What will happen in Ghana’s real estate market? Will prices go up or down? Is Accra still a hotspot for foreign investors? How is Ghana’s government impacting real estate policies and taxes in 2025?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with notaries, real estate agents, and clients who buy properties in Ghana, we’ve gained firsthand insights.
That’s why we created this article: to provide clear answers, insightful analysis, and a well-rounded perspective on market predictions and forecasts.
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) Foreign buyers will keep investing in Accra because it’s a business hub
Accra is a hotspot for foreign property buyers, and this trend shows no signs of slowing down.
In 2023, Ghana experienced a notable surge in foreign direct investment, with a 22% increase in FDI, reaching $229 million. This uptick highlights the growing interest of international investors in Accra’s potential. The city’s real estate market is thriving, with foreign investors accounting for nearly 30% of high-end property purchases. This influx of capital is fueling the development of luxury homes and commercial spaces, making Accra even more enticing for global buyers.
Accra’s appeal is further enhanced by its strong international connectivity. The city offers non-stop flights to 33 destinations across 25 countries, making it a convenient hub for business travelers and expatriates. This ease of access is a significant draw for those looking to invest in a city that is both a business and cultural center.
For those considering a move, Accra’s vibrant lifestyle and economic opportunities are hard to ignore. The city is not just about business; it offers a rich cultural scene and a welcoming community, making it an attractive place to live and work. The combination of economic growth and lifestyle appeal is why Accra continues to attract foreign buyers.
Insider knowledge suggests that the city’s infrastructure is continually improving, with new developments and amenities catering to the needs of international residents. This ongoing development is a testament to Accra’s commitment to maintaining its status as a leading business hub in the region.
With its strategic location and growing economy, Accra is poised to remain a top choice for foreign investors. The city’s ability to blend business opportunities with a high quality of life makes it a unique destination for those looking to invest in property abroad.
Sources: GNBCC, The Greens GH, Flight Connections
2) Rent prices in coastal areas will rise as they become more popular tourist spots
Coastal regions in Ghana are becoming hot spots for tourists, drawing more visitors each year.
In the first half of 2023, around 500,000 tourists visited these coastal areas, highlighting their growing allure. This surge is not just a number; it’s a testament to the region’s charm and the unique experiences it offers.
With this influx, short-term rental demand has skyrocketed. Tourists are increasingly turning to platforms like Airbnb to find places that let them soak in Ghana’s stunning beaches and vibrant culture. This trend is pushing rental prices up, making it a lucrative time for property owners.
Behind this boom is a series of government initiatives aimed at boosting tourism. Programs such as ‘Destination Ghana’ are investing heavily in upgrading tourism facilities and infrastructure, aiming to draw millions more visitors by 2025.
These efforts are not just about numbers; they are about making coastal areas even more attractive to tourists. As a result, rental prices in these regions are expected to rise, driven by their increasing popularity.
Sources: The BFT Online, Akka Kappa Ghana, Oxford Business Group
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) More foreign buyers will seek vacation homes on Ghana’s coast
Foreign buyers are eyeing Ghana’s coastal properties for vacation homes.
Ghana’s tourism is booming, with 500,000 international visitors arriving in the first half of 2023. This surge is not just a blip; the country aims for 2 million international arrivals by 2025, which means more eyes on those stunning beaches.
Ghana’s coastal charm is getting a lot of love online. Social media is buzzing with posts about the country’s beautiful beaches and vibrant lifestyle, making it a hot topic worldwide. This online buzz is catching the attention of potential foreign buyers.
Infrastructure is getting a facelift, too. The government is pouring money into roads and public transport, making coastal areas more accessible. These upgrades are not just for show; they are expected to boost property values, turning these homes into smart investments.
With all this development, Ghana’s coastal properties are becoming more than just vacation spots. They are turning into lucrative investment opportunities for those looking to buy.
So, if you’re thinking about a vacation home, Ghana’s coast might just be the perfect spot. The combination of rising tourism, online buzz, and improved infrastructure makes it a compelling choice.
Sources: The BFT Online, Ghana Today, Prop Hunt GH
4) High-end real estate investments will be less profitable due to new property tax rules
Ghana’s property tax rates have been quite low, making any increase a big deal for the real estate market.
With the new Value Added Tax (Amendment) Act, 2023, there’s now a 5% VAT on luxury real estate, which could make high-end investments less profitable.
The 2024 Budget Statement has changed the game by replacing the 15% VAT on commercial properties with a 5% flat rate, affecting high-end properties even more.
Financial models show that net income from luxury properties might drop under these new tax laws. For instance, a property earning GHS 1 million could now bring in only GHS 950,000.
Experts and real estate firms are saying that returns on high-end investments will likely decrease due to these tax hikes, pushing investors to rethink their strategies.
Looking at other countries with similar tax changes, investment in luxury properties tends to drop, and surveys show investors are worried about these impacts in Ghana.
Sources: Value Added Tax (Amendment) Act, 2023 (Act 1107), 2024 Budget Statement, Tax Proposals Passed into Law, Historical Data on Property Rates
5) Affordable housing projects will grow as government incentives increase development
Government incentives are transforming affordable housing in Ghana.
In 2023, the Ghanaian Government introduced the “My Home, My Peace” program, aiming to slash housing development costs by up to 40%. This bold move has made it much easier for developers to dive into affordable housing projects, opening doors for more people to own homes.
Public-Private Partnerships (PPPs) are also playing a big role. Thanks to the PPP Act of 2020, these partnerships are well-regulated, ensuring that infrastructure projects keep rolling out across the country. This collaboration is not just about building homes; it’s about boosting economic growth, generating revenue, and creating jobs.
To sweeten the deal, the government has rolled out tax incentives and exemptions, making it financially attractive for private investors to jump into the affordable housing market. By cutting taxes, developers find it more economical to build, and they are encouraged to reinvest their profits into more projects, expanding housing access for low-income families.
Another financial boost comes from pension-backed mortgages, which further reduce the cost of developing housing units. This makes homes more affordable for those who need them most, ensuring that low-income households have better access to housing.
These initiatives are not just about building houses; they’re about creating a sustainable future where more Ghanaians can find a place to call home. The government’s strategic moves are paving the way for a more inclusive housing market, making homeownership a reality for many.
Sources: Oxford Business Group, Trade.gov
Get to know the market before you buy a property in Ghana
6) Rental yields in coastal areas will rise as vacation rentals become more popular
In 2023, Ghana’s coastal areas saw a surge in tourism, with around 500,000 tourists visiting in just the first half of the year.
This increase in visitors is a clear sign that people are flocking back to coastal destinations after the pandemic. The global short-term vacation rental market is booming, expected to grow by USD 57.05 billion from 2023 to 2028. Travelers are increasingly opting for short-term rentals, drawn by their unique and flexible options.
Ghana’s coastal areas, known for their stunning views and fun activities, are seeing higher occupancy rates in rental properties. The Ghana Tourism Authority is optimistic about exceeding international arrival targets, which means more demand for coastal rentals. The “Destination Ghana” strategy is a big part of this, aiming to attract millions of tourists and generate significant revenue by 2025.
Government efforts to modernize tourism facilities and build new resorts are making these coastal spots even more appealing. This is great news for anyone considering investing in vacation rentals here. The combination of natural beauty and improved infrastructure is a winning formula.
With these developments, rental yields in coastal areas are set to rise. The growing popularity of vacation rentals is a key driver, making these properties a smart investment choice. If you’re thinking about buying property in Ghana, the coast is where the action is.
Sources: B&FT Online, PR Newswire, Trade.gov
7) Demand for diverse housing in the Ashanti Region will grow as people seek modern amenities
The Ashanti Region, particularly Kumasi, is experiencing rapid urbanization, transforming it into a lively commercial center.
With a daytime population of about 2.5 million, Kumasi sees around 85,000 real estate transactions annually, valued at approximately US$1.7 billion. This bustling market attracts investors, drawn by the city’s culturally rich neighborhoods and strategic growth plans.
Major international and local finance institutions in Kumasi make it easier for investors to secure funding, which is boosting the development of diverse housing types. Government initiatives, like those from the Kumasi City Investment Promotion Unit, assist with land acquisition and building permits, ensuring new projects meet regulations.
Consumer surveys reveal a strong preference for modern amenities, especially among affluent groups such as business people and expatriates. This demand is also fueled by wealthy Nigerians and other West Africans, who are seeking safe and stable investment opportunities in modern housing.
The growing middle class in Ghana is a key driver of demand for mid-priced properties, contributing to the estimated shortfall of one million residential units in the country. The Ashanti Region’s population has nearly doubled since 2000, offering a significant opportunity for housing development.
Real estate market reports indicate a trend towards mixed-use developments in Kumasi, combining residential and commercial spaces to meet the diverse needs of the population. The rise in gated communities and apartment complexes is providing secure and amenity-rich living options for residents.
Sources: Kumasi Investment Opportunity Real Estate, World Bank Report on Ghana, Urban Gems: Top Cities for Real Estate Investment in Ghana
8) More people moving to cities for jobs will drive urban real estate demand
Urbanization is reshaping the real estate market as more people flock to cities for job opportunities.
In Ghana, the urban population has surged, with over 20 million people living in cities as of 2023. This marks a steady increase, and experts predict that by 2050, 70% of the population will reside in urban areas. Cities like Accra and Kumasi have seen their populations more than double since the early 1990s, driven by the lure of urban jobs, especially in the booming services sector.
The shift towards urban living has sparked a massive demand for housing in these bustling cities. Accra and Kumasi, in particular, are experiencing a real estate boom as they try to keep up with the influx of new residents. The services sector’s growth has been a key factor, as it offers numerous job opportunities that attract people from rural areas.
To support this urban growth, there’s been a significant push to expand infrastructure and public services. The government is actively promoting urban development, focusing on creating jobs and enhancing living conditions. This has led to a wave of investments in urban real estate, with new residential and commercial projects popping up to cater to the growing demand.
For those considering buying property in Ghana, it’s essential to understand that urbanization is a driving force behind the real estate market’s evolution. The government’s efforts to improve urban living conditions and create more jobs are likely to continue, making cities even more attractive to potential buyers.
As urban areas expand, the real estate landscape will keep evolving, offering both challenges and opportunities for investors. The ongoing urbanization trend suggests that cities will remain central to Ghana’s economic growth, with real estate playing a crucial role in accommodating the increasing urban population.
Sources: Macrotrends, World Bank, Trading Economics
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) Demand for eco-friendly homes will grow as buyers become more environmentally conscious
Eco-friendly homes are gaining traction as environmental awareness grows among buyers.
In Ghana, there’s a noticeable shift towards sustainable building materials, with more people opting for eco-friendly options. This trend is not just a passing phase; it’s expected to continue as the market for these materials expands. Real estate developers are catching on, leading the charge with innovative green housing projects. Take the Lahagu Housing Project in Tamale, for instance, which has set a new standard by significantly improving energy and water efficiency.
These projects are more than just buildings; they showcase the practical benefits of eco-friendly homes, like reduced energy consumption and a smaller environmental footprint. The Ghanaian government is also on board, offering incentives and policies to promote low-carbon materials and better building efficiency. This aligns with the country’s broader Climate Action Roadmap, aiming to make the construction sector more resilient to climate change.
Consumer preferences are shifting too. More people are looking for energy-efficient homes, reflecting a growing eco-conscious mindset. Surveys indicate that a significant number of consumers, including those in Ghana, are prioritizing environmental considerations in their buying decisions. This shift is driving the demand for sustainable building materials and practices.
As environmental awareness continues to rise, the appeal of eco-friendly homes is likely to grow. Buyers are increasingly interested in homes that not only meet their needs but also align with their values. This trend is expected to drive the market for sustainable building materials, making eco-friendly homes a more common choice.
With developers and the government pushing for greener solutions, and consumers becoming more eco-conscious, the future looks promising for eco-friendly homes in Ghana. The combination of these factors is setting the stage for a more sustainable housing market, where environmental considerations are at the forefront of purchasing decisions.
Sources: B&FT Online, Statista, Strategy+Business
10) New homes in Accra will commonly include smart home technology
Smart home technology is becoming a big deal in Accra, and it’s not slowing down anytime soon.
In Africa, the smart home market is booming, with an expected growth from USD 2.32 billion in 2023 to USD 8.63 billion by 2030. This surge is largely driven by Ghana’s residents who are keen on convenience and energy efficiency. Imagine controlling your lights, security, and even your thermostat with just a tap on your phone. That’s the kind of lifestyle people are leaning towards.
Homebuyers in Accra are increasingly looking for properties with smart features. About 70% of them want homes equipped with these technologies. It’s not just about being trendy; it’s about saving time and enhancing security. Renters are on the same page, with 82% wanting at least one smart device in their homes. This shows a clear shift towards tech-savvy living spaces.
The Ghanaian government is also playing a crucial role in this tech shift. They’re offering policies and incentives to promote energy-saving technologies and ensure data privacy. This support is making it easier for people to adopt smart home systems. Real estate developers are catching on too, teaming up with tech companies to include smart features in new builds. Think security access control and energy conservation as standard offerings.
In Accra, smart home technology is not just a luxury; it’s becoming a necessity. With the government’s backing and the growing demand from consumers, it’s clear that smart homes are the future of residential living in the city. Developers are already integrating these technologies into their projects, making them more appealing to tech-savvy buyers.
So, if you’re considering buying property in Accra, expect smart home features to be part of the package. It’s not just about keeping up with trends; it’s about embracing a more efficient and secure way of living. Smart home technology is set to become a standard feature in new residential developments, making life easier and more connected for everyone.
Sources: 6Wresearch, NextMSC, Exploding Topics, The Greens GH
11) Suburban living in Accra will become more attractive due to new public transportation projects
Accra is investing heavily in public transportation, with 100 new electric buses now part of Metro Mass Transit.
As central Accra’s property prices soar, many are eyeing the suburbs for more affordable housing. With better public transport, commuting from these areas is becoming a breeze.
The new Bus Rapid Transit (BRT) system is a game-changer, cutting down congestion and slashing travel times, making suburban life more appealing.
Government initiatives like the National Urban Policy are pushing for better suburban connectivity, ensuring these areas are linked to the city center.
People crave larger living spaces, often found in the suburbs. With improved transport, these areas are now easier to reach, attracting those who want more room.
As public transport gets better, suburbs are seeing a boost in amenities like healthcare and shopping, making them more desirable places to live.
Real estate trends show a rise in suburban property deals, indicating that better transport links are driving demand in these areas.
Sources: Public Sector Magazine, Cities Alliance, Copenhagen Consensus
Buying real estate in Ghanacan be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
12) More residential investors will be drawn to Cape Coast as it gains a reputation as a cultural and educational center
Cape Coast is quickly becoming a prime spot for residential investors.
Families are flocking to the city, thanks to a surge in educational enrollment driven by initiatives like the Free Senior High School and TVET programs. In 2023 alone, 448,641 first-year students enrolled, indicating a strong pull for families seeking quality education.
The city’s rich cultural tapestry is another draw, with over 100,000 tourists visiting annually to explore historical gems like the Cape Coast Castle. This cultural magnetism not only attracts tourists but also makes Cape Coast a desirable place to settle down.
Adding to its appeal, the government is heavily investing in STEM education, establishing five new STEM schools in the area. This move is set to attract more students and professionals, further boosting the city’s educational and professional landscape.
Ghana’s real estate market is on an upward trajectory, with property prices climbing due to economic growth and urbanization. Cape Coast is expected to follow this trend, making it a promising location for residential investment as property values rise.
The city’s growing reputation as a cultural hub is amplified by media coverage of vibrant events like the Pan Africa Festival and Fetu Afahye, enhancing its allure for potential residents.
Sources: Ministry of Education, European Journal of Tourism, Hospitality and Recreation, Villa Sharks
13) Real estate growth in Tema will slow down as industrial activities move to other areas
There’s a noticeable shift in Ghana’s industrial activities, impacting Tema’s real estate growth.
The government’s “One District One Factory” policy is pushing for decentralized industrial development, moving away from concentrated areas like Tema. This means that new factories and industries are being set up in various districts, spreading economic activities across the country.
Part of this shift includes the Ministry of Trade and Industry’s plan to create Industrial Parks in all regions. These parks are designed to attract businesses and industries, potentially drawing them away from Tema as they seek new opportunities in these emerging hubs.
With the government’s focus on developing industrial parks and special economic zones, there’s a clear indication of significant investment in alternative industrial hubs. This strategy is likely to reduce Tema’s role as the primary industrial center, as businesses explore these new areas.
As these new industrial hubs emerge, Tema might see a slowdown in its real estate growth. The shift in focus means that industrial activities are being redirected to other parts of the country, which could impact property demand in Tema.
For potential property buyers, it’s essential to consider these changes. The evolving industrial landscape suggests that investments might be more lucrative in other regions where growth is being actively encouraged by government policies.
Sources: Cornell Public Policy, Ministry of Finance Ghana
14) Kumasi will attract more residential investors as infrastructure and connectivity improve
Kumasi is quickly becoming a top choice for residential investment thanks to its improved infrastructure and connectivity.
The expansion of Kumasi International Airport, which kicked off in 2023, is a game-changer. With a longer runway and new facilities, the airport now handles more flights, making Kumasi more accessible to both local and international travelers. This ease of access is a huge draw for potential investors and residents.
On the ground, Kumasi’s connectivity has seen a major boost with the completion of key road networks and highways. The introduction of a bus rapid transit (BRT) system has also been a big win, reducing congestion and improving transportation efficiency. These developments make getting around the city and beyond much easier, which is a significant advantage for anyone looking to settle in Kumasi.
As Kumasi becomes more connected, the demand for housing is rising, fueled by urbanization and a growing middle class. This surge in demand has led to new residential developments, pushing the real estate market forward. The government’s efforts to enhance basic infrastructure, like water and electricity, further sweeten the deal for investors.
With these improvements, Kumasi is not just a city to watch; it’s a city to invest in. The combination of better transport links and a booming real estate market makes it a prime spot for residential investment. Investors are taking note of Kumasi’s potential, and the city’s transformation is just beginning.
Sources: Ghana Airports Company Limited, Mobilise Your City, The Beyond Investments
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 values will rise in previously hard-to-reach areas due to better road networks
Improved road networks can significantly boost property values in areas that were once hard to reach.
When roads get a makeover, it becomes much easier for people to access these places, sparking interest from potential buyers and investors. Take Ghana, for instance, where in 2023 and 2024, the Ministry of Roads and Highways undertook massive projects, upgrading thousands of kilometers of roads. This not only improved accessibility but also cut down travel times significantly.
Consider the Bechem – Techimantia – Akomadan and Agona Nkwanta – Tarkwa roads. Their reconstruction is making waves, and it’s expected to raise property values in those regions. With these upgrades, living and doing business in these areas becomes more appealing, as travel is now a breeze. The Accra – Tema Motorway project, which is being expanded into a 4-lane expressway, is another prime example of how better connectivity can lead to increased property values.
Over the years, real estate market analyses have consistently shown growth in areas benefiting from improved road networks. Urban hotspots like Accra and Kumasi have seen a surge in housing demand, largely driven by the government’s focus on infrastructure. This investment has been a major factor in pushing property values upward.
Real estate agents and developers have noticed a spike in interest in regions with enhanced road networks. This trend further supports the idea that better roads can lead to higher property values. It’s a simple equation: easier access equals more interest and higher demand.
Sources: Ministry of Finance, Ghana 2024, Ministry of Finance, Ghana 2023
16) Demand for beachfront homes in Ghana will rise as interest in coastal living grows
The coastal areas of Ghana are becoming a hot spot for residential real estate, especially beachfront properties.
Tourism is booming in Ghana, with more visitors flocking to the country each year. This surge in tourists not only boosts the economy but also makes coastal areas more attractive for residential investment. The government’s “Destination Ghana” strategy, which focuses on modernizing tourism facilities, is a big part of this appeal.
The Ghanaian government is also investing heavily in coastal infrastructure, completing projects that enhance the quality of life. These improvements, along with policies promoting coastal growth, create a favorable environment for real estate. New amenities like healthcare and recreational facilities make coastal living even more appealing.
There’s a noticeable shift towards luxury real estate, with a focus on tech-smart and eco-friendly homes. This trend aligns with the growing desire for beachfront living, offering a unique lifestyle and the charm of coastal environments. Plus, the availability of financing options makes investing in these areas easier.
For those considering a move, the coastal regions of Ghana offer a blend of modern living and natural beauty. The combination of government support, infrastructure development, and a thriving tourism industry makes these areas a prime choice for property investment.
With all these factors in play, it’s no wonder that the demand for beachfront properties in Ghana is on the rise. The coastal areas are not just a place to live but a lifestyle choice that offers both comfort and investment potential.
Sources: The BFT Online, Ministry of Information, Ghana, Oxford Business Group
17) Real estate development will increase in the Northern Region due to government efforts for regional equality
The Northern Region is set to become a hotspot for real estate development thanks to government efforts aimed at regional equality.
Back in 2023 and 2024, international organizations like the UN stepped in with a pledge of at least $260 million to boost infrastructure in areas like the North. This kind of investment is a game-changer, laying down the essential groundwork that makes the region more appealing for real estate ventures.
The USAID Ghana Country Development Cooperation Strategy 2025 is also playing a key role by focusing on the northern regions. It aims to improve service delivery and boost the agricultural sector, which in turn creates a more balanced environment for growth. By supporting micro, small, and medium-sized enterprises, especially those led by women and youth, the strategy indirectly fuels the real estate market by fostering economic stability.
Ghana has seen a general trend of rising property prices, and the Northern Region could be next in line. With property prices expected to rise by 5% to 10% in 2025, driven by economic growth and urbanization, there’s a clear signal of growing housing demand. As infrastructure and economic conditions improve, this demand is likely to spill over into the Northern Region.
These developments are not just about numbers; they reflect a shift towards more inclusive growth. The focus on regional equality means that areas like the Northern Region are finally getting the attention they deserve, making them ripe for investment. Government initiatives are leveling the playing field, creating new opportunities for both investors and residents.
For anyone considering buying property in the country, the Northern Region offers a unique opportunity. With the backing of international funding and strategic government plans, the area is on the brink of transformation, promising not just growth but sustainable development.
Sources: USAID, UN Ghana, Ghana Price Forecasts
