1. Location Of The Property: This is very critical if you’re considering an investment other than personal use. Prime locations like East Legon, Airport Residential or Cantonments among others give you a higher return on investment. This is due to their closeness to Kotoka International Airport, shopping malls, hospitals and other essential services.
2. History Of The Developer: Some developers have a track record of the quality of buildings they produce. They may also have a professional property management team with a well-structured maintenance program to ensure your property is in excellent shape at all times. You can always engage a private property management firm to also manage it. This is key to guaranteeing your investment doesn’t turn sour.
3. Lease Years Of The Property: According to Ghana’s laws, lease years of property differ for citizens and non-citizens. It is usually between 50 years-99 years. It is imperative to engage a lawyer for ownership transfer after purchase.
4. Finance/Budget: Real estate can be a life investment for most people because of the costs involved. It is difficult for most people to clear their lifetime savings to buy real estate therefore offers with flexible payment plans are what you should consider as a first-time buyer. Alternatively, you can also get a mortgage from a bank to finance your purchase. Some mortgage banks in Ghana include Stanbic Bank, Absa, and Republic Bank among others.
5. Real Estate Agents: Realtors always play a vital role in your search for the right property. Though agency fees may vary, dealing with a professional registered agency is paramount. Rajo City Realty is one agency you can always count on.

Real estate emerges as a pivotal priority in the developmental agenda of every nation, addressing the fundamental need for shelter among its citizens. The Ghana Affordable Housing report for 2024 unveils the vast potential within Ghana’s real estate market, estimated between 9 trillion to 13 trillion USD, contributing 7.2% to the GDP. Despite facing economic headwinds, the housing sector continues its upward trajectory, projected to reach an impressive market value of approximately $458.50 billion by 2024, predominantly driven by residential development.

Ghana’s real estate landscape witnesses a burgeoning demand for affordable housing, propelled by rapid population growth and urbanization. Presently, the housing deficit stands at a staggering 1.8 million units, with an annual production of about 40,000 households. This glaring disparity unveils a significant investment avenue, attracting stakeholders keen on leveraging opportunities as the government endeavors to bridge this gap over the next decade.

However, the real estate sector grapples with a myriad of challenges, both external and internal. External factors, notably forex fluctuations, including the Cedi to US dollar exchange rate and global market prices of imported building materials, escalate production costs, rendering housing unaffordable for the average Ghanaian.

Internally, inadequate infrastructure, particularly in suburban and rural areas, poses a significant hurdle. Issues such as deficient road networks, limited access to water and electricity, alongside high mortgage interest rates, absence of dedicated housing funds, and regulatory ambiguities, compound the industry’s challenges.

Despite these hurdles, Ghana’s real estate sector remains an enticing venture for discerning companies and investors adept at navigating risks. With prudent risk management strategies, stakeholders can harness the vast potential within Ghana’s real estate landscape, contributing to its growth and development in the years to come.

”I just turned 28. My sales job gets me about GH¢7,000 monthly, and it has been stable for over a year. I feel it may be time for me to look towards getting my own place. I am targeting age 35 to be fully settled and a homeowner. However, the land and home prices are discouraging me a little. I am also scared of some of the mortgage rates. What’s the best course of action for me?”

Raphael Odjerbio, CEO of Rajo City Realty, has his say Raphael Odjerbio is a Chief Executive Officer with a demonstrated history of working in the real estate and events services industry.

1. Put in place a plan

I would advise people like you to consider having a plan to build. Most people renting spend about a third of their income on accommodation, which is a lot of money to spend on a decent place to lay your head. Some spend more than 50 per cent of their monthly income on rent.

That said, you can’t scrap the idea of renting altogether. Rent a property at a reasonable rate but have a plan to acquire land and start building your own home. Because you make GH¢7,000, you could look to buy houses too. There are affordable housing units with mortgage plans. You could pay off the loan in 10 to 15 years. You are likely to pay at most 40 percent of your income.

2. Use a third-party

If you prefer to build your home, agencies like mine can get land for you, and we make sure whatever land is serviced, though some may not be fully serviced. Very affordable lands in peri-urban areas like Dodowa and Tsopoli cost between GH¢10,000 and GH¢30,000. We also partner with mortgage companies in Ghana. Once you walk to us and tell us, we recommend a house for you, and you start paying. Acquiring a home may be expensive, but ultimately, I would advise that you work towards getting your home so you can break away from that chain of renting a home.