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 is happening in Ghana’s real estate market? Are prices going up or down? Is Accra still a hotspot for foreign investors? How is Ghana’s government impacting real estate policies and taxes in 2025?
These are the questions everyone is asking us every day—professionals, buyers, and sellers alike, from Kumasi to Takoradi and beyond. Perhaps you’re wondering the same thing.
We know this because we stay deeply connected with local professionals and people like you, diving into the Ghanaian real estate market every single day. That’s why we created this article: to provide clear answers, insightful analysis, and a well-rounded perspective on market trends and dynamics.
Our goal is simple: to ensure you feel informed and confident about the market without needing to look elsewhere. If you think we missed the mark or could do better, we’d love to hear your thoughts. Feel free to message us with your feedback or comments, and we’ll work hard to improve this content for you.
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1) Affordable housing prices will rise due to high demand and limited supply
In Ghana, property prices in cities like Accra and Kumasi have been climbing and are expected to keep rising through 2025.
With urban growth rates averaging 4.2%, more people are flocking to cities, which means the demand for housing is skyrocketing. By 2030, a whopping 65% of the population is expected to live in urban areas, making the need for affordable housing even more pressing. Despite efforts to reduce the national housing deficit from 2.8 million in 2010 to 1.8 million in 2022, there's still a big gap in available homes.
The middle class in Ghana is expanding, and with it, their purchasing power. This group is on the hunt for quality homes that fit their lifestyle and income, especially in urban areas. But here's the catch: land for new developments is scarce due to issues like land tenure insecurity and high transaction costs, which means fewer new homes are being built, pushing prices up.
Real estate agencies are seeing a surge in demand for affordable housing, fueled by the growing urban population and rising disposable incomes. Ghanaians have a strong preference for owning homes rather than renting, which only adds to the demand. Meanwhile, construction costs are climbing because of inflation and import duties, making new homes pricier to build. These costs inevitably get passed on to buyers, driving up market prices.
Affordable housing projects are feeling the squeeze, with high demand and limited supply leading to price increases. The combination of a growing urban population, a rising middle class, and limited land availability is creating a perfect storm for higher property prices. As more people seek to own homes, the pressure on the housing market intensifies, making it a challenging environment for potential buyers.
Sources: The BFT Online, UN Habitat, Ministry of Works and Housing, Stock Titan, Ghana Price Forecasts
2) The diaspora will significantly impact the real estate market by investing in properties back home
The Ghanaian real estate market is seeing a big boost from the diaspora's growing interest in buying property back home.
With remittances to sub-Saharan Africa hitting $49 billion in 2023, there's a strong financial connection between Ghanaians abroad and their homeland. This money flow is a key driver in the real estate sector, as many in the diaspora are eager to invest in properties.
Events like the Ghana-Diaspora Home Purchase Expo in 2024 are making it easier for these investors to find opportunities. These expos are not just about showcasing homes; they highlight the increasing desire of Ghanaians living overseas to own a piece of their country.
The government is also playing a part with initiatives like the Diaspora Engagement Policy, which encourages investments by creating a welcoming environment. This policy isn't just about money; it taps into the skills and knowledge of the diaspora to help Ghana grow.
Thanks to these efforts, there's a noticeable rise in real estate projects aimed specifically at diaspora buyers. These projects bring fresh capital and new ideas, enriching the market and offering diverse options for potential buyers.
Sources: African Property Magazine, Ghanaian Times, Afrika VC
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) Property values in Takoradi will increase as the oil and gas industry grows
Takoradi is on the brink of a property boom thanks to the expanding oil and gas industry.
With the recent inauguration of a $100 million Oil and Gas Services Terminal at Takoradi Port, the area is becoming a hub for offshore supply services and heavy engineering. This development is not just about infrastructure; it's about making Takoradi a magnet for industry-related activities, which naturally boosts property values.
As the oil and gas sector grows, so do job opportunities. This means more professionals and expatriates are moving to Takoradi, increasing the demand for housing. The influx of these workers is pushing up property values, especially with the rising demand for high-end rentals driven by urbanization and foreign companies setting up shop in Ghana.
Looking at other oil-rich areas like Houston, we see a pattern: when the oil and gas industry thrives, property values tend to rise. The Ghanaian government is also committed to investing in industrial and energy sectors, which is a good sign for Takoradi's property market. This commitment is likely to boost property values as the area becomes more developed.
New commercial and residential projects are popping up, supported by a projected 5.4% annual growth rate in the construction industry from 2025 to 2028. This growth is a clear indicator that property values in Takoradi are set to rise, making it an attractive option for potential buyers.
For those considering buying property in Takoradi, the combination of infrastructure development, job growth, and government investment makes it a promising opportunity. The expansion of the oil and gas sector is a key driver, and with the right timing, investing in Takoradi could be a smart move.
Sources: The BFT Online, BOT Ghana, Business Wire
4) Accra’s rental yields will rise with growing demand for urban living spaces
Rental yields in Accra are on the rise as more people flock to the city for urban living.
With over 61% of Ghana's population expected to live in urban areas by 2025, Accra is becoming a hotspot for renters. This shift means a lot more people will be on the hunt for city apartments, driving up demand. As the city grows, the Greater Accra Region is feeling the squeeze with a notable increase in population density. This pressure on housing means landlords can charge more, boosting rental yields.
Accra's middle class is expanding, and with it, their wallets. As people earn more, they can afford higher rents, which naturally pushes up rental prices. The city is also seeing a boom in the short let market. Tourists and business travelers are opting for rentals over hotels, adding another layer of demand. This trend is particularly strong in areas where the government is improving infrastructure, making them more attractive and accessible.
These infrastructure upgrades are not just about convenience; they are increasing property values too. As certain neighborhoods become more desirable, rental yields follow suit. The combination of a growing population, rising incomes, and better infrastructure is creating a perfect storm for property investors in Accra.
For those considering buying property in Accra, these trends are worth noting. The city's rental market is not just growing; it's evolving. With more people choosing urban living and the government investing in infrastructure, the demand for rental properties is set to keep climbing.
Sources: My Joy Online, Stats Ghana, Villa Sharks
5) Short-term rental yields will increase in tourist-heavy areas as travel activity rises
Ghana is seeing a surge in international tourism, with numbers climbing back to 63% of what they were before the pandemic.
Thanks to the Ghana Tourism Development Project, 29 key attraction sites are getting a facelift, aiming to draw in two million tourists by 2024. This means more visitors will be looking for places to stay, boosting the demand for short-term rentals.
In 2022, travel and tourism made a significant impact on Ghana's GDP, and this is expected to grow. With initiatives like the Destination Ghana campaign, the tourism sector is set for a bright future, which could mean better returns for those investing in short-term rental properties.
As Ghana continues to invest in its tourism infrastructure, the country is becoming a more attractive destination for international travelers. This increased travel activity is likely to drive up short-term rental yields in popular tourist areas.
For property investors, this is a promising time to consider short-term rentals in Ghana. The combination of government support and rising tourist numbers suggests that rental properties could see higher occupancy rates and returns.
With the tourism sector on the rise, those looking to invest in Ghana's property market might find that short-term rentals offer lucrative opportunities in the coming years.
Sources: Oxford Business Group, Trade.gov, GNA, EIR 2023
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6) Demand for retirement-friendly housing will grow as the population ages
Ghana's aging population is growing, with over half a million men aged 65 and above in 2023.
This demographic shift is prompting the Ghanaian government to take action, such as introducing the National Rental Assistance Scheme (NRAS) to help low-income seniors find decent housing.
There's a noticeable buzz in the real estate market around age-restricted housing, with a 40% increase in absorption rates for senior housing in 2024, showing strong demand.
People are increasingly looking for homes that cater to older adults, reflecting a broader trend towards retirement-friendly housing options.
Life expectancy in Ghana is expected to rise significantly by 2100, further fueling the need for housing that accommodates an aging population.
As more seniors seek suitable living arrangements, the market is responding with innovative solutions to meet their needs.
Sources: Trading Economics, Database Earth, MWH Ghana, NIC MAP Vision
7) Urban areas will see a rise in high-rise apartment popularity due to space constraints
In Ghana, the urban population is booming with over 20 million people by 2023.
As cities like Accra and Kumasi grow, the demand for housing is skyrocketing, but there's a catch—land is scarce and prices are climbing. This makes building upwards with high-rise apartments a smart move, as they can house more people without needing more land.
Interestingly, the government is on board with this shift. In 2024, they rolled out the Local Economic Development Policy, which is all about modernizing urban areas and boosting infrastructure. This policy is a green light for high-rise projects, making them appealing to both developers and future residents.
High-rise living isn't just a trend; it's becoming a necessity. With more people flocking to urban areas, 65% of the population is expected to live in cities by 2030. This means more high-rise buildings are likely to pop up to meet the housing demand.
For those considering buying property in Ghana, high-rise apartments are becoming a popular choice. They offer a practical solution to the space constraints in bustling urban centers, providing modern living spaces without the hefty land costs.
So, if you're eyeing a property in Ghana, keep an eye on these high-rise developments. They're not just a trend; they're a response to the growing urban population and limited land availability.
Sources: UN Habitat, Macrotrends, MLGRD Ghana
8) City-center property demand will rise as urbanization attracts more people to urban areas
Urbanization is reshaping the demand for city-center properties as more people flock to urban areas.
In Ghana, the urban population has surged past 20 million, growing at nearly 3% each year. This trend shows that people are moving to cities for better opportunities and living conditions. By 2022, over 57% of Ghanaians were city dwellers, and this number is only expected to rise.
City centers are in high demand because they offer easy access to jobs, social amenities, and improved infrastructure. This migration from rural to urban areas naturally boosts the need for housing in these bustling hubs. The appeal of urban living is clear: better economic opportunities and enhanced living conditions draw people in.
Real estate market analyses reveal that property prices in urban areas remain high due to limited housing supply and increasing demand. Both new migrants and existing residents are vying for these prime locations. Surveys back this up, showing that people are attracted to cities for the promise of a better life.
Infrastructure projects in cities like Accra and Kumasi are making urban living even more enticing. These developments improve connectivity and living conditions, further driving the demand for city-center properties. As these projects progress, urban areas become even more appealing to potential residents.
Sources: Trading Economics, Alafarika, World Bank, IMF eLibrary
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) Residential development in Tema will rise as it becomes a major logistics hub
Tema is rapidly becoming a key logistics center, and this transformation is paving the way for more residential development.
The expansion of Tema Port, which kicked off its second phase in 2023, is a game-changer. This $150 million project is set to boost the port's capacity, turning it into a hub for large vessels and increasing trade. As a result, businesses and warehouses are flocking to Tema, creating jobs and drawing in workers who will need nearby housing.
The Ghanaian government is also playing a big role by promoting Tema as a logistics hub, which is fueling economic growth. With the economy expected to grow by over 5% annually in the coming years, construction and logistics sectors are booming. This economic upswing is driving up demand for homes, especially near industrial zones where new jobs are popping up. The residential market in Tema is already heating up, with property values climbing and developers launching new projects.
Transportation links connecting Tema to other regions are getting a facelift, making the area more accessible and appealing to both businesses and residents. This improved connectivity, along with supportive government policies, is encouraging more people to consider living in Tema. As Tema continues to evolve as a logistics center, the demand for homes is expected to rise, leading to more residential development.
For those eyeing property in Tema, it's worth noting that the area is becoming a hotspot for residential growth. The combination of job opportunities, improved infrastructure, and government backing is making Tema an attractive place to live. Investors and homebuyers are taking notice, and the trend is likely to continue as the logistics sector expands.
Sources: Estate Intel, Dredging Today, CNBC Africa
10) Virtual reality tours will become standard in property listings, improving the buying experience
By 2025, virtual reality tours have become a standard feature in property listings, transforming how people buy homes.
Back in 2023, 67% of home buyers wanted virtual tours when browsing listings, and more than half preferred them over just photos. This shift is all about giving buyers a more immersive experience, letting them explore properties as if they were there in person.
Listings with virtual tours saw a big boost in engagement, with potential buyers spending 5-10 times longer on these websites. This extra attention paid off for sellers, as homes with virtual tours sold for 9% more on average and closed 31% faster than those without.
Tech advancements have made VR more accessible and affordable. In Ghana, by early 2023, internet penetration was at 68.2%, with most people using mobile phones to get online. This widespread internet access, along with a median mobile speed of 7.90 Mbps, made it easier for folks to dive into VR.
Real estate companies in Ghana are jumping on the VR bandwagon, offering immersive tours to attract buyers. They're teaming up with tech firms to create advanced VR solutions, making the buying process smoother and more engaging.
These partnerships are crucial, as they help develop cutting-edge VR tools that enhance the buying experience. As a result, virtual reality tours are becoming a must-have in property listings, offering a new way to explore homes without leaving your couch.
Sources: PhotoUp, Gender and Digital, Numalis, GlobeNewswire, Statista
11) Sekondi will draw more investors with new port developments boosting its economic prospects
In recent years, Sekondi has become a hotspot for investment thanks to major upgrades in its port infrastructure.
The Sekondi-Takoradi Metropolitan Assembly is actively working with private partners to fund these projects, with investments exceeding $3,500 million. This shows a strong commitment to boosting the port's capabilities through Public-Private Partnerships.
In 2023, the government announced the new port of San Juan de Marcona, requiring nearly $520 million in investment. This highlights the ambitious scale of port developments in the area, which are expected to significantly increase trade volumes.
For instance, the Port of Takoradi saw its cargo traffic grow from 20.1 million tons in 2001 to over 52.4 million tons by November 2022. This growth is a clear indicator of the region's expanding trade capacity.
Improved transportation links and vessel handling services at the Port of Takoradi have made trade operations more efficient, which is crucial for businesses that depend on smooth logistics. This efficiency is a key factor in attracting new businesses to the area.
The port's expansion is also expected to create numerous job opportunities, further boosting the local economy and making Sekondi an appealing destination for investors.
Sources: MoFEP, Invest in Peru, Log Cluster
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12) Eco-friendly homes will become more popular as buyers grow more environmentally conscious
Eco-friendly homes are gaining traction as people become more environmentally conscious.
In Ghana, there's been a noticeable uptick in eco-friendly property developments recently. Projects like the Lahagu Housing Project in Tamale and the Knightsbridge Project in Accra are leading the way. These developments are setting new benchmarks by incorporating green building measures that significantly cut down on energy and water usage.
The demand for sustainable building materials is also on the rise. In 2024, the hardware and building materials market in Ghana saw a boost in revenue, indicating a shift towards environmental consciousness. This trend suggests that more people are keen on minimizing the environmental impact of construction.
Consumer surveys reveal a growing preference for green homes, bolstered by initiatives like the GREDA Green Building Certification. This certification is all about integrating sustainability into construction, promoting energy efficiency, and reducing environmental impact. As awareness of climate change grows, media coverage and public discussions about sustainable living are also on the rise.
These conversations are nudging consumer preferences towards eco-friendly homes. The GREDA Green Building Certification is a game-changer, encouraging developers to adopt sustainable practices. This shift is not just about reducing carbon footprints but also about creating healthier living spaces.
As more people become aware of the benefits of eco-friendly homes, the market is likely to see even more growth. The combination of consumer demand and innovative projects is paving the way for a greener future in real estate.
Sources: The BFT Online, Statista, YFM Ghana, Miami Daily Life
13) Rising middle class will boost demand for mid-range housing developments
The growing middle class in Ghana is driving up demand for mid-range housing.
In 2023, Ghana's GDP per capita was $5,286, and it's expected to jump to $8,960 by 2043. This means more money in the pockets of the middle class, making it easier for them to buy better homes. As people earn more, they naturally look for improved living conditions, and this is where mid-range housing comes into play.
Urbanization is also a big player here. Cities like Accra and Kumasi are expanding fast, with Kumasi being the fastest urbanizing city in the country. As more people flock to these urban areas, the need for housing skyrockets. This urban shift is not just about numbers; it's about lifestyle changes and the desire for modern amenities that city life offers.
Ghana's banking sector is showing some muscle too. In the first half of 2024, banking assets grew by 33.3%. This growth means banks are more capable of offering loans, making it easier for the middle class to secure financing for homes. With more financing options, home ownership becomes a reality for many who previously couldn't afford it.
All these factors combined create a perfect storm for the housing market. The middle class is not just growing in numbers but also in financial capability, thanks to a resilient economy and a supportive banking sector. This is why mid-range housing developments are becoming increasingly popular and necessary.
Sources: ISS Africa, Taylor & Francis Online, World Bank
14) Properties in well-connected neighborhoods will become more desirable with improved public transport systems
Improved public transport systems can significantly boost the desirability of properties in connected neighborhoods.
Take Accra, for example, where the introduction of the Bus Rapid Transit (BRT) system has been a real game-changer. With backing from the World Bank and the Government of Ghana, this system has made commuting faster and safer. Naturally, this makes nearby properties more appealing to potential buyers who are looking for convenience and efficiency.
In 2023 and 2024, property prices in Accra were already climbing due to high demand and limited housing supply. The addition of efficient public transport options like the BRT only adds to this trend. Neighborhoods with easy access to these systems become even more desirable because people value the convenience and time savings that come with reduced commute times.
Accra's urban population has been growing at an average rate of 2% over the past decade, which further fuels the demand for housing in areas with good public transport links. Neighborhoods such as East Legon and Spintex have become more attractive due to these developments, drawing in both residents and investors who see the potential for growth and convenience.
For those considering buying property, it's worth noting that areas with improved transport links often see a rise in property values. Investors are particularly keen on these neighborhoods because they offer a promising return on investment. The BRT system in Accra is a prime example of how transport infrastructure can transform a city's real estate landscape.
So, if you're thinking about buying property in Accra, keep an eye on areas with new or improved transport links. These neighborhoods are likely to see increased demand, making them a smart choice for both living and investing. The convenience of reduced commute times and the appeal of modern infrastructure are hard to resist.
Sources: Copenhagen Consensus, Oxford Business Group
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Ghana. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
15) Property demand in the Ashanti region will rise due to increased mining activities
The Ashanti region is buzzing with increased mining activities, sparking a surge in property demand.
With Asante Gold Corporation investing US$525 million to boost gold production at Bibiani and Chirano Mines, the area is set for a transformation. This isn't just about digging up gold; it's about creating jobs. The Newmont Ahafo North Project, for instance, is gearing up to start mining by the end of 2024, promising a wave of new employment opportunities. As workers flock to the region, the local population will grow, and so will the need for housing.
The Ghanaian government is playing its part by issuing more mining leases and permits, signaling a broader economic boom. As the Ashanti region's economy strengthens, residents will likely seek better living conditions, pushing property demand even higher. Plus, infrastructure improvements, like better roads linked to mining, will make the area more accessible and potentially boost property values.
Real estate experts are already noticing a trend: property prices in Ghana are on the rise, especially in mining hotspots like Ashanti. This is driven by increased disposable incomes and job opportunities, which fuel demand for homes. All these elements point to a strong likelihood of rising property demand in the Ashanti region.
For those considering buying property here, it's worth noting that the region's growth isn't just about mining. The influx of people and money is likely to spur development in other sectors too, from retail to services, making it an exciting place to invest.
So, if you're eyeing property in the Ashanti region, now might be the time to act. With the combination of mining investments, government support, and infrastructure development, the area is poised for significant growth.
Sources: African Mining Market, GNA, Mongabay
16) Ghana’s coastal areas will attract more property investors with new tourism initiatives
The coastal areas of Ghana are catching the eye of property investors, thanks to new tourism initiatives.
Ghana's government is pouring resources into modernizing key attractions like the National Museum and Kwame Nkrumah Memorial Park. This is part of a larger plan to boost tourism infrastructure, making coastal properties more appealing.
Tourism is on the rise, with 500,000 tourists visiting in the first half of 2023. The goal is to hit 1.2 million by year-end, and by 2025, the aim is for 2 million international tourists annually. This surge is expected to increase demand for coastal real estate.
New hotels and resorts are popping up along the coast, including eco-friendly projects that align with Ghana's green goals. These developments are not just for tourists; they also attract investors interested in sustainable and profitable ventures.
The 'Destination Ghana' initiative is a big push to promote the country as a top tourist spot. This aims to generate significant revenue and boost the local economy.
Sources: The BFT Online, Oxford Business Group
17) Real estate interest in the Volta region will grow with the expansion of its eco-tourism industry
The Volta region is becoming a hotspot for eco-tourism, which is sparking interest in its real estate market.
In 2022, the area welcomed 44,676 tourists, a jump from the previous year's 27,795 visitors, generating ¢626,282 in revenue. This surge in tourism is a major reason why more people are looking at real estate opportunities here. Investors are eyeing the potential for eco-friendly accommodations and luxury resorts along Lake Volta, the world's largest man-made lake. The lake's stunning scenery and the growing eco-tourism trend are making it a prime spot for development.
The Ghana Tourism Authority is playing a big role by promoting the Volta region's unique cultural and natural attractions, which is further boosting tourism. This increased attention is not just about numbers; it's about the quality of experiences that the region offers. The government is also stepping up by investing in infrastructure projects like roads and public transportation, which are crucial for enhancing property values. Better connectivity means more people can easily visit and invest in the area.
Real estate agents are noticing a rise in inquiries, showing that interest in the Volta region's eco-tourism potential is growing. This is not just a passing trend; it's a sign that the region is becoming a key player in Ghana's tourism and real estate sectors. The combination of natural beauty, cultural richness, and improved infrastructure is making the Volta region an attractive option for those looking to invest in property.
Sources: The BFT Online, Business Ghana, The BFT Online
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.