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Is Ghana Experiencing Real Estate Boom or Market Crash?

Ghana’s real estate market is experiencing a boom in recent years, driven by a combination of key factors such as population growth, urbanization, and increasing foreign investment , Ghana’s real estate sector presents numerous investment opportunities for local developers and foreign investors. For instance between 2016 to 2021 there has been a compounded annual growth rate (CAGR) of 30%.

With a population of over 31 million people, Ghana has become one of the fastest-growing countries in Africa, with an annual population growth rate of around 2.2%. This population growth has led to an increased demand for housing, particularly affordable housing.

According to a report by Ghana’s Ministry of Lands and Natural Resources, the real estate sector is the fourth largest contributor to the country’s Gross Domestic Product (GDP), with a growth rate of about 8% per annum.

Read also:Should you buy a rental property in Accra Ghana?

The increasing demand for real estate is also reflected in property prices. According to the Ghana Real Estate Developers Association (GREDA), property prices have increased by an average of 10% in the last five years, with prime areas such as Airport Residential, East Legon, and Cantonments experiencing even higher growth rates.

Foreign investors are also taking an interest of Ghana’s real estate market. Some notable foreign investors in the industry include Rendeavour developing Appolonia city, ActisIndigoHomes among others.

The Ghana Investment Promotion Centre (GIPC) reports that the real estate sector attracted the second-highest foreign direct investment (FDI) inflows in 2020, amounting to $259.2 million. This is a significant increase from the $125.2 million recorded in 2019.

Furthermore, Ghana’s population growth is expected to continue to increase in the coming years, and this have had a significant impact on the real estate sector. The demand for housing continue to grow, especially in urban areas, as more people move from rural areas to cities especially Accra and Kumasi in search of better job opportunities and a higher standard of living. This population growth also lead to an increase in demand not only for residential but commercial properties, such as office spaces and retail stores.

Infrastructure development is another factor that has influenced growth in the real estate sector in Ghana. The government has invested heavily in infrastructure development, including the construction of new roads and the expansion of public transportation. This infrastructure development makes it much easier for ordinary Ghanaian to access housing and commercial properties, particularly in areas that were previously difficult to reach.


With thatt said, let me touch on the different sectors of real estate in Ghana more detailed.


Residential Sector

The residential sector is expected to continue to grow, with an increasing demand for affordable housing in urban areas. The major players has been the public and the private sector. The average yield for residential sector is between 10-13.5% per year. Between 2010 to 2021 the developments put up has grown from a total of 3.39 million structures in 2010 to 5.86 million structures. There is an opportunity for developers to invest in smaller, compact living spaces that cater to the needs of young professionals and single individuals.Container housing is also one of real estate trends to be exploited in the country. In addition, the The Ministry of Works and Housing together with the State Housing Corporation has also commenced work on the construction of 6,584 rental housing units at the district level for public workers.

New Developments Projects

The growth of the rental market is expected to continue in 2023, particularly in the lower and middle-income brackets. There is also an opportunity for developers to invest in sustainable housing solutions that address the growing concerns of home buyers around environmental sustainability.

Are you looking to buy your new dream home or investment property or want to make Ghana your next home? Buying a home from a developer saves you time and hassle in building your home in Ghana. We have got you covered. Your only job is to own it by reserving your home today.

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Kwabenya is a residential community located in the Ga East Municipal District of the Greater Accra Region. The area is well connected to major roads and highways, making it easily accessible from other parts of the city. It is an ideal area for real estate investment and an emerging sub-market for those who want to escape the excessive noise of Accra. There is ongoing road construction connecting Berekosu -Aburi stretch. Get intouch with us to reserve your dream home today right here.


Read also:12 Emerging & Fast Developing Areas of Accra to Invest in Real Estate Now


Commercial Sector

The commercial sector is also experiencing growth, particularly in the e-commerce and logistics industries. The rise of online marketplaces and the increasing demand for online shopping are expected to drive the demand for warehouse and distribution facilities. Ghana’s e-commerce is young and is just getting started, the effect of it will continue to drive growth in this sector.

The Accra Mall is one of the largest shopping centers in West Africa, and several other malls such as West Hills Mall, Marina Mall, and Palace Mall being put up are attracting both local and international shoppers. The airport city development, located close to the Kotoka International Airport in Accra, is another major commercial and residential real estate project, comprising office buildings, hotels, and retail spaces. The average yield for the retail sector is between 8-12% and 11-14.5% per year for the industrial sector according to Ghana Investment and Promotion Centre.

When COVID-19 hit, offices were irrelevant but the market is not dead. Working from home hasn’t been embraced by Ghanaian businesses. Showing up at the workplace is still the norm. There is a growing demand for flexible workspaces and co-working spaces, particularly among startups and small businesses. Developers are taking advantage of this trend by investing in office spaces and flexible workspaces that cater to the needs of businesses.



In Conclusion

Are you a developer or an investor? I would say it’s essential to keep abreast of these changes and invest in solutions that cater to the needs of the market. By investing in sustainable, affordable housing solutions and flexible workspaces, you can take advantage of the growing demand and contribute to the growth of the Ghanaian real estate industry.

What is the affordable housing project in Ghana?

The Saglemi Housing Project. Located in Prampram in Ningo Prampram district around Aflao road, this project was the government’s housing initiative in 2013 to provide affordable housing for low income earners. If you factor the income of ordinary Ghanaians compare to the price of so-called affordable housing, it is no more affordable project.

Just a heads up, public sector affordable housing isn’t working well in most African countries-it end up as a ghost towns. The so-called affordable housing project in failed in Ghana and was marred with controversies and scandals.

The Saglemi housing project-supposed affordable housing in Ghana for low income earners is uninhabitable.
Angola’s Nova Cidade de Kilamba is now a ghost town @ Nashon Okowa and the list goes on.


Finally, the future looks bright for Ghana’s real estate industry, with numerous investment opportunities available to both local and foreign investors. The industry is expected to continue its growth trajectory in the coming years, driven by a growing population, a stable political environment, and innovative government policies and initiatives.


Take Away

Are you a diasporan or a foreigner or local looking for a professional real estate service provider in Accra Ghana? Villashark’s one-stop-shop diaspora services have got you covered. Check out our services packages and choose the plan that best fits you. We currently offering 15% OFF on all plans on a limited time frame. If you have any questions feel free to contact us.




























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