Is investing in Accra properties the nearest thing you can get to a safe bet? Whilst property prices in Ghana’s capital keeps rising and rising, property prices in other parts of Ghana have risen very slowly or in some parts property prices have even remained sturdy. In fact the gap between property values in Accra and in the rest of Ghana is now wider than ever, according to a recent property report.
Over the past few years the Accra property market has not only outperformed the national average but has also shown great resilience even in the face of a global economic downturn. House prices in Ghana's capital have risen by leaps and bounds. Why therefore is Accra's property prices on such a high? Well, one thing which we definitely know is responsible for driving up Accra’s property prices, is the strength of demand for both rental properties and owner occupier properties in Accra.
Unlike the rest of Ghana, demand for Accra properties is not only from indigenous Ghanaians anymore, but also from people from people from other nations who have come to live in Accra either for work purposes or for other reasons. Demand for Accra properties has also rocketed as Ghanaians living overseas continue to invest in houses, flats, and apartment properties back home. In short we believe that Accra’s property market has now become more like an international property market. The strength of demand from both home buyers and overseas buyers continues to drive up prices for Accra properties and continues to underpin the success of Accra’s property market.
Even a senior high school economics student can predict that where demand outstrips supply, commodity prices will rise. Another reason why prices for Houses in Accra, Flats in Accra and general Accra properties prices keeps rising, is because of a general shortage of affordable properties in the capital city. For most people who buy property in Accra, owning a piece of the capital city is a prized possession.
Houses, flats or apartments in Accra don't come cheap and selling is never an option even when people decide to move out of Ghana's capital or the country all together. Because of the strong rental returns, most people tend to hold on to Accra properties as the rental income from such Accra properties makes for an attractive investment.
Accra has led the way in terms of house prices in the past few years, whilst the rest of Ghana has generally fared moderately well. Property still seems to be a good form of investment in Ghana due to the strong rental yields it delivers and there are no signs yet that at least for now this will change anytime soon.
Do you own a property in Accra? Are you a property investor in Accra or have you benefited as a result of property prices rising in Accra. Perhaps due to the property hikes in Accra you are unable to find an affordable place to live in Accra. Whatever your circumstances, we would love to hear from you. Please share your stories with us by leaving a comment using the comment box below.