Accra properties for sale or rent, is it the ultimate investment?
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 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 been moving in the opposite direction. House prices in the capital have risen by leaps and bounds. One thing which is certainly driving Accra’s property prices up is the strength of demand for both rental properties and owner occupier properties. Unlike the rest of Ghana, demand for Accra properties is not only from indigenous Ghanaians anymore, but also from people from other nations who have come to live in Accra either for work purposes or for other reasons. In short Accra’s property market has now become more like an international property market. It is the strength of demand from both home buyers and overseas buyers that has driven up prices for Accra properties and continues to underpin the success of Accra’s property market.
Another reason why prices for Accra properties keeps rising is because of a general shortage of affordable properties in the capital city. For most people including foreign investors or workers who buy houses, flats or apartments in Accra, selling is never an option even when they decide to move out of capital or the country. Because of the strong rental returns, most people tend to hold on to Accra properties as the rental income from such properties makes for an attractive investment.
Accra has led the way in terms of house prices in the past few years, but the rest of Ghana has also generally fared 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.
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