment if planned properly. From land acquisition and permits to construction and tenant management, following these steps will ensure high occupancy rates and steady rental income.
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