House prices continue to rise in Ghana
Residential property prices are surging to an all-time high, mainly buoyed by the influx of non-resident Ghanaians and foreign homebuyers, according to local real estate experts.
In Accra, the country’s capital, the average house price was GHS315,000 (US$86,957) in mid-2013, about 12% higher than in the rest of Ghana, based on a collection of house prices listed on Tonaton.com.
In recent years Ghana has seen a steady stream of other European and American passport holders of African descent arriving at Kotoka International airport, responding to the resource boom and a manufacturing boom. They collect their possessions from shipping containers at Tema port and search for homes in Accra’s popular residential areas. They are coming for what seem like the limitless opportunities in what has often been seen as one of Africa’s best-run countries.
Mercedes and Lexus abound, with designer label clad passengers. The district around the embassies and consulates is awash with the totems of success – giant satellite dishes, gated driveways that stretch into the distance. There are luxury housing estates that would not be incongruous if situated in Beverly Hills. The social elites and expatriates can find all their home comforts and Western goods at prices far in excess of the average Ghanaian’s pocket. Supermarkets and restaurants cater to their every need in air-conditioned comfort.
Yet this is a very poor country, marked by high inequality.
The most expensive area in Accra is the Airport Residential Area, with average house prices of GHS950,000 (US$262,250). Other expensive areas in the capital include East Legon GHS800,000 (US$220,842) and Spintex GHS600,000 (US$652,632).
The least expensive houses in Accra can be found in Madina with averages price of GHS200,000 (US$55,211), followed by Kwabenya and Abokobi, with average house prices of GHS245,000 (US$67,633) and GHS210,000 (US$57,971), respectively.
In the rest of Ghana, house prices remained cheap, at an average of GHS280,000 (US$77,295) over the same period. In Kumasi, the average price of a house stood at GHS220,000 (US$60,732) in mid-2013. In Sekondi-Takoradi, the average house price was GHS180,000 (US$49,690) over the same period. Cape Coast has the least expensive houses in Ghana, at an average of GHS120,000 (US$33,126).
But for all the hype about Ghana’s growth and its good government, the country is now in trouble again. The country has just decided to begin the process of applying for an IMF bailout.
The economy grew by 5.5% in 2013, a sharp slowdown from the annual GDP growth rates of 7.9% in 2012, 15% in 2011, and 8% in 2010, according to the International Monetary Fund (IMF). The economy is projected to grow by about 4.8% in 2014 – and
There are no restrictions on foreigners buying property in Ghana. However, there are four forms of land ownership, some of which cannot be privately owned. Each involves differing modes of acquisition. These are: Government Land, Vested Land, Customary/Stool Land, and Family/Private Land.
Potential buyers should first consult the Ghana Investment Promotion Center regarding procedures, and to be directed to the appropriate agencies involved in legally acquiring property, since identifying legal ownership can be a problem.
Source : http://www.globalpropertyguide.com