Insight

PDB Real Estate Insight
Volume 1, Issue 2

7 Things to Consider When Buying a Home in Ghana
Buying a home in Ghana can be a great move. This guide will help you understand the market and make a smart purchase.

 

1. Understand the Ghanaian Real Estate Market

Ghana's property market is growing fast.

This is because more people are moving to cities, the econorny is getting stronger. and new roads and buildings ark being built. Property values in cities are going up by 8-15% each year.

Home prices can vary a lot, from around GHS 150.000 for apartments to over GHS 25 million for very expensive homes.

Accra is the main market, especially areas like East Legon and Cantonments. Newer areas like Spintex Road and Tema also offer good investment chances as they are getting better facilities.

2. Set a Realistic Budget Including All Costs

i. Purchase Price

Consider the average home price in Accra ($100,000) and how prices might change over time.

ii. Legal & Admin

Save money for legal fees (2-3%), a property transfer tax (0.25-1%), and agent fees (-5%).

iii. Financing Costs

Also think about loan interest rates (16-35%), fees to process your loan, and insurance.

Always include extra costs like renovations, utility bills, and changes in currency value, which are not part of the advertised price.

 3. Choose the Right Location for Your Needs

 Premium Neighbourhoods

i. East Legon: Nice homes with international schools

ii.Cantonments: Diplomatic area with excellent security

iii Airport Residential: Fancy homes near Kotoka International Airport

iv.Labone: Beachfront properties with ocean access

Emerging Areas

i.Kasoa: Affordable housing that's growing fast

ii.Tema: Industrial hub with more homes being built

Where you buy affects how you live, how safe you are, and how much your home will be worth later. Look for areas with good water, power, roads, and nearby shops or services.

4. Engage a Reputable Real Estate Agent and Legal Expert

Buying property in Ghana can have issues, like false ads and arguments over who owns the land. Getting help from experts is very important to prevent these problems.

Good agents understand the market, deal with real properties, and can help you find good prices to get the right home. You need lawyers to handle complex land documents, verify who actually owns the land, and make sure everything is legal. This protects your money.

5. Check the Property Carefully

1. Look at the Structure

Check the foundation, walls, and roof for any darnage. Ghana's weather can quickly wear down buildings if they aren't built well.

2. Check the Systems

Test the electricity, water pipes, and water pressure. Make sure backup power and water tanks work well, as they are important for reliability.

3. Consider the Environment

See how well air moves through the house, how much natural light there is, and if the drainage system works. Also, think about the air quality and noise levels.

Hiring a professional home inspector will give you a detailed report on any problems before you buy. This small cost can save you a lot of money later and help you bargain for a better price.

6. Understand Financing Options and Secure Pre-Approval

Bank Loans

Big banks like First National Bank and Republic Bank offer home loans. Your interest rate depends on your credit history and how much money you pay upfront.

Foreign banks often have good offers for Ghanaians living abroad who earn money in other countries.

Getting pre-approved for a loan shows sellers you are a serious buyer and lets you know exactly how much house you can afford. Always compare different lenders to find the best deal for you.

7. Finish the Legal Steps and Register Your Property

Finally, makir sure all your legal papers are right and officially register your property. Your lawyer will help everyone wurk together to make this happen smeathly

The sales agreement must clearly show all details, like when things will be Bnished how payments will be made, and any special rules. You and the seller sign these papers before you pay any money

When you register your property with the Lands Commission, you become the legal owner. This helps avoid future issues. It often takes a few weeks, but it's very important to protect the money you've Invested.

Bonus Insight: Market Trends and Challenges in 2025

1. 13.8%

Current Inflation Rate Impacte tbuilding costs & prices.

2.16-35%

Mortgage Interest Range Higher rates create buying opportunities.

3.12%

Annual Price Growth

Prices continue to rise steadily.

Ghana's market is resilient. Increased inventory and loan rates offer opportunities for buyers, especially international investors with favorable exchange rates.

Conclusion: Buy Your Ghana Home with Confidence

Buying property in Ghana can be smooth if you plan well and get expert help. Focus on understanding the market, setting a clear budget and working with reliable professionals. This will help you confidently buy your home in Ghana, making it a valuable Investment in West Africa's growing market.

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Contact Us

Have questions about buying property in Ghana or need personalized assistance? Our team of experts is here to help you navigatevery step of the process with confidence.

Reach out to us today:

Email: info@pdbglobal.com

Phone: +233 302 909 406

Website: www.pdbglobal

We look forward to helping you find your dream home in Ghana!

 

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