Searching for Property in Ghana: What You Need to Know

Why would someone want to invest in Ghana?

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Searching for Property in Ghana: What You Need to Know
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Ghana is one of the most rapidly developing countries in Africa. With its current economic growth rate at about 6%, it has become a desirable destination for investors and entrepreneurs. The country's natural resources, including cocoa beans and gold, have created an attractive market for business owners looking to make a profit. But despite Ghana's booming economy, the cost of living can be high and property prices are also on the rise. So what does this mean for you if you're considering searching for property in Ghana? Read on to find out!

 

Why would someone want to invest in Ghana?

It's no secret that Ghana is a world leader in gold and cocoa production. Aside from the riches that mining and agriculture bring to the nation, these export commodities have led to an increase in infrastructure development in the country. For example, over the past decade, the rail network in Ghana has grown significantly and paved the way for the flourishing of businesses such as shopping malls and car dealerships.

Even more impressive is that Ghana's population is rapidly growing, with about 50% of the country's population living in its largest city, Accra. With the government's goal of moving closer to achieving its Millennium Development Goals, property developers have been able to take advantage of the high demand for modern housing.

 

What exactly can you buy with your property?

If you're looking to buy property in Ghana, you'll be looking for a property that allows you to move into as soon as possible. Because of this, there are a number of different property types available. You can find:

Commercial property – this type of property is the smallest type and typically fits within a shopping complex or business park. It's often owned by a commercial landlord and rented out to businesses or business owners. However, you could also purchase this type of property with an initial investment of a few thousand dollars.

– this type of property is the smallest type and typically fits within a shopping complex or business park. It's often owned by a commercial landlord and rented out to businesses or business owners.

 

Finding a property location and negotiating the price

The first thing you need to do before searching for property in Ghana is to decide where you want to buy it from. The property market in Ghana is diverse and you'll be able to find good value for money for the price you want to pay in various areas of the country. The main areas of demand in Ghana are Accra, Kumasi, Tamale, Sunyani, Koforidua, and Cape Coast, but there are also opportunities in cities such as Sekondi-Takoradi, Abetifi, and Cape Coast as well.

What does this mean for you? First, you need to understand that finding a property in Ghana takes time. The buying and selling of property in Ghana is traditionally done with the help of middlemen. This process is time-consuming and you will be better off if you hire a property agent to help you find a property in Ghana.

 

The process of buying a property

Of course, before you begin searching for property in Ghana, you first need to decide what kind of property you want to buy. If you're looking to purchase a home, then you will need to consider how much you can afford to spend on it. If you have no previous property experience, you'll want to speak to a reputable real estate agent in Ghana about how to get started. It's also important to bear in mind that the process of buying a property in Ghana is not the same as the process of buying a house in the United Kingdom.

You'll need to complete many forms and get a mortgage in order to buy property in Ghana, so make sure you ask plenty of questions and do plenty of research before you begin.

 

What does it cost to live in Ghana?

By looking at the average cost of living in Ghana, you can determine whether it's really worth your while to buy a property there. But this data won't provide an all-encompassing answer for everyone. You have to take into consideration factors such as the median monthly income per capita, the standard of living of locals in your region and the properties you'd be interested in purchasing.

In a 2016 report by GhanaNet, Ghana's median monthly household income was listed as $378. This compares favorably with the $772 monthly average income per capita recorded by Forbes in 2013.

However, when you adjust these statistics to adjust for purchasing power parity (PPP), the average household income in Ghana is more than $1000 lower.

 

Living and working in Ghana

Ghana is a sovereign state on Africa's west coast and has a land area of about 25,500 square kilometres. It is bordered by Burkina Faso in the north, Togo in the west, and Benin in the east, and by Côte d'Ivoire in the south.

The nation has a population of about 25 million people. People in Ghana are known as Ewe, and their main language is Twi. English is also spoken by many of Ghana's inhabitants, but is rarely used in business or official affairs. Most people living in Ghana are of Ewe and Fante descent, although, like elsewhere in West Africa, there are also a number of diverse ethnic groups, such as the Hausa, Akan, Yoruba, and the Ga. In general, they are a friendly and hospitable people, and welcoming to newcomers and travellers.