The 5 Hottest Real Estate Neighborhood in Accra To Watch in 2023

It is said that location is the most demanding factor when it comes to real estate investing. This is because real estate is highly segregated in its uniqueness. Nonetheless, the housing market in Accra for 2022 was characterised by steady price growth with more demand skewing towards renting rather than buying in the city.

In this article, we’ll take a quick look at the top 5 locations in Accra where the supply of homes is likely to surge. Let’s begin by explaining what makes a location/neighbourhood hotspot for real estate.

What makes a location hot for real estate in Ghana?

All that real estate investors are seeking in any investment property is cash flows and long-term growth in property values. So all that they are interested in is how much positive cash flow the property produces every month? Key location indicators to analyse include:

• Median home value
• Appreciation in home values
• Affordability
• Rent to income ratio
• Rent increases
• Vacancy rate

The demand for rental property is driven by factors such as foreign investors, economic growth, and low housing supply. When demand for residential space increases in a particular neighbourhood where home prices are high and supply is low, the demand for rental property generally increases, making the market more like a seller's market, thus, giving a landlord more room to raise the rent.

5 Best Neighbourhood in Accra 2023 

These are the top 5 neighbourhoods with the highest percentage change in median home prices for the year ending 2022. 

Airport residential area

The Airport Residential area is known to be the home of embassies and ex-pats who visit the country. The residential area is located about 10km northeast of the city centre close to the Kotoka International Airport. Many people love this neighbourhood because of its security and proximity to the airport. The neighbourhood welcomes all kinds of luxury residential apartments as it believes that only affluent people can live in the area. Recently, Vaal Real Estate Ghana launched a luxury residential project named Harmonia Residence in the Airport Residential Area.

Harmonia Residence is designed to make a potential homeowner feel connected and offer you the needed personal space. It's located near the Kotoka International Airport and close to all facilities like supermarkets, schools, hospitals and malls. The project promotes green building as It’s always greener on both sides of the fence. 

East Legon

East Legon has become one of the most sought after neighbourhoods in Accra. The neighbourhood makes nightlife great with the array of restaurants and the likes of A&C mall makes East Legon, a place more attractive to ex-pats and the emerging middle class in the country. This is the reason why the neighbourhood is the most searched neighbourhood for rent or sale by home-hunters in Ghana. The reason most investors are attracted to invest in this neighbourhood. The neighbourhood is expected to get a boost from investment properties like the Arlington Court, Riviera Residence, Haven Gardens etc.

Arlington Court is being developed by Whitewall Properties, a Ghanaian-owned real estate Company featuring an exclusive eight-floor residential development along the Tanbu Lane in East Legon. It has a total of 38 units including 1-3 bedroom apartments featuring penthouses with state of the art interior features such as panelled doors, recessed ceiling lighting, fitted wardrobes, air conditioning units, DSTV connection, fibre optic internet connectivity. 

Osu

In Accra, Osu is referred to as the hub of real estate business featuring the best hotels in the city. These include the La Villa Boutique Hotel, Number One Oxford Street Hotel and Suites, G.C Royal Hotel, Suncity Hotel Apartment etc. Going into 2023, Osu is blessed to have one of the astonishing developments in the area from Solaris.

Solaris is a bravura 13 Storey residential project featuring 133 luxurious 1-2 Bedroom apartments, springing up at the Ringway Estate, in Osu West End, a neighbourhood in central Accra, known for its busy commercial, restaurant, and nightlife activity. The apartments feature double-height tower entrance lobbies and high-end floor finishes, fully fitted kitchens with built-in microwave, oven, fridge and dishwasher, bathrooms and wardrobes, split air-conditioning system among others.

Dzorwulu

Dzorwulu is fast developing into a residential hub for real estate developers. It features popular restaurants including Peter Pan Restaurant, Royal Fiesta Restaurant, Palace Chinese Restaurant etc. Again investors have found this neighbourhood appealing for investment properties and putting up ultra-modern developments in the area. New residential developments like Kwae Close and Mortens Place Development are in the pipeline in Dzorwulu. 

Kwae Close is a master plan residential community development coming up in Dzorwulu which comprises spacious 4 bedroom townhouses and one-bedroom apartments designed and furnished to the highest standards. The project is developed by EarlBeam Realty, which includes amenities such as a community swimming pool, gym, and yoga studio, and access to a rooftop that has a lounge and a safe kid’s play area.

Labone 

Labone is located just south of Labadi Road, the Ring road separates Labone from the southern district of Osu. Labone is fast becoming home for ex-pats with the siting of some embassies and corporate headquarters in the neighbourhood. The area is said to offer a mix of residential houses dating from the early 20th century. The area is expected to see many residential developments like Altitude Residence being put up to match the high rental values in the market.

Altitude Residence is a residential development being developed along the Ndabaningi Sithole Road, in Labone, a suburb of Greater Accra. The development comes with 3-bedroom homes distinguished by intelligently conceived modern plan layouts and built with high proven quality materials sourced from the best manufacturers worldwide.