Buying a property in Ghana can be a tricky and exciting proposition. The country has undergone rapid development over the past decade with the rapid growth of its economy and infrastructure. Foreign investors can find it difficult to navigate this new landscape, especially if they are unfamiliar with the intricacies of investing in property in Ghana. Here are some things you need to know before you buy a property in Ghana.
The cost of buying a property in Ghana depends on where you are considering purchasing it. The price is determined by the size of the land, the location, the type of property and whether or not you are buying it at auction. For instance, a residential property in Accra can cost anywhere from $30,000 to $100,000 depending on its size and location.
Land prices are on the rise so investing early is advised. If you are interested in commercial or industrial properties in Ghanaian cities like Accra or Kumasi, budget about $1 million for each acre of land. If you're interested in purchasing farmland for agricultural purposes, expect to pay about $4 million per hectare.
When you buy a property in Ghana, you have different types of properties to choose from. There are residential properties, commercial properties, and industrial properties. Residential properties include apartments, semi-detached houses, detached villas, and stand-alone houses. Commercial properties are typically used for offices. Industrial properties serve as factory sites for large manufacturing companies; they can also be converted into commercial spaces if need be.
What are the taxes for foreigners?
Fees for Foreigners. Foreign investors are required to pay a 1% tax on their total capital investment within Ghana. There is also an annual fee of $200 but this can be waived if you’re investing over $600,000.
What are the laws governing residential property in Ghana?
Ghanaian law states that any rental agreement must not exceed 2 years with the exception of commercial properties which can be rented for up to 10 years. If you want to rent your home for longer than this, you should apply for a change in the land title deed specifying that it is now a commercial property.
What are some other considerations I need to know before buying property in Ghana?
The real estate market is relatively new and there are many uncertainties about what will happen over the coming few years. You need to consider whether or not you invest in Ghana, how much your initial investment will be, what kind of income return you expect, and how long you plan on staying in Ghana if investing long-term.
In Ghana, the process for purchasing a property is a little different than in other parts of the world.
When you buy a property in Ghana, you need to pay a 'purchase price' that is made up of two components:
* The 'agreed purchase price' which is the amount you agree to buy the property for. This can be negotiated with the vendor and will depend on factors such as location and condition.
*The 'valuation fee', which is an inspection fee paid to an independent valuer or surveyor to provide an objective valuation or assessment of the property's condition, state and potential for resale.
This inspection takes place after agreeing on a purchase price and before any money changes hands between buyer and seller. It's important that you get this done and find out what your rights are when something goes wrong with your newly purchased home while you're living in it because this information isn't always easy to find. If you want to know more about how this works go here: https://www.moveonpropertyghana.com/buying-a-house-in-ghana/
Purchasing a property in Ghana might seem like a daunting task, but it's actually not too difficult. All you need to do is to be well-informed and take your time to find the perfect property that meets your needs and budget. And just like that, you'll be living the life you've always wanted!