Yes, the analysis of Accra's property market is included in our pack
The question of 'the best neighborhood to buy a property in Accra' does not have a one-size-fits-all answer.
Some of you are buying to live there, while others want to make the best investment possible. Individual preferences and circumstances matter.
That’s why the article below is covering every intent.
At TheAfricanvestor, when we write a blog post or when we update our our property pack for Ghana, we want to bring solutions and cover different aims in a clear and organized way.
Enjoy the read, and please remember that we are not financial or investment experts. This article is for informational purposes only.
To improve the readability and user-friendliness of this article, we will categorize neighborhoods in Accra into various groups, including budget-friendly options, emerging hotspots, and areas with high rental demand, among others. Consequently, some neighborhoods may appear in multiple categories and be mentioned several times throughout the article.
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How is the real estate market in Accra?
The real estate market in Accra, Ghana's bustling capital, is quite a spectacle.
It's a vivid example of a city that has managed to blend modernity with rich cultural heritage, making it a magnet for a diverse range of property buyers. You might find yourself intrigued by the unique strengths of this city, which aren't just replicas of what you'd find elsewhere.
Firstly, Accra boasts a unique blend of urban development and natural beauty. The city's coastline, with pristine beaches like Labadi and Kokrobite, offers a scenic and tranquil environment that's rare in major cities.
This blend of urban life and natural retreats is a huge draw for people wanting to buy property here, especially for those seeking a balance between a fast-paced city life and serene natural surroundings.
Now, let's talk about the people flocking to buy properties in Accra. The city attracts a diverse crowd - from local business professionals and families looking for a comfortable urban life, to expatriates and foreigners drawn by Accra's economic potential and cultural richness.
The city is a hub for international business, thanks to Ghana's stable political climate and growing economy, making it particularly appealing to foreign investors and professionals.
Speaking of the real estate market's dynamism, here's a compelling data point: Accra has seen a consistent increase in property values over the past few years, outpacing many other African cities.
This trend is a clear indicator of the city's growing importance and the high demand for properties.
There's something quite special about properties in Accra. Many homes here, especially in upscale areas like Cantonments and Airport Residential Area, often incorporate elements of traditional Ghanaian architecture with modern designs.
This unique architectural blend isn't just aesthetically pleasing; it also reflects Ghana's cultural heritage, adding a unique value to these properties.
Looking towards the future, there are several reasons why properties in Accra will likely continue to gain in value. The city is becoming increasingly connected, with ongoing infrastructure projects like expanded road networks and improved public transportation.
This development will make commuting and connectivity easier, boosting property values in newly accessible areas.
Additionally, Accra is experiencing a cultural renaissance, with a growing arts scene, burgeoning tech industry, and an increasing number of cultural festivals and events.
These factors not only enhance the city's global appeal but also contribute to a rising demand for real estate.
Top neighborhoods in Accra to consider for living
Areas in Accra that are budget-friendly
If you're looking to buy property in Accra on a budget, there are a few neighborhoods you might want to consider.
Here is a summary table. Below, we will give more details.
| Neighborhood | Characteristics | Average Property Price | Property Types | Strengths | Weaknesses |
|---|---|---|---|---|---|
| Taifa | Upper-middle-class area, bustling days and calm nights | GH₵980,000 (Ga East Municipal) | Residential, family homes | Proximity to amenities, mature atmosphere | Higher rental costs due to demographic |
| Tantra | Serenity amidst busier areas, well-organized infrastructure | Not specified | Modern, family-oriented, and professional | Close to key locations, modern amenities | Potentially higher property prices |
| Galilea Kasoa | Rapidly developing, initially middle-income literates | Approx. 20,668.87 ₵/sqm (Outside Accra center) | Varied, catering to different income levels | Organized community, near major amenities | Distance from central Accra, fewer banking facilities |
Taifa
Located in the Ga- East Municipal District, Taifa is known for its blend of bustling day activities and calm nights.
It's popular with upper-middle-class citizens, many of whom are in their sixties or older, and who rent their properties to "well-cultured people." The area is close to the Achimota mall, has two post offices, a police station, and is near multiple hospitals and worship centers for both Christians and Muslims.
As for property types, it's mainly residential with an emphasis on family homes. The average property price in the Ga East Municipal area, where Taifa is located, is GH₵980,000.
The strengths of Taifa include its proximity to amenities and the calm, mature atmosphere. However, its weakness lies in the potentially higher rental costs due to the demographic of the landlords.
Tantra
This neighborhood is nestled between the noisier areas of Lapaz and St. John, offering an oasis of serenity.
It boasts well-organized road networks and houses, making commuting easy. Tantra is close to key locations like the Achimota mall, the largest Melcom retail outlet, and a range of high-end restaurants.
There are also numerous financial facilities, high-class Montessori schools, and hospitals in the vicinity. Properties here are likely more modern and cater to families and professionals.
Given its amenities and development, prices may be on the higher side of affordable.
Galilea Kasoa
Technically outside Accra, Galilea Kasoa has been absorbed into the city's expanding territory.
Initially settled by middle-income literates, it has a well-organized landscape. The area is near the West Hills Mall, several top-notch medical facilities like Finney hospital, and good educational institutions.
However, most banks are in neighboring communities, around 10-15 minutes away, although this is changing. Property types here are varied, catering to different income levels.
The average price per square meter for properties outside of Accra's center, which would include areas like Galilea Kasoa, is approximately 20,668.87 ₵.
The strengths of Galilea Kasoa include its organized community and proximity to major amenities, while its weaknesses are the distance from central Accra and fewer banking facilities.
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Areas in Accra that are popular and upscale
When looking to buy property in Accra, three neighborhoods stand out as upscale and popular choices. These neighborhoods each have their unique character and draw different types of residents.
| Neighborhood | Average Price per sqm | Resident Profile | Strengths | Weaknesses |
|---|---|---|---|---|
| East Legon | $3,000 | Affluent individuals, Expatriates | Modern infrastructure, Security | High cost of living, Traffic |
| Airport Residential Area | $2,800 | Expatriates, Elite Ghanaians | Proximity to airport, Luxury amenities | High property prices, Traffic |
| Cantonments | $2,500 | Diplomats, Affluent locals | Tranquil environment, Safety | Steep prices, Limited new developments |
East Legon
East Legon is known for its luxury and exclusivity.
It's one of Accra's most expensive neighborhoods, attracting affluent individuals and expatriates. The area boasts modern infrastructure, upscale residences, and amenities like high-end restaurants and shopping centers.
Property types range from luxurious apartments to sprawling villas in East Legon, with an average price per square meter of around $3,000. Residents are typically high-income earners, including business executives and diplomats. Strengths include its well-developed amenities and high security.
However, it's prone to traffic congestion, and the cost of living is high, making it less accessible for the average buyer.
Airport Residential Area
This neighborhood is synonymous with opulence and status.
Renowned for its high-end properties, it's a top choice for expatriates and the elite of Ghanaian society. You'll find a mix of modern apartments, townhouses, and large detached houses in Airport Residential Area, with prices averaging about $2,800 per square meter.
It's popular for its proximity to the Kotoka International Airport, quality schools, and luxury shopping. The residents are predominantly expatriates and affluent Ghanaians.
Its strengths are excellent infrastructure and a central location. The downside? High property prices and occasional traffic jams.
Cantonments
Cantonments is a prestigious and serene area, highly favored by diplomats and affluent locals.
The neighborhood offers a mix of old colonial houses and new upscale developments. Properties in Cantonments are costly, with an average price per square meter around $2,500. It's known for its quiet, tree-lined streets and exclusive facilities.
The area is inhabited by high-income individuals, including diplomats and senior business executives. Its main strengths are its tranquil environment and safety.
However, property prices are steep, and there's limited availability of new developments.
Make sure you understand the real estate market in Accra
Don't rush into buying the wrong property in Ghana. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.
Areas in Accra that emerge as new hotspots
Let's explore these emerging neighborhoods in Accra that, according to our local partners and our customers, are getting quite a bit of buzz lately.
| Neighborhood | Average Price per sqm | Resident Profile | Strengths | Weaknesses |
|---|---|---|---|---|
| Osu | $2,000 | Young professionals | Lively atmosphere, Entertainment options | Noise, Developing areas |
| Adenta | $1,500 | Middle-class professionals | Affordability, Suburban feel | Distance from center, Construction works |
| Achimota | $1,800 | Young families, Professionals | Green spaces, Community vibe | Traffic congestion, Varying property standards |
Osu
Osu is transforming from a bustling commercial hub into a trendy residential area.
Initially known for its vibrant nightlife and diverse shopping experiences, Osu is now attracting a younger, hip crowd looking for urban living. The area has seen a recent influx of modern apartments and renovated older homes. Prices are more affordable in Osu than in prime locations, averaging around $2,000 per square meter.
The neighborhood's evolution is driven by its central location and the growing demand for city living. Prices are expected to rise steadily as the area becomes more residential.
Osu's strengths include its lively atmosphere and variety of dining and entertainment options. However, it can be noisy, and some parts are still developing.
Adenta
Adenta was once a quiet, peripheral suburb of Accra.
It's now emerging as a sought-after residential area, especially among middle-class professionals. The neighborhood offers a mix of affordable housing options, including standalone homes and new apartment complexes in Adenta, with an average price per square meter of about $1,500.
Its rise in popularity is due to improved infrastructure, relatively lower property prices, and a more suburban feel. Prices are likely to appreciate as more developments spring up.
Adenta's strengths include its affordability and community feel. The main drawbacks are its distance from central Accra and ongoing construction works.
Achimota
Achimota is evolving from a traditional residential area into a more dynamic neighborhood.
Known for its historic school and lush greenery, it now appeals to young families and professionals. The area offers a variety of housing options, from older, colonial-style homes to new apartment complexes in Achimota, with prices around $1,800 per square meter.
Its popularity is increasing due to its balance between urban and suburban living, improved accessibility, and new commercial developments. Property prices are expected to grow as the area becomes more developed.
Strengths include its green spaces and community vibe, while weaknesses are occasional traffic congestion and varying property standards.
Make a profitable investment in Accra
Better information leads to better decisions. Save time and money. Download our guide.
Top neighborhoods in Accra to invest in property
Areas in Accra with a strong rental demand
If you're considering buying real estate in Accra for renting it out, these neighborhoods with high demand for rentals should be considered.
| Neighborhood | Property Type | Average Rent | Rental Yield | Pros | Cons |
|---|---|---|---|---|---|
| Osu | Apartments, Studios | $1,000 - $1,500/month | 8-10% | Vibrant area, expat-friendly | Noise, traffic |
| Airport Residential Area | Spacious Apartments, Houses | $2,500 - $4,000/month | 6-8% | Luxury, safety | High investment cost |
| East Legon | 2-4 Bedroom Houses, Apartments | $1,200 - $2,500/month | 7-9% | Near schools, amenities | Traffic congestion |
Osu
Osu is a hotspot for expatriates and young professionals due to its vibrant nightlife and close proximity to business districts.
It has a high demand for modern apartments and studios, particularly favored by single professionals or young couples. Rental properties in Osu can fetch around $1,000 to $1,500 per month for a one-bedroom apartment.
The rental yield often hovers around 8-10%. To maximize rental income, focus on properties near popular streets like Oxford Street.
However, be mindful of noise levels and traffic congestion, which can be turn-offs for some tenants.
Airport Residential Area
This area is popular among high-income expatriates and diplomats, seeking safety, luxury, and convenience.
Spacious apartments and detached houses in Airport Residential Area are in demand, with rents for a three-bedroom apartment ranging from $2,500 to $4,000 per month. The rental yield is around 6-8%.
Properties with added security features in Airport Residential Area, proximity to international schools, and amenities like swimming pools are more lucrative.
The downside is the high initial investment cost and the competitive market for luxury properties.
East Legon
Favored by middle to upper-middle-class families and professionals, East Legon has a strong demand for 2-4 bedroom houses and apartments.
Rents in East Legon can range from $1,200 to $2,500 per month, with a rental yield of about 7-9%. Properties near schools and shopping centers are particularly attractive.
To increase rental income, consider modern finishes and amenities like gyms.
However, traffic congestion can be a challenge in this area.
Don't lose money on your property in Accra
100% of people who have lost money in Ghana have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
Areas in Accra where property prices might increase in the future
In these areas in in Accra you can still find properties at a reasonable price, with room for appreciation as the neighborhoods develop.
| Neighborhood | Property Type | Average Price/Night | Target Tenants | Pros | Cons |
|---|---|---|---|---|---|
| Labadi | Apartments, Boutique Hotels | $100 - $150 | Vacationers, Weekenders | Beach proximity, tourist area | Seasonal occupancy |
| Cantonments | High-end Apartments, Guest Houses | $120 - $200 | Business Travelers | Close to embassies | High maintenance costs |
| Ridge | Luxury Apartments, Boutique Hotels | $150 - $250 | Business Travelers, Tourists | City views, landmarks | High competition |
Labadi
Labadi, known for its beach and tourist attractions, is perfect for short-term rentals targeting vacationers and weekenders.
Properties close to the beach and with sea views in Labadi are highly sought after. Guests usually prefer well-furnished apartments or boutique hotels with amenities like pools and Wi-Fi. The average price per night in Labadi can be around $100 to $150.
To improve occupancy rates, consider properties with unique features or proximity to the beach.
A challenge here is the seasonal nature of tourism which can affect occupancy rates.
Cantonments
Cantonments is favored by business travelers and short-term expatriates due to its proximity to embassies and business centers.
High-end apartments and guest houses in Cantonments are popular, with nightly rates ranging from $120 to $200.
Properties offering business-friendly amenities like high-speed internet and conference facilities are more lucrative.
Be aware that this area may have higher maintenance costs due to the upscale nature of properties.
Ridge
Ridge is another prime area for short-term rentals, attracting business travelers and tourists.
Luxurious apartments and boutique hotels in Ridge are in demand. The price per night varies in Ridge between $150 and $250.
Properties near landmarks or with city views tend to attract more guests. Offering extra services like airport pickups can be an advantage.
However, there is stiff competition in this area, so unique selling points are crucial.
Make sure you understand the real estate market in Accra
Don't rush into buying the wrong property in Ghana. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.