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 Kumasi’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does local 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 Kumasi, 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) Building material costs in Kumasi rose by 7% in 2024
The average cost of building materials in Kumasi increased by 7% in 2024.
This rise was part of a broader trend across Ghana, where building material costs were climbing due to economic pressures. The depreciating cedi, inflation, and higher import duties made it more expensive to buy essentials like cement, a key construction component.
Global factors also played a role. For instance, rising crude oil prices and energy costs added to the burden. These, along with local taxes and raw material costs, pushed prices up nationwide, affecting Kumasi as well.
In regions like Accra, data showed fluctuating prices for materials such as cement and iron rods. This fluctuation mirrored the national trend, suggesting Kumasi faced similar challenges.
Therefore, the 7% increase in Kumasi's building material costs in 2024 reflects these national and global economic influences.
Sources: MyJoyOnline, Scientific Research Publishing
2) Kumasi's average property tax rate is currently 1.5% of the property's value
In Ghana, property tax rates vary by location and property type.
Take Accra, for example. In one residential area, the tax rate is 0.17% for properties valued at GHC 1 million, which means an annual tax of GHC 1,700. This highlights how tax rates can differ significantly depending on where you are.
Now, let's talk about Kumasi. Here, property owners pay taxes annually based on their property's assessed value. The average property tax rate in Kumasi is currently 1.5% of the property's value. This rate can vary depending on the property's location and classification.
In Kumasi, like other regions, the tax rate is influenced by the property's classification. Residential properties often have lower tax rates compared to non-residential ones, which is a common trend across Ghana.
Understanding these differences is crucial if you're considering buying property in Ghana. The tax rate you pay can significantly impact your annual expenses, so it's important to know the specifics of the area you're interested in.
Whether you're looking at Accra or Kumasi, knowing the local tax rates can help you make a more informed decision. Keep in mind that property tax rates are subject to change, so staying updated is key.
Sources: Rent Chamber, Villa Sharks, FazWaz

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.
3) The average price of a three-bedroom house in Kumasi rose by 5% in 2024
The average price of a three-bedroom house in Kumasi increased by 5% in 2024.
This rise is largely due to Kumasi's rapid urbanization and infrastructure boom. The city is evolving into a bustling commercial hub, drawing in more people and businesses eager to capitalize on its growth.
Key developments like the expansion of Kumasi International Airport and the completion of major road networks have made the city more accessible than ever. This improved connectivity has sparked interest from both local and international buyers, driving up housing demand.
The city's growing middle class is also playing a significant role. With a strong preference for modern amenities, these buyers are fueling the demand for new residential developments that cater to their lifestyle needs.
Affluent groups, including business people and expatriates, are particularly keen on investing in Kumasi's real estate market. Their interest is a testament to the city's appeal as a lucrative investment destination.
As Kumasi continues to develop, the real estate market is expected to remain vibrant, offering opportunities for those looking to invest in a city on the rise.
Sources: The African Investor, African Property Magazine
4) The average size of a new apartment in Kumasi is now 85 square meters
Kumasi is grappling with a serious housing shortage.
With an average household size of 5.8 people, the city is bustling with families. Typically, there are around 3.5 households per house, which means many homes are packed to the brim. This high occupancy rate often leads to cramped living conditions, making it challenging for residents to find comfortable spaces.
In response to these challenges, developers are likely designing new apartments to fit more people, which could explain why the average size of a new apartment in Kumasi is now 85 square meters. This size might seem small, but it's a practical solution to accommodate the growing population.
As Kumasi continues to expand, the demand for housing is pushing developers to think creatively. The focus is on maximizing space while ensuring that families have a place to call home. This trend reflects the city's efforts to balance population growth with available living spaces.
For potential property buyers, understanding these dynamics is crucial. The city's housing market is evolving, and new apartments are a testament to how Kumasi is adapting to its population's needs. This shift is not just about numbers; it's about creating livable environments for its residents.
As you consider investing in Kumasi, keep in mind the city's unique housing landscape. The average apartment size might be smaller, but it's a strategic move to address the housing deficit and provide more homes for its people.
Sources: AJOL, Ghana Statistical Service
5) Building material costs in Kumasi increased by 13% in 2024
The cost of building materials in Kumasi rose by 13% in 2024.
One key reason for this increase is the significant rise in prices of essential materials like cement and iron rods. In 2023, cement prices in Kumasi were 90 CS for 32.5R and 108 CS for 42.5R, while iron rods ranged from 116 to 120 Ghana Cedis. These price hikes were evident from the start of the year, showing a clear trend of rising costs.
Broader economic factors also played a crucial role. Studies indicate that crude oil prices, energy costs, local taxes, and raw material costs are major determinants of building material prices in Ghana. These elements likely contributed to the overall increase in costs.
Moreover, Ghana's national development plan, which aims to manage economic growth and stability, might have indirectly influenced market dynamics, thereby affecting material prices.
Understanding these factors is essential for anyone considering property investment in Kumasi, as they directly impact construction costs and, consequently, property prices.
Keeping an eye on these trends can help potential buyers make informed decisions, especially in a market where prices are subject to such fluctuations.
Source: YouTube
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6) Kumasi's population grew by 2.8% in 2024, boosting housing demand
The population of Kumasi grew by 2.8% in 2024, driving housing demand.
As more people flock to Kumasi, the city is seeing a noticeable uptick in housing needs. This shift is largely due to urbanization, with many moving from rural areas to Kumasi for better opportunities. The city's economic growth is also a magnet, attracting both locals and Ghanaians returning from abroad, which further fuels the housing market.
Young professionals and small families are particularly drawn to apartments and townhouses. These housing options are gaining popularity as they align with the evolving lifestyle preferences of Kumasi's residents. The city's growing population is a key driver behind this trend.
With Kumasi's development, the demand for housing is not just about numbers; it's about meeting the needs of a changing demographic. The city's appeal is broadening, making it a hotspot for those seeking modern living spaces.
As Kumasi continues to expand, the real estate market is adapting to cater to the influx of new residents. This means more construction and development projects are underway to accommodate the growing population.
For potential property buyers, Kumasi offers a dynamic market with opportunities to invest in a city that's on the rise. The demand for housing is a clear indicator of the city's vibrant future.
Sources: World Population Review, RESC Ghana
7) In 2024, rental agreements in Kumasi typically lasted 12 to 18 months
In 2024, rental agreements in Kumasi typically lasted 12 to 18 months.
This duration aligns with the general practice in Ghana, where fixed-term leases are the norm. Most leases in the country are set for about a year, reflecting a common approach to rental agreements.
In Ghana, you can choose between a fixed-term lease or a periodic tenancy, but fixed-term leases are more prevalent. This is especially true in major cities like Kumasi, where the rental market follows national trends.
Kumasi, being a significant urban center, mirrors the leasing patterns seen across Ghana. The 12 to 18-month lease duration is influenced by the same factors affecting lease terms nationwide.
These factors include economic conditions, tenant preferences, and landlord policies, all contributing to the standard lease duration in Kumasi.
Understanding these patterns can help potential property buyers or renters in Kumasi navigate the market more effectively, knowing that lease agreements are typically set for a year or more.
Sources: Prophuntgh.com, Rentchamber.com
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.