Investing in Apartments in Accra? Here’s How to Start Your Business

The real estate market in Accra is booming, and starting an apartment business can be a lucrative investment. Whether you want to rent out short-term apartments for tourists and business travelers or lease long-term apartments to residents, understanding market demand, legal requirements, and financial planning is essential.

This guide provides a step-by-step approach to starting and running a successful apartment rental business in Accra.

1. Understand the Apartment Business Model

There are different ways to make money in the apartment rental business. Before investing, choose a model that aligns with your budget, location, and target market.

Common Apartment Business Models in Accra:

1. Long-Term Rentals – Leasing apartments to tenants for six months to two years.
2. Short-Term Rentals (Airbnb & Serviced Apartments) – Renting out furnished apartments daily, weekly, or monthly to tourists and business travelers.
3. Student Housing – Renting rooms or apartments to students in areas near universities.
4. Corporate Housing – Leasing apartments to businesses that house expatriates or employees.

Which Model is Best?

• Long-term rentals provide steady income but require upfront investment.
• Short-term rentals have higher returns but require constant management.
• Student housing is low-cost but requires high maintenance.
• Corporate housing is ideal for investors targeting high-end tenants.

Choose a model based on your capital, management ability, and target customers.

2. Research the Real Estate Market in Accra

Understanding rental demand and pricing is crucial before buying or building apartments.

Key Market Factors to Consider:

• High-demand areas – East Legon, Cantonments, Labone, Osu, and Airport Residential.
• Affordable rental zones – Madina, Adenta, Kasoa, Amasaman, and Spintex.
• Competitive pricing – Check rental rates on Apartments.com.gh.
• Target audience – Young professionals, expatriates, students, or tourists?

Analyzing the market will help you set competitive prices and identify the right location for investment.

3. Secure Capital for Your Apartment Business

Starting an apartment business requires significant capital for buying, building, or renovating properties.

Ways to Finance Your Investment:

• Personal savings – Best for small-scale investments.
• Bank loans or mortgages – Some Ghanaian banks offer real estate investment loans.
• Real estate investment partnerships – Pool funds with partners to reduce financial burden.
• Government incentives – Check for real estate funding options under the Ghana Investment Promotion Centre (GIPC).

Ensure your funding strategy matches your business goals and repayment capacity.

4. Acquire Property or Build Apartments

Once you secure financing, decide whether to buy existing apartments or develop new units.

Buying vs. Building: Which is Better?

• Buying an existing apartment is faster but may require renovations.
• Building from scratch gives more control over design but takes longer.

Where to Buy or Build Apartments in Accra:

• Luxury Market – Cantonments, Labone, Airport Residential, and East Legon.
• Mid-range Market – Spintex, Sakumono, Achimota, and Dansoman.
• Budget Market – Kasoa, Amasaman, Madina, and Adenta.

Before purchasing land or property, ensure that the title documents and ownership records are legitimate to avoid legal disputes.

5. Register Your Apartment Business Legally

To operate a professional and legally compliant business, register your company with the necessary authorities.

Steps to Register a Real Estate Business in Ghana:

1. Register with the Registrar General’s Department – Get a business name, Tax Identification Number (TIN), and certificate of incorporation.
2. Obtain Local Business Permits – Apply for zoning permits and property tax registration at your municipal assembly.
3. Sign Lease Agreements Legally – Use written agreements that comply with Ghana’s Rent Control Act.
4. Register with Ghana Revenue Authority (GRA) – Pay rental income tax to remain compliant.

Having proper documentation builds trust with tenants and investors.

6. Furnish and Set Up Apartments for Rent

If you are offering short-term or high-end rentals, well-furnished apartments attract more tenants.

Essentials for Furnished Apartments:

• Basic furniture – Beds, sofas, dining tables, and wardrobes.
• Appliances – Refrigerator, gas cooker, microwave, washing machine.
• Internet & Utilities – Many tenants prefer WiFi, water heaters, and backup power supply.
• Security Features – CCTV cameras, burglar-proof doors, and gated entry.

For budget apartments, keep furnishings simple to reduce costs while ensuring comfort.

7. List Your Apartment on Rental Platforms

To attract tenants quickly, list your apartments on online rental platforms.

Best Platforms to Advertise Rentals in Accra:

• Apartments.com.gh – Ghana’s leading real estate listing site.
• Jiji Ghana & Tonaton – Classified ad websites with rental listings.
• Facebook & WhatsApp Groups – Many tenants search for rentals on social media.
• Real Estate Agents – Partner with agents to market your apartments.

Using multiple platforms increases visibility and faster tenant acquisition.

8. Manage the Apartment Business Efficiently

Good property management ensures a profitable and stress-free rental business.

Best Practices for Managing Apartments:

• Screen Tenants Properly – Verify employment, rental history, and ID documents before leasing.
• Sign a Written Rental Agreement – Protect both landlord and tenant rights.
• Schedule Regular Maintenance – Keep apartments in good condition to retain tenants.
• Collect Rent on Time – Set clear payment terms to avoid defaults.
• Hire a Property Manager – If managing multiple apartments, consider hiring a professional manager.

Effective management leads to higher occupancy rates and long-term success.

9. Expand Your Apartment Business Over Time

Once your business is profitable, reinvest in new properties or apartment units.

Ways to Expand Your Apartment Business:

• Buy more rental properties in strategic locations.
• Renovate older apartments to increase rental value.
• Offer additional services like cleaning, security, and concierge services.
• Diversify into Airbnb or serviced apartments to attract tourists and expatriates.

Scaling gradually ensures sustainable business growth.

10. Use Apartments.com.gh to List and Market Your Apartment Business

To attract tenants and investors, Apartments.com.gh is the ideal platform for marketing your rental business.

Why Use Apartments.com.gh?

• Wide audience reach – Thousands of potential tenants visit the platform.
• Verified listings – Attract serious renters and buyers.
• Easy-to-use search filters – Tenants can find your apartment by location, price, and amenities.

Visit Apartments.com.gh to list your apartments today and grow your real estate business.

Conclusion

Starting an apartment business in Accra requires market research, legal registration, property investment, and good management. Whether you choose long-term rentals, Airbnb, or corporate housing, success depends on strategic planning and efficient operations.

Using Apartments.com.gh helps you connect with tenants, advertise listings, and grow your rental business faster. Take the first step today and build a profitable apartment business in Accra.