Authored by the expert who managed and guided the team behind the Ghana Property Pack
Everything you need to know before buying real estate is included in our Ghana Property Pack
What do the latest numbers reveal about Ghana’s real estate market? Are property prices on the rise, or are they stabilizing? Which cities offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Ghana, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) In 2024, residential property prices in Accra rose by 5%
In 2024, the average price for residential properties in Accra increased by 5%.
People are flocking to areas like East Legon and Cantonments because they offer desirable amenities and a prestigious lifestyle. These neighborhoods are in high demand, but the number of available homes is limited, which naturally pushes prices up.
Foreign investors are also eyeing Accra, especially for luxury homes in upscale neighborhoods. Their interest is adding fuel to the fire, making property prices climb even higher.
Accra is experiencing rapid urbanization, and with it comes an expanding middle class eager to buy homes. This shift is contributing significantly to the rising demand for residential properties.
All these factors combined are creating a perfect storm for property prices in Accra, making it a hot market for potential buyers.
Source: Enmaa Ghana
2) Rental yields in Accra stayed stable at 8% to 10% on average in 2024
In 2024, rental yields in Accra held steady at 8% to 10% on average.
Accra's prime areas saw a consistent demand for residential properties, even as Ghana faced economic hurdles. People continued to seek homes in these sought-after locations, which helped keep rental prices and yields stable.
The allure of luxury apartments and gated communities in urban settings also played a role. These properties often command higher rents, which can stabilize yields despite broader market challenges.
Moreover, Ghana's real estate market, including Accra, was shaped by a significant housing deficit. This shortage kept rental properties in demand, further supporting stable yields.
Sources: Villasharks, African Property Magazine, PropHunt GH
We have made this infographic to give you a quick and clear snapshot of the property market in Ghana. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
3) Over 40% of middle-income families in Accra rented homes in 2024
In 2024, over 40% of Accra’s middle-income families rented homes.
The real estate market in Ghana, particularly in Accra, was buzzing with activity. Rapid urbanization and a growing middle class fueled this boom, making the housing market fiercely competitive. Many families found themselves in a tight spot, with limited homes available, nudging them towards renting as a practical solution.
Affordability was another big issue. New constructions were mostly high-end, leaving a gap in affordable housing. This imbalance caused rental prices to inflate, making it tough for middle-income families to buy homes. Renting, therefore, became the go-to option for many.
Accra's urban population was swelling, with predictions that 65% of the population would live in cities by 2030. This rapid growth spiked the demand for housing, including rentals. However, challenges like limited land and high construction costs made buying homes even harder, pushing more families to rent.
Sources: Rescgh Insights, African Property Magazine, RMK Realty Ghana
4) Housing demand in Kumasi is expected to grow by 8% in 2025 due to urbanization
In 2025, housing demand in Kumasi is projected to grow by 8% due to urbanization.
Urbanization is reshaping Ghana, with cities like Kumasi and Accra becoming magnets for people seeking better opportunities. This shift is not just a trend; it's a significant movement. In 2023 and 2024, many people moved to cities for improved economic prospects and living conditions. This migration is a key reason behind the rising demand for homes.
By 2021, Ghana's urban population had reached 18.4 million, according to the Oxford Business Group. This surge in city dwellers has led to a noticeable increase in registered residential buildings. As Kumasi grows, it continues to attract more residents, further boosting the need for housing.
The real estate market in Kumasi is feeling the impact of this urbanization. African Property Magazine highlights how this trend is driving the demand for more housing. The city is expected to see an 8% increase in housing demand by 2025, a direct result of its expanding population.
Urbanization is a powerful force, reshaping cities and creating new opportunities. As more people flock to Kumasi, the demand for housing will continue to rise. This growth is not just a statistic; it's a reflection of the city's dynamic transformation.
For potential property buyers, understanding these trends is crucial. The ongoing urbanization in Kumasi means that investing in real estate could be a smart move. With the city's population expected to keep growing, the demand for housing will likely remain strong.
Sources: African Property Magazine, Oxford Business Group
5) Accra’s property market added 2,000 new units in 2024, but demand still outpaces supply
In 2024, Accra's property market added 2,000 new units, yet demand still outstripped supply.
Accra is a bustling hub with a significant undersupply of housing, especially in the mid to low-end sector. This area sees the most demand, meaning that even with new developments, the need for homes continues to exceed what's available. The city's strategic location and growing population are key factors driving this persistent demand.
While the addition of new units is a positive step, it barely scratches the surface of the broader housing needs. The overall development pipeline was set to bring in 23,000 units, indicating that the 2,000 units added were just a small part of a larger ongoing effort to address the housing shortage.
Accra's central position makes it a magnet for people seeking opportunities, further fueling the housing demand. The city's growth is not just about numbers; it's about the quality and affordability of housing, which remains a challenge. The mid to low-end sector, in particular, is where the majority of the need lies, and this is where the market struggles to keep up.
Despite the new units, the demand continues to outpace supply, highlighting the need for more comprehensive solutions. The city's strategic location and the growing population contribute to this persistent demand. The housing market in Accra is a dynamic and challenging environment, with demand consistently outstripping supply.
In summary, while the addition of new units is a positive step, it is not enough to meet the high demand for housing in Accra. The city's strategic location and the growing population contribute to this persistent demand.
Source: Market Analysis of Ghana's Housing Sector 2023-2024
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6) Accra’s high-end property market transaction volumes rose by 4% in 2024
In 2024, Accra's high-end property market saw a 4% increase in transaction volumes.
Luxury apartments and gated communities in Accra became the talk of the town. With a growing demand for modern living spaces, more people were drawn to these upscale properties, complete with premium amenities. This surge in interest naturally led to more transactions.
The residential sector didn't lag behind either. Thanks to urbanization and a rising middle class, there was a steady growth in demand for high-end properties. Developers jumped on this opportunity, offering competitive pricing and modern amenities, making these properties even more appealing.
Meanwhile, the commercial sector was buzzing with activity. Prime locations like Cantonments and Airport City in Accra became hotspots for high-end real estate investments. This influx of investment further boosted the market's activity.
Developers were quick to respond to the market's needs, ensuring that high-end properties were more accessible to potential buyers. This strategic move played a significant role in the increased transaction volumes.
Overall, the combination of a rising middle class, urbanization, and strategic investments in prime locations contributed to the vibrant growth of Accra's property market in 2024.
Sources: African Property Magazine, African Property Magazine, Seso Global
7) Over 35% of residential transactions in Ghana in 2024 were for investment purposes
In 2024, over 35% of residential transactions in Ghana were for investment purposes.
This surge in investment was largely due to the steady growth in the residential property market, particularly within the middle-income segment. As urbanization increased and the middle class expanded, more people were drawn to the idea of owning property in Ghana.
Foreign investors, including expatriates and Ghanaians living abroad, showed significant interest in the market. This wasn't just about finding a home; many were looking at properties as investment opportunities, highlighting the market's appeal.
Ghana's political stability and growing economy made it an attractive spot for investors. The favorable investment climate further encouraged this trend, creating a strong environment for residential property investments.
These factors combined to align with the broader trend of increased foreign investment. The appeal of Ghana as an investment destination was clear, with many seeing it as a promising opportunity.
Sources: African Property Magazine, African Property Magazine, RES C Ghana
8) In 2024, building a 3-bedroom house in Ghana cost about $60,000
In 2024, building a 3-bedroom house in Ghana cost around $60,000.
Ghana's real estate market is on the rise, especially in the residential sector. Despite challenges like high borrowing costs and a large housing deficit, the market remains resilient. This resilience is fueled by factors such as urbanization, demographic changes, and international investments.
Construction costs in Ghana vary significantly depending on location, materials, and labor. In major cities like Accra, Kumasi, and Takoradi, development is booming due to a growing middle class and increasing population. This growth directly impacts housing demand and construction expenses.
Urbanization is a key driver, with more people moving to cities, creating a higher demand for housing. This shift is not just about numbers; it's about the changing lifestyle and aspirations of Ghanaians. International investments are also playing a crucial role, bringing in new technologies and construction methods.
However, the high cost of borrowing remains a significant hurdle for many potential homeowners. This challenge is compounded by the housing deficit, which continues to be a pressing issue. Yet, the market's resilience is evident as it adapts to these challenges, finding innovative solutions to meet the growing demand.
In summary, while building costs are substantial, the factors driving the market's growth are strong. The combination of urbanization, demographic shifts, and international investments is shaping the future of Ghana's real estate landscape.
Sources: Prophunt Ghana, African Property Magazine, African Property Magazine
We made this infographic to show you how property prices in Ghana compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
9) Ghana's population grew by 2.3% in 2024, boosting housing needs
The population of Ghana grew by 2.3% in 2024, increasing housing needs.
In 2023, the Ghana Statistical Service highlighted a housing deficit of 2 million units. This shortage existed even before the recent population growth, indicating a significant gap between available homes and the number needed. As more people settle in Ghana, this gap is expected to widen, making it crucial for potential buyers to understand the market dynamics.
To tackle this issue, the Ghanaian Government introduced the "My Home, My Peace" program in 2023. This initiative aims to make housing more affordable and boost the number of homes available. Despite these efforts, the demand for housing continues to outstrip supply, presenting a persistent challenge for the country.
For those considering buying property in Ghana, it's essential to recognize that the housing market is under pressure. The growing population and existing housing deficit mean that competition for available properties is likely to be fierce. This situation could influence property prices and availability, making it a critical factor in your decision-making process.
Understanding the local housing initiatives, like "My Home, My Peace," can provide insights into potential opportunities and challenges. While these programs aim to alleviate the housing shortage, the pace of new construction may not keep up with the rising demand. This reality underscores the importance of staying informed about market trends and government policies.
As Ghana's population continues to grow, the housing sector remains a dynamic and evolving landscape. For prospective buyers, being aware of the ongoing housing challenges and government efforts can help navigate this complex market.
Sources: Countrymeters, Citi Newsroom, Trade.gov
10) Around 50% of urban housing projects in Ghana in 2024 were funded by private developers
In 2024, about 50% of urban housing developments in Ghana were financed by private developers.
This surge in private sector involvement is largely due to the Revised National Affordable Housing Program, launched in August 2023. The program aimed to cut housing development costs by up to 40% through partnerships with local authorities and the private sector. This initiative was a game-changer, making it more attractive for private developers to invest in urban housing.
However, the path wasn't entirely smooth. High mortgage rates and a lack of dedicated housing funds posed significant challenges. These financial hurdles made it tough for many developers to secure the necessary financing, limiting their ability to dive into new projects.
To tackle these issues, the government rolled out the National Housing and Mortgage Fund (NHMF). This initiative aimed to create better mortgage products and encourage private sector participation. Yet, it also underscored the need for more efficient financing mechanisms, which could have affected the level of private sector involvement.
Despite these efforts, the housing finance system in Ghana still faced obstacles. The need for more accessible financing options was clear, as these challenges likely influenced how much private developers could contribute to housing projects.
Overall, while private developers played a significant role, the journey was marked by financial challenges and the need for improved funding solutions.
Sources: Trade.gov, Modern Ghana
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.