Accra Housing Guide

As a recognised leader in the real estate classified industry in Ghana, meQasa has crafted this Housing Guide as a resource for all who seek to understand the ins and outs of looking for accommodation in Ghana, specifically in the capital of Accra. This guide serves as an invaluable reference material for home seekers; home owners; real estate agents; real estate investors; developers and other professionals in the business; policy makers, students and real estate enthusiasts worldwide.

The real estate landscape in Ghana has evolved into one that is vast and exciting over the last decade and though there is still a gaping deficit in housing as compared to the needs of the populace, Ghana's capital city offers an impressive portfolio of property that run the gamut of styles and price. Housing is a big decision and can be daunting with so many questions to ask oneself as you begin to explore what would suit you best. You are not alone. We are here to serve as your trusted partner as you move along this journey and are happy to help, no matter your inquiry. Give us a shout.

Ghana currently has a social housing problem, with a deficit of 1.7 million units, and counting. Ideally, spreading it over a 10-year period, a minimum of 170,000 housing units would have to be built annually to solve the issue [Source: GhanaNewsAgency.org] This would require a public-private partnership to address, since the government alone cannot erase this deficit and, therefore, welcomes any initiative from private entities to complement their efforts.

The Borteyman and Kpone Housing projects are two of six projects across the country the government is pursuing to provide just about 5,000 of affordable one and two bedroom houses for public sector workers. The other projects are in Tamale (Northern Region), Koforidua (Eastern Region), Asokore Mampong (Ashanti Region) and Wa (Upper West Region).This deficit, however, may not really be as severe as portrayed.

There are thousands of homes up for sale and rent that are uninhabited and which would greatly reduce the housing problem if they were occupied. The main reason they remain unoccupied is price and ease of finding them.There are a lot of beautiful habitable properties on the market whose price deters potential tenants. Some of such houses are justifiably expensive if you take into consideration the cost of materials used in their construction, but a majority of them are high priced simply because they are located in "prime locations" or the owners were told they stood to make more profit if they sold or rented at such a price. There is an amazing opportunity for private investors to provide affordable housing options.

This is one of the most important decisions you'll make when it comes to housing. Both options have their advantages and disadvantages, and the choice depends on your personal circumstances, financial situation, and long-term goals.

Renting offers flexibility and lower upfront costs, while buying provides stability and potential long-term investment benefits. Consider your current financial situation, job stability, and future plans when making this decision.

Understanding property taxes in Ghana is crucial for both buyers and sellers. Property taxes vary depending on the location and value of the property, and it's important to factor these costs into your budget when considering a property purchase.

Designated Rating Zones

Different areas in Accra have different tax rates based on their designated rating zones. These zones are determined by factors such as location, infrastructure, and property values. It's important to understand which zone your property falls into to calculate the correct tax amount.

There are several ways to finance your home purchase in Ghana, each with its own advantages and considerations.

Paying Cash

Paying cash for a property offers the advantage of avoiding interest payments and potentially negotiating a better price with the seller. However, it requires significant upfront capital and may not be feasible for most buyers.

Taking Out a Loan/Mortgage

Mortgages are becoming more accessible in Ghana, with various banks and financial institutions offering home loans. It's important to shop around for the best interest rates and terms, and to understand all the associated costs and requirements.

Home insurance is an important consideration for property owners in Ghana. It provides protection against various risks including fire, theft, natural disasters, and other unforeseen events. Different types of insurance coverage are available, and it's important to choose the right level of coverage for your needs and budget.

Whether you're a landlord or tenant, understanding your rights and responsibilities is crucial for a successful rental relationship.

A Note to Landlords

As a landlord, it's important to maintain your property, respond to tenant concerns promptly, and follow all legal requirements for rental properties. This includes proper documentation, fair rent pricing, and timely repairs.

A Note to Tenants

As a tenant, you have rights to a habitable living space, privacy, and fair treatment. It's important to pay rent on time, maintain the property, and communicate openly with your landlord about any issues or concerns.

Land acquisition in Ghana involves several important steps and legal requirements. It's crucial to understand the process, verify land ownership, and ensure all documentation is properly completed to avoid future disputes.

The land registration process involves various government agencies and requires specific documentation. It's advisable to work with qualified legal professionals to navigate this complex process successfully.

Whether you're selling or letting your property, there are several important considerations to ensure a successful transaction. This includes proper pricing, marketing, legal requirements, and working with qualified professionals.

For property owners looking to sell or rent, working with experienced real estate agents can help streamline the process and ensure you get the best possible outcome. Agents can handle marketing, showings, negotiations, and legal documentation on your behalf.