Moving To Ghana? Explore Property Prices In Accra

Are you planning on moving to Ghana? With or without family, it's important to understand the metrics of property prices and how they affect the living conditions of people living in the country.

People all over the world strive to either find a retiring country or look for an investment hub free of high uncertainties. When asked why they are looking for places with conducive environments for investment; they have a simple answer– To build capital.

Ghana has suddenly become a favourite place for foreigners who want to move to Ghana due to the compelling factors that make it almost impossible for investors to overlook. This makes Ghana's real estate a prime interest for foreigners.

Prices for homes in Ghana are increasing rapidly because of a dollar invested in the major city of Accra. Though the costs of housing are much lower in the countryside, they still increase as you get closer to the major towns. 

Come to think of it, property prices in Accra are now around $100,000 on average. This means that the average person spends around 60 percent of their monthly income on housing. 

What is the price-to-income ratio in Accra?

The price-to-income ratio is used to measure the affordability of homes in a town or city. According to Numbeo, the price-to-income ratio in Accra is about 82.09, which means that homes are still less affordable in the nation's capital city.

Though, at the beginning of 2022, the price-to-income ratio was estimated to be 87.63. This has been reduced to 82.09 over the year. According to the guiding principle, as the price-to-income ratio decreases, homes become more accessible to households.

Ghana's Accra home price-to-income ratio in 2022 will be incredibly high by global standards when compared to other African nations. In 2022, Cape Town, South Africa recorded a home price-to-income ratio of 7.00, while Lagos, in Nigeria, has a ratio of 12.20.

What is the price-to-rent ratio in Accra?

The price-to-rent ratio in Accra is categorized into two classes; there is a price-to-rent ratio within the city centre and a price-to-rent ratio outside the city centre

According to Numbeo, within the city centre of Accra, the price-to-rent ratio is estimated to be 9.15 which is relatively lower than the 321.87 of the price to rent ratio outside the city centre in the nation’s capital city, Accra.

Although homes in the city centre continue to be expensive it will be more economically feasible to purchase a home within the city centre of Accra than rent, while it is cheaper to rent than buy a home outside the city centre.

Overview of prices of apartments in Accra

When it comes to finding an apartment in Accra, pricing can be a bit confusing. There are a few things to keep in mind when trying to determine the price of an apartment in Accra, Ghana.

One factor to consider is the location of the apartment. Depending on where you are looking, prices can range from affordable to expensive. 

Another factor to consider is the size of the apartment. The price of an apartment is determined by its price per meter square of apartment space. This means that if you are looking for a smaller apartment, the price will be lower compared to a more spacious apartment. 

Price per square meter to buy an apartment in Accra

The average per square meter (sq. m.) price of an apartment located in the centre of Accra is GH₵15,747.18. Meanwhile, the average per square meter price of an apartment outside the city centre is GH₵68,523.79. 

Buying an apartment within the city centre will be more beneficial than buying outside the city centre. Overall, the prices of apartments in Accra can be expensive, but there are a few places where you can find them affordable.

Buying a home within the city centre is a great option for those who want to live in a central location but also have easy access to all that the city has to offer. Not only are city-centre homes typically more affordable than properties located outside of the city centre, but they also tend to have a higher quality of life. 

This is because city-centre homes are often located near major transportation hubs, commercial areas, and other amenities that make living in a city delightful.

Rent per month of an apartment in Accra

In Accra, rent per month for an apartment depends on the location, amenities, and quality of the apartment. This price difference is mainly due to the quality of the apartment, location, and amenities included.

The average rent for a one-bedroom apartment within the city centre of Accra costs around GH₵6,250.00, while the same apartment outside the city centre goes for around GH₵592.86. Also, the average rent for a three-bedroom apartment in the central district of Accra is around GH₵17,814.00 while one outside the city centre attracts rent of around GH₵2,598.75.

There are other accompanying costs that come with renting an apartment in Accra. It's always advisable to know the costs associated with renting a home in ghana because renting a home in Ghana is a little bit different than renting everywhere else in the world.

Properties located in city centres tend to be more expensive, but they also offer a lot of benefits. For example, they’re usually close to amenities like grocery stores, restaurants, and shopping centres.

Buying a property as a foreigner in Ghana

Foreigners who are considering moving to Ghana but still wondering how to purchase a home in Ghana, please do so because it is not only a wise investment but also a place where you and your family may live out the rest of your days. 

Foreigners can typically purchase a home without any limitations. However, there are some drawbacks for foreigners who have chosen to purchase real estate in Ghana. Since purchasing a home is seen as a long-term investment, it may be harder to finance the relocation if you only plan to stay for a short while. 

Please be aware that purchasing a home in Ghana does not qualify you for citizenship, permanent residency, or a visa. However, you can purchase a home even if you don't have Ghana residency status.