Are you looking to buy affordable homes in Ghana? Ghana is a country with a growing real estate market, and foreigners can own property in Ghana, including residential and commercial properties.
Compared to some other foreign markets, Ghana has relatively affordable homes, and there are diverse options available, from cheap townhouses to modern apartments and luxurious villas, catering to various budgets, preferences, and lifestyles.
In this blog post, we will provide a comprehensive guide to buying affordable homes in Ghana, including financing options, legal requirements, location-specific information, and the rent-to-own program.
Table of Contents
What Are Some of Tips And Tricks You Need To Know When Buying A House In Ghana As A Foreigner
Financing Options
When it comes to financing options for buying affordable homes in Ghana, there are several options available, including cash purchase, international mortgage, and local mortgage.
Cash Purchase
Buying with cash allows full ownership and avoids financing costs, but large purchases may require wiring funds internationally.
International Mortgage
Some international banks offer mortgages for properties in Ghana, providing leverage but also carrying repayment obligations.
These are some of the banks:
- Stanbic Bank: Stanbic Bank is one of the premier banks in Ghana that provides home loans and mortgage facilities. Home loans and mortgages are spread over a long term of 5 to 20 years depending on the amount. With Stanbic, the only limit on the loan amount is your income. There are six different home loan options to choose from.
- First National Bank: The land purchase mortgage from First National Bank helps you own land in Ghana.
- Ecobank: Ecobank offers mortgages in Ghana, and the process of acquiring a mortgage is quite simple. You can walk into their office at any of their local branches and request a mortgage form. You will be guided through the process and the necessary documents to submit.
- Ghana International Bank: Ghana International Bank offers mortgages to Ghanaians living in the UK who want to buy property in Ghana. The bank offers a range of mortgage products, including fixed-rate mortgages, variable-rate mortgages, and interest-only mortgages.
- Barclays Bank: Barclays Bank offers mortgages to Ghanaians living in the UK who want to buy property in Ghana. The bank offers a range of mortgage products, including fixed-rate mortgages, variable-rate mortgages, and interest-only mortgages.
Local Mortgage
Mortgages can be obtained from banks in Ghana, which can be a more affordable option for foreign buyers. However, the process can be complex, and it is essential to research and understand the requirements and procedures involved.
Legal Requirements
To buy a property in Ghana as a foreigner, you need to meet certain requirements and follow specific procedures. These include applying for permission through the Ministry of Lands, submitting a letter of grant or title deed, a copy of the title deed (if you are leasing), a map of the land, and evidence that you are not a citizen of Ghana. Ghana requires foreigners to submit a $25 application fee.
Location-Specific Information
When considering a place to buy a house in Ghana you need to know where you are going and how the place looks like. Below are all the Regions in Ghana and their major cities:
- Greater Accra Region:
- Accra (Capital city): Vibrant and cosmopolitan, Accra is the political, economic, and cultural hub of Ghana. Expect a mix of modern amenities, historical sites, and a lively atmosphere.
- Ashanti Region:
- Kumasi: Known as the “Garden City,” Kumasi is the cultural heartbeat of Ghana. Expect a rich cultural heritage, vibrant markets, and a warm community.
- Brong-Ahafo Region:
- Sunyani: A peaceful city with a blend of modern and traditional elements. Expect a serene environment, friendly locals, and access to nature.
- Central Region:
- Cape Coast: Historically significant, Cape Coast offers beautiful coastal scenery, historic forts, and a laid-back lifestyle. Expect a mix of history, culture, and beachfront living.
- Eastern Region:
- Koforidua: Known for its annual Easter celebrations, Koforidua is a serene city surrounded by hills. Expect a tranquil setting, colorful festivals, and a close-knit community.
- Northern Region:
- Tamale: The largest city in northern Ghana, Tamale has a growing urban vibe. Expect a mix of traditional and modern living, friendly locals, and cultural diversity.
- Upper East Region:
- Bolgatanga: Surrounded by savannah landscapes, Bolgatanga offers a unique experience. Expect a quiet lifestyle, traditional crafts, and access to natural attractions.
- Upper West Region:
- Wa: A laid-back city with a strong sense of community. Expect a slower pace of life, traditional festivals, and proximity to national parks.
- Volta Region:
- Ho: The capital of the Volta Region, Ho has a relaxed atmosphere and is known for its picturesque landscapes. Expect a peaceful environment, diverse culture, and natural beauty.
- Western Region:
- Sekondi-Takoradi: A twin-city with a growing economy due to the oil and gas industry. Expect a mix of urban and coastal living, along with industrial development.
- Western North Region:
- Sefwi-Wiawso: Surrounded by forested areas, Sefwi-Wiawso offers a tranquil environment. Expect a connection to nature, traditional customs, and a close community.
- Savannah Region:
- Damongo: A relatively small town with a peaceful atmosphere. Expect a quieter lifestyle, cultural traditions, and access to natural attractions.
- North East Region:
- Nalerigu: A town with a rural feel, Nalerigu is known for its health facilities and serene surroundings. Expect a close-knit community and simplicity in lifestyle.
- Oti Region:
- Dambai: Located along the Volta River, Dambai offers a tranquil setting. Expect a relaxed lifestyle, river views, and access to agricultural activities.
- Bono East Region:
- Techiman: A vibrant town with a mix of agriculture and commerce. Expect a blend of traditional and modern living, along with a lively market scene.
- Ahafo Region:
- Goaso: A small town surrounded by forests and hills. Expect a quiet environment, traditional festivals, and a close community.
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Affordable Housing Developments in Ghana
- Affordable Townhouses: These are typically smaller homes with multiple levels and shared walls with neighboring properties. They are often more affordable than standalone houses and can range in price from $20,000 to $50,000.
- Apartments: Apartments are a popular choice for those looking for affordable housing options. They can range in size from studio apartments to larger units with multiple bedrooms. Prices for apartments can vary widely, but they generally start at around $15,000 and can go up to $50,000 or more depending on the location and size.
- Villas: Villas are typically larger, standalone homes with private yards and outdoor spaces. They are often more expensive than townhouses and apartments, with prices starting at around $50,000 and going up to $200,000 or more depending on the location and size.
- Luxury Homes: Luxury homes in Ghana can range in price from $200,000 to $2 million or more, depending on the location, size, and amenities.
- Commercial Properties: Commercial properties, such as office complexes, shopping malls, retail stores, and markets, can also be owned by individuals. Prices for commercial properties can vary widely, depending on the location, size, and type of property.
Reputable Real Estate Agents and Brokers in Ghana
Here are some reputable real estate agents and brokers in Ghana:
- Polen Realty: Polen Realty is a well-known real estate agency in Ghana, offering a wide range of properties for sale and rent. They have a team of experienced professionals who can help you find the perfect property to suit your needs.
- CBC Ghana: CBC Ghana is a registered property brokerage and development company, specializing in land sales. They have a strong reputation for providing quality services to their clients.
- Broll Ghana: Broll Ghana is a leading real estate agency in Ghana, offering a comprehensive range of services, including property management, valuation, and consulting.
- Shelter Mart: Shelter Mart is a real estate agency that offers a variety of properties for sale and rent, including apartments, houses, and commercial properties.
- Sell Rent Ghana: Sell Rent Ghana is a real estate agency that specializes in helping clients find the perfect property to buy or rent. They have a wide range of properties available, including affordable homes.
- Ghana Prime Properties Limited (GPPL): GPPL is a premier and reliable online platform for buying, selling, and renting exclusive prime properties and real estate in Ghana. They also provide consultancy services on all property-related needs.
- Akka Kappa Ghana: Akka Kappa Ghana is a real estate agency that offers a wide range of properties for sale and rent, including affordable homes.
- Westfield Real Estate: Westfield Real Estate is a real estate agency that specializes in helping clients find the perfect property to buy or rent. They have a wide range of properties available, including affordable homes.
- Dwellys: Dwellys is a real estate agency that offers a variety of properties for sale and rent, including affordable homes.
- Lakeside Estate: Lakeside Estate is a real estate developer that offers high-quality homes and properties for sale and rent. They have a proven track record of delivering quality homes and excellent customer service.
Property Management Services in Ghana
| Property Management Service | Pricing | Services Offered | Contact |
|---|---|---|---|
| Black Label Property Management | Not available | Property management, rental services, property maintenance, and cleaning solutions | [Contact Link] |
| Pelican Properties | Not available | Property management, tenant placement, rent collection, property maintenance, and financial reporting | [Contact Link] |
| Regus Ghana | Not available | Property management, office space rental, virtual office services, meeting room rental, and business lounge access | [Contact Link] |
| AIRBNB Property Management Service Ghana | Not available | Property management for Airbnb properties in Accra | [Contact Link] |
| TSJ Property Management | Not available | Handling of properties, maintenance of properties, handling rentals of properties, cleaning solutions for homes and businesses | [Contact Link] |
Rent-to-Own Program
The government of Ghana has implemented a rent-to-own program to help low to middle-income earners have access to quality housing. The program allows tenants to rent a property for a specified period, with the option to purchase the property at the end of the lease term.
Real Estate Market Trends
Ghana’s real estate market is set for substantial growth, with a projected 5.53% increase from 2023 to 2028, reaching a market volume of US$567.60 billion.
The country’s strong economic growth, urbanization, and housing demand contribute to its appeal. Key trends include government initiatives supporting the industry, a persistent housing deficit providing investment opportunities, and urbanization driving demand for residential properties.
Despite challenges like housing deficits and land issues, the market shows promising growth and investment potential, marked by factors like high demand for luxury communities, significant foreign investor involvement, and a rising need for urban residential properties.
Cultural and Social Aspects of Living in Ghana
Understanding the cultural and social aspects of living in Ghana can help foreigners adjust to the new environment and make the most of their investment.
- Family and Community: Family and community are highly valued in Ghanaian culture, with a strong emphasis on respect for elders and the importance of social connections.
- Religion: Christianity is the most widely practiced religion in Ghana, with a significant number of Muslims and traditional religious practitioners.
- Festivals and Celebrations: Ghana has a rich cultural heritage, with numerous festivals and celebrations throughout the year, such as Christmas, naming ceremonies, puberty initiations, marriages, and funerals.
- Dress and Appearance: Ghanaians place a lot of emphasis on how people dress, and it is essential to dress well when attending social events or visiting someone’s home.
- Dining Etiquette: Ghanaians enjoy entertaining in their homes, and it is essential to accept any invitation as a sign of respect.
- Greetings and Social Interactions: Ghanaians are known for their hospitality and friendliness, and it is essential to be hospitable, kind-hearted, and respectful in public gatherings and other social interactions.
- Business Culture: Ghanaian business culture is characterized by a strong emphasis on relationships and networking, with a focus on building trust and rapport before discussing business matters.
- Education: Education is highly valued in Ghanaian culture, with a strong emphasis on formal education and professional associations.
- Traditional Social Values: Traditional social values, such as respect for elders and the veneration of dead ancestors, are generally more evident among the rural than the urban population, but they are gaining ground among the urban diaspora.
- Arts and Culture: Ghana has a rich cultural heritage, with numerous cultural institutions, such as the National Museum, the National Theatre, and the Institute of African Studies, promoting the perpetuation of Ghana’s traditional drama, drums, and musical heritage.
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Advantages and Disadvantages of Buying Affordable Homes in Ghana
Advantages of Buying Affordable Homes in Ghana
- Government Support: The government of Ghana supports affordable housing developments, which eliminates many potential risk elements in investing.
- Rising Demand: Due to population expansion, there is an ongoing demand for affordable housing in Ghana, presenting an opportunity to invest in property with steady demand.
- Housing Opportunities: Affordable houses in Ghana create housing opportunities for low-to-middle-income households, making homeownership a realistic and attainable goal for more Ghanaians.
- Steady Investment: Affordable housing in Ghana presents an opportunity to invest in property with steady demand, whether you’re a developer, landlord, or passive investor.
- Cheaper Option: Building your own home is eventually cheaper than buying a property directly from a real estate company or a developer.
Disadvantages of Buying Affordable Homes in Ghana
- Limited Financing: Limited access to financing can be a barrier for low to middle-income earners looking to afford a home in Ghana.
- High Demand, Low Supply: The demand for affordable housing in Ghana exceeds the supply, leading to a shortage of housing options and driving up prices.
- Infrastructure Challenges: Inadequate infrastructure in certain areas can affect the desirability and affordability of affordable homes in Ghana.
- Housing Deficit: The housing deficit in Ghana currently exceeds 1.8 million, which poses a challenge in meeting the demand for affordable housing.
- Construction Costs: The cost of acquiring land for residential development has surged in recent years, particularly in urban areas, making it more challenging to build affordable homes.
List of Houses For Sale In Kumasi
| Property Type | Location | Price Range (GH₵) | Bedrooms | Bathrooms | Condition | Furnishing | Property Size | Facilities |
|---|---|---|---|---|---|---|---|---|
| House | Kumasi Metropolitan | |||||||
| Mansion | Bousie Kumasi | 5,500,000 | 8 | 5 | Uncompleted | – | – | Dinning area, storeroom |
| Duplex | Ahenema Kokoben | 1,900,000 | 4 | 5 | – | – | – | – |
| Mansion | Denkyemuoso | 3,000,000 | 5 | 5 | – | – | – | – |
| Mansion | Kumasi Metropolitan (Bousie) | 917,700 | 8 | 5 | Uncompleted | – | – | Dinning area, storeroom |
| Duplex | Knust Ahesan | 2,800,000 | 4 | 5 | – | – | – | – |
| House | Daban | 3,600,000 | 4 | 5 | – | Furnished | – | Pool |
| House | Santasi Kokoben | 1,300,000 | 4 | 4 | – | – | – | – |
| Mansion | Denkyemuoso | 2,800,000 | 5 | 5 | – | – | – | – |
| Mansion | Kumasi Metropolitan (Bousie) | 917,700 | 8 | 5 | Uncompleted | – | – | Dinning area, storeroom |
| Duplex | Knust Ahesan | 2,800,000 | 4 | 5 | – | – | – | – |
| House | Daban | 3,600,000 | 4 | 5 | – | Furnished | – | Pool |
| House | Santasi Kokoben | 1,300,000 | 4 | 4 | – | – | – | – |
| Condo | Cullands Ghana | 1,100,000 | 3 | 4 | Newly Built | – | – | – |
| Mansion | Kumasi Metropolitan (Bousie) | 3,666,508 | 8 | 4 | – | – | – | – |
| Mansion | Denkyemuoso | 3,000,000 | 5 | 5 | – | – | – | – |
| Mansion | Kumasi Metropolitan (Bousie) | 917,700 | 8 | 5 | Uncompleted | – | – | Dinning area, storeroom |
| Duplex | Knust Ahesan | 2,800,000 | 4 | 5 | – | – | – | – |
| House | Daban | 3,600,000 | 4 | 5 | – | Furnished | – | Pool |
| House | Santasi Kokoben | 1,300,000 | 4 | 4 | – | – | – | – |
| Condo | Cullands Ghana | 1,100,000 | 3 | 4 | Newly Built | – | – | – |
| Mansion | Kumasi Metropolitan (Bousie) | 3,666,508 | 8 | 4 | – | – | – | – |
| Mansion | Denkyemuoso | 3,000,000 | 5 | 5 | – | – | – | – |
| Duplex | Knust Ahesan | 2,800,000 | 4 | 5 | – | – | – | – |
| House | Daban | 3,600,000 | 4 | 5 | – | Furnished | – | Pool |
| Apartment | Top Boat Estate | 2,500,000 | 8 | 5 | Furnished | – | – | – |
Conclusion
In conclusion, buying affordable homes in Ghana can be a great investment opportunity for foreigners. However, it is essential to research and understand the real estate landscape, including property rights, legal issues, and financing options.
Seeking guidance from seasoned professionals, such as real estate attorneys, can help navigate these complexities. With this comprehensive guide, we hope to provide valuable information to foreigners looking to buy affordable homes in Ghana.
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