Luxury Properties in Ghana are Expensive But Are There Other Options?

18Aug

Luxury Properties in Ghana are Expensive But Are There Other Options?

If you are reading this then chances are that you have been doing some research on real estate properties in Ghana and you have come to the conclusion that they are expensive.

The cost of a 3-bedroom house in Ghana typically ranges from Ghc 500,000 to Ghc 3,000,000 or more. Interestingly, luxury developers often price studios and one-bedroom apartments within this same range, making it difficult to pinpoint a standard for property pricing in Ghana.

In Ghana, those who secure the best deals in real estate often have deep insights into the property market. Knowledge, experience, and strong relationships are invaluable assets for anyone looking to purchase property in the country.

A good reason why you should always work with a trusted agent if you want to get the best value for money in Ghana.

Let me break down what’s happening in Ghana’s real estate market. This will help you decide whether it’s a potential bubble on the verge of bursting or if we’re still in the early stages of growth, and explore the options available to you.

READ ALSO: Save 30% on Building In Ghana

Why are properties expensive in Ghana?

Well to be fair, property is never really cheap anywhere in the world. Ghana is not the most expensive in Africa but that does not mean it is necessarily cheap.

Several factors drive the high real estate prices, all of which can be traced back to inflation and the broader economic environment.

Residential and commercial real estate within a radius of 2-3 km from the Airport are the most expensive.

Real estate prices in Ghana have been increasing and are expected to increase even more in the coming years. If you are an investor, this should excite you.

Investors who entered the luxury real estate market in 2016 are already reaping the rewards. As the saying goes, the best time to invest is now.

You might be reading this and thinking that investing in the lucrative luxury real estate market is out of reach for you right now. But what if I told you there are other options that are more financially attainable?

If you are interested in building a house in Ghana as an investment or for your personal use then the following methods should be of interest to you.

The only catch is that it is going to cost you something other than just money.

Other real estate ownership options and their challenges?

So for those who are not able to go for the luxury apartments tier but are interested in acquiring a home in Ghana to live in, there are options that allow you to own 3-4 bedroom homes with a garden for about $80,000 – $500,000. If that interests you then pay attention.

Option 1: DIY

The first option is the Do-It-Yourself route. As the name implies, you do everything yourself, from acquiring land to building and finishing your home.

Here’s my advice: avoid this route if you:

– Have never been to or lived in Ghana.

– Are not currently in Ghana to supervise the process yourself.

– Lack construction experience.

It takes lots of local experience to deal with Ghanaian artisans and authorities.

This method is the most cost-effective, allowing you to build a 3-bedroom house for around $30,000 (excluding the cost of land).

But don’t let the price alone fool you because you will tire yourself out having to run all the errands, source materials, supervise labour, manage construction schedules and so much more.

Most people without construction experience end up wasting more money due to their lack of expertise.

Option 2: Construction Company

Another great option is to partner with a local construction company. While luxury developers offer a premium experience with enhanced customer service, working with a reputable local builder can be a more affordable route to your dream home.

You hire a trusted construction company, and they bring your vision to life with care and precision. After the agreed-upon timeline, they hand you the keys to your beautifully crafted home.

If you want a professionally built home, this is a solid choice. Ghanaian homes are renowned for their durability, often constructed with sturdy concrete blocks.

Some companies use locally sourced materials, while others might opt for imported options, allowing you to tailor your home to your taste and budget. The choice is yours, and it’s one that will shape your home’s unique character.

The challenge here is finding a construction company that is up to the task. Some local construction companies tend to be limited in resources and are known to cut corners especially if the buyer has very little construction experience.

My advice? Choose a company with a proven track record, but avoid those that focus on large-scale projects—they might overlook smaller clients like you. Finding the perfect match is key for this to work smoothly.

Always do your homework, and ensure you have a clear, signed agreement before making any down payment.

A New Way to Build in Ghana

After speaking with dozens of diasporans eager to relocate to Ghana, I’ve come to understand the frustration many of you feel. After years of hard work in foreign lands, you’re ready to settle down in Ghana, only to be met with property prices that rival those in the USA and Europe! It can feel discouraging, but don’t worry—I’m here to help.

Location, design and quality are important when building your dream home in Ghana. Depending on which area you want to focus on the most, it can make a difference in the total price of your home.

There’s a standout option that not only meets building standards but also offers a unique aesthetic appeal. It’s stylish, highly functional, and perfectly blends design with quality. It is known as Interlocking Bricks.

Interlocking Brick Technology is a means of building in Ghana that predominantly uses specialized laterite bricks that interlock.

Laterite is in abundance in Ghana and when mixed with cement, water and sand, it produces a sturdy brick that is specially designed for the Ghanaian climate.

The brick’s interlocking design and wide surface area create a solid, secure surface that remains firmly in place without shifting. All this without having to use mortar.

You can save up to 30% in building and maintenance costs using these interlocking bricks because you will not need to plaster. The bricks form an interesting and desirable design that many owners like.

Homes built with these bricks are also very cool as they maintain a low room temperature which is very useful in Ghana’s hot climate. You don’t believe me? Schedule a site visit so you get to experience it first-hand.

You can save a lot of your air conditioning budget by using interlocking bricks.

Houses For Sale In Ghana serves as a much-needed intermediary between the client and our construction partners to ensure a quality and timely build where all parties’ requirements are met. This method beautifully combines the two major building approaches, giving you the flexibility to customize floor plans before construction begins.

The goal is to help you create a sustainable, affordable home in Ghana. You will be amazed at how cool your home can be without the need for air conditioners.

I believe many Africans have been blindly adopting building methods from Europe without considering materials specifically designed for our climate. Laterite Interlocking Bricks are resourceful, strong and made for the Ghanaian climate.

I’m sure you have plenty of questions, such as: How much will it cost? How long will it last? Can it withstand storms? Is it suitable for storey buildings? Can it be used with other materials?

You can Find out more here so you can make an informed decision.

So what’s your take on the current real estate prices in Ghana? Do you find them reasonable, or do they seem a bit over the top? Let us know in the comments and what your challenges are building in Ghana. Let’s get interactive.