Apartment investment in Accra in 2025: a good idea?

Authored by the expert who managed and guided the team behind the Ghana Property Pack

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THE AFRICANVESTOR

A team specialized in real estate investing in African countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Accra. If you'd like to learn more about us, you can check our presentation page.

What's the current price per square meter for apartments in different Accra neighborhoods?

As of September 2025, apartment prices in Accra vary dramatically by neighborhood, with premium areas commanding significantly higher rates than emerging districts.

Cantonments leads the market at $1,500-$2,000 per square meter, particularly for ultra-luxury projects that cater to high-net-worth individuals and international executives. Airport Residential Area follows closely at $1,400-$1,800 per square meter, benefiting from its proximity to Kotoka International Airport and numerous diplomatic missions.

East Legon, a well-established residential area popular with both locals and expatriates, ranges from $1,200-$1,500 per square meter. Ridge, known for its central location and government presence, commands $900-$1,200 per square meter. The broader Central Accra average sits between $1,500-$1,600 per square meter, reflecting the premium placed on central locations.

Emerging areas offer more affordable entry points, with Adenta averaging around $1,500 per square meter for certain projects, while areas like Tema Community 25 and Spintex present opportunities with properties ranging from $150,000-$350,000 total, translating to lower per-square-meter costs.

These price differentials reflect factors like infrastructure quality, security, amenities, and proximity to business districts and international facilities.

How have apartment prices moved in Accra over the past five years, and what's expected for the next three years?

Accra's apartment market has demonstrated consistent upward momentum over the past five years, with prices increasing 5-8% year-on-year through 2024.

Prime residential areas have seen particularly strong performance, with overall price increases of 20-25% over the five-year period. For example, 3-bedroom houses in East Legon and Cantonments that were priced at $360,000-$480,000 in 2020 now command $450,000-$600,000, representing substantial appreciation for early investors.

The growth has been driven by several factors including Ghana's economic stability, increasing expatriate presence, infrastructure improvements, and limited supply of quality housing in prime locations. Foreign investment and diaspora remittances have also contributed to sustained demand pressure.

Looking ahead to 2025-2028, market forecasts predict continued annual appreciation of 5-8%, with prime areas potentially achieving double-digit annual growth in exceptional years. This forecast is supported by ongoing infrastructure improvements including roads, transport systems, and utilities that are expected to sustain momentum and boost values particularly in emerging suburbs.

The outlook remains bullish due to Ghana's growing economy, expanding middle class, and continued foreign investment in the country's real estate sector.

Which Accra areas show the fastest short-term growth versus long-term stability?

The Accra market presents distinct opportunities for different investment timeframes, with certain neighborhoods offering rapid appreciation while others provide steady, reliable growth.

For fast appreciation, Cantonments, Airport Residential Area, and East Legon lead the market with 15-20% annual growth in peak years and 8-12% in typical years. These areas benefit from established infrastructure, high expatriate demand, and limited land availability that drives premium pricing.

Emerging short-term hotspots include Tema Community 25 and Appolonia City, which are experiencing rapid value increases due to ongoing infrastructure investment and significantly lower entry prices compared to established areas. These neighborhoods offer the potential for substantial capital gains as they mature and attract more residents and businesses.

For stable long-term investments, Ridge and Osu provide consistent, steady growth driven by their diplomatic presence and central business district proximity. These areas have established rental markets and maintain their value through economic cycles due to their strategic importance and government/international organization presence.

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What are the rental yields across different districts and apartment types?

How quickly do apartments rent out and what are the occupancy rates?

Accra's rental market demonstrates strong demand across different segments, with varying performance based on location and property type.

For long-term rentals, prime areas maintain exceptionally high occupancy rates of 85-95%, with apartments in East Legon, Airport Residential, and Cantonments typically renting within weeks of being listed. This rapid absorption reflects the limited supply of quality housing in these desirable locations and strong expatriate demand.

Studio apartments show particularly strong performance, often renting within weeks due to high demand from expatriate professionals and young Ghanaians entering the workforce. These units benefit from their affordability relative to larger apartments while still offering modern amenities.

The short-term rental market, including Airbnb-style accommodations, shows median occupancy rates of around 32%, with top-performing properties generating monthly gross revenues of $1,346-$2,147. This segment benefits from Accra's growing business travel and tourism sectors.

Less established neighborhoods may require longer marketing periods, but the overall rental market remains robust due to Ghana's growing economy and increasing urbanization driving demand for quality housing options.

What's the typical resale timeline and price appreciation for apartment investments?

Accra's apartment resale market offers attractive returns for investors willing to hold properties for appropriate timeframes, with appreciation potential varying significantly by location and holding period.

For a typical 3-year holding period, investors can expect 15-30% total price appreciation, with prime neighborhoods at the higher end of this range. This represents solid returns that often exceed inflation and provide real wealth creation for property owners.

Five-year investments show more substantial gains, with appreciation potential reaching up to 50% in the best-performing areas. This timeframe allows investors to benefit from infrastructure development cycles and neighborhood maturation that drives increased demand and premium pricing.

Long-term 10-year holdings in prime neighborhoods have historically delivered 100%+ appreciation, representing doubling of the initial investment value. These returns reflect Accra's sustained economic growth and the limited supply of prime real estate in established locations.

Liquidity varies by location, with prime neighborhoods offering faster resale opportunities measured in weeks to a few months, while up-and-coming districts may require more extensive marketing efforts and longer holding periods to achieve optimal sale prices.

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How do infrastructure projects affect property values in key Accra areas?

Infrastructure development serves as a primary driver of property value appreciation across Accra, with ongoing and planned projects significantly impacting investment returns.

The Accra-Tema Motorway expansion and related transport improvements are boosting property values in peripheral areas like Tema Community 25 and Appolonia City. These projects reduce travel times to central business districts and make previously less accessible areas more attractive to residents and businesses.

Power grid upgrades and water infrastructure improvements are particularly valuable in a market where reliable utilities command premium pricing. Areas benefiting from these upgrades see immediate appreciation as they become more attractive to quality tenants and buyers.

Gated community developments with integrated infrastructure are creating new premium submarkets, particularly in emerging areas where developers are building comprehensive residential environments with security, utilities, and amenities that command higher prices and rental rates.

Core established areas like Cantonments and Airport Residential benefit from their proximity to embassies, international schools, and business parks, with ongoing diplomatic and commercial expansion supporting long-term demand and sustaining premium pricing even without major new infrastructure projects.

What's the minimum realistic budget needed to buy apartments in Accra by location and type?

Entry-level investment in Accra's apartment market varies significantly by target neighborhood and property type, with options available across a wide spectrum of budgets.

For prime area apartments, investors should budget $250,000-$400,000 for quality 2-3 bedroom units in neighborhoods like Cantonments, East Legon, or Airport Residential. Studios and small 1-bedroom units in these premium locations range from $150,000-$300,000, offering lower entry points while maintaining exposure to high-appreciation areas.

Emerging suburban areas present more accessible opportunities, with entry-level investments starting from $70,000. Modern 1-bedroom or small 2-bedroom units in developing areas can be acquired for under $150,000, making them attractive for first-time investors or those seeking higher yields.

Studio apartment investments represent a particularly attractive segment, with quality units in prime areas available for $100,000-$120,000 while offering the highest short-term yield potential in the market. These properties benefit from strong rental demand from young professionals and expatriates.

Ultra-luxury segment properties, including penthouses and luxury villas, command $1 million and above, targeting high-net-worth individuals and representing the top tier of the Accra market.

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Which neighborhoods suit high-end buyers versus budget-conscious investors?

Accra's diverse neighborhood landscape offers distinct opportunities for different investor profiles and budget levels.

High-End Investment Areas:

1. Cantonments: Ultra-luxury market with diplomatic and executive housing, offering capital preservation and steady appreciation
2. Airport Residential Area: Premium expatriate community with excellent infrastructure and international amenities
3. East Legon: Established upscale residential area with balanced growth potential and strong rental demand
4. Ridge: Central location with government and diplomatic presence ensuring stable long-term value
5. Labone/Osu: Coastal areas with cultural significance and growing gentrification trends

Budget-Friendly Investment Areas:

1. Tema Community 25: Rapid infrastructure development with high growth potential and affordable entry points
2. Spintex: Good connectivity with emerging commercial development and reasonable property prices
3. Adenta: Growing residential area with new developments and moderate pricing
4. Ayi Mensah: Peripheral location with development potential and low entry costs
5. Parts of Osu: Mixed-income area with gentrification potential and diverse property options

How do taxes, fees, and mortgage rates impact your net returns in 2025?

Understanding the full cost structure of Accra apartment investment is crucial for accurate return calculations and investment planning.

Transaction costs in Ghana typically range from 7-11% of the purchase price, including transfer taxes, legal fees, and agency commissions. These upfront costs must be factored into investment calculations, though they can be amortized over the holding period for long-term investors.

Property taxes in Ghana remain relatively low by international standards, often representing less than 1% of property value annually. This favorable tax environment helps preserve rental yields and reduces ongoing ownership costs compared to many international markets.

Mortgage financing presents challenges, with local currency loans typically carrying rates of 18-26% per annum for non-residents. However, USD or foreign currency mortgages may be available at 10-14% for qualifying buyers, making financing more accessible for international investors.

Currency considerations are important, as most prime property sales are quoted in USD while local buyers often finance in Ghana cedis. This creates both opportunities and risks depending on exchange rate movements and the investor's base currency.

Despite these costs, the combination of high rental yields and strong appreciation potential in stable areas can offset financing and transaction expenses, particularly for investors with longer holding periods.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Ghana versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

What short-term versus long-term risks should apartment investors expect?

Accra's apartment investment market presents different risk profiles across various timeframes, requiring careful consideration of both immediate and future challenges.

Short-term risks include potential oversupply in the new luxury tower segment, as several high-end developments are completing simultaneously in 2025-2026. Construction delays remain common in Ghana's development sector, potentially affecting planned rental income or resale timing for investors in new projects.

Currency volatility represents an ongoing concern, particularly for investors earning rental income in Ghana cedis while holding USD-denominated properties. Exchange rate fluctuations can significantly impact returns when converted to foreign currencies.

Medium to long-term risks include potential political or economic policy shifts that could affect foreign ownership regulations or property taxation. Ghana's generally stable political environment reduces these risks compared to some regional markets, but investors should monitor policy developments.

Inflation pressures could affect construction costs and property maintenance expenses, though these are typically offset by rental increases and property value appreciation in prime locations.

Prime area investments generally face lower rental market volatility but command higher entry prices, while peripheral and emerging areas offer higher potential returns but with greater exposure to market fluctuations and development risks.

What's the best investment strategy for different goals: living, renting, or reselling?

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

It's something we develop in our Ghana property pack.

Sources

1. TheAfricanVestor - Apartment Investment Accra Analysis
2. TheAfricanVestor - Accra Price Forecasts
3. Vaal Real Estate - Studio Living Maximum Returns
4. Vaal Real Estate - Ghana House Prices 2025
5. Quao Realty - Building vs Buying Ghana Analysis
6. Vaal Real Estate - Accra Property Market
7. MyJoy Online - Accra Luxury Apartment Market Trends
8. Eden Heights - Studio Apartment in Accra