Whether you’re a Ghanaian resident, a foreigner relocating to Ghana, or a Ghanaian in the diaspora, buying a house in Accra is an important decision that you shouldn’t make in haste. There are so many properties on the market and taking the time to consider your options as well as factors that influence home purchases in Accra will be key to ensuring you buy a property that gives you long-term satisfaction.

 

Navigating the real estate market in Accra requires local expertise, which not all buyers possess. To help, we have put together this guide. Think of this guide as your local online realtor showing you where, what, how, and how much you need to buy your ideal house in Accra. 

 

But before we get started, let’s take a brief look at Accra’s real estate market.

 

 

Overview of Accra’s Real Estate Market 

To buy a house in Accra, you need to first get a quick overview of the market, especially if you are a foreigner or haven’t been to Ghana in a long time. What should you expect? 

 

Well, Accra has experienced a dynamic real estate market characterized by growth and development. For over a decade, the market has seen increased demand for residential, commercial, and mixed-use properties. When it comes to residential properties, expect a high demand for apartments, penthouses, and houses, all with various options to suit different preferences and budgets.

 

Also, certain neighbourhoods are known for their upscale and luxurious residential developments, like high-rise buildings and villas, while others provide more affordable options for the average income-earning person.

 

The architectural landscape has also seen the integration of technology, with developers building smart homes that enable residents to monitor and manage appliances and systems remotely. Additionally, online platforms facilitate property listings, virtual tours, and digital transactions to simplify the entire buying process.

 

 

Where to buy a house in Accra: Promising Neighbourhoods

Having an overview of what to expect in the property market, let’s talk about where to buy a house in Ghana. Here are five diverse neighbourhoods worth considering.

 

1. East Legon—comfortable urban living

East Legon is one of Accra's most sought-after neighbourhoods and is known for its modern amenities and urban living. This residential area attracts a mix of local nobility, travellers, and expats. East Legon is suitable for families considering the high-end shopping centres, quality healthcare and top-notch schools that you will find in this vicinity. It also has proximity to the central business districts and the Kotoka International Airport, making it a convenient place to stay for almost everyone.

 

2. Dzorwulu—a mix of business and serenity

Dzorwulu isn’t your regular residential neighbourhood. It is also a commercial hub, but not the kind that is too busy or crowded. The commercial buildings you find within this neighbourhood are mostly office complexes used by institutions like banks and telecommunications. This makes it an ideal choice for buyers who want to be close to the business district while enjoying a quieter living environment. 

 

3. Roman Ridge—serene urban living 

Roman Ridge is one of the most beautiful neighbourhoods in the city, although it’s still under major development. It’s a residential area defined by tree-lined streets and upscale buildings, creating a beautiful and serene atmosphere. At Roman Ridge, you will find a mix of diplomats, professionals, and affluent locals. Its proximity to the Kotoka International Airport also adds to its allure, making it an excellent choice for those who travel frequently. 

 

 

4. Ayimensah—nature and suburban living

For those seeking a more suburban lifestyle, Ayimensah and its environs, like Oyibi and Oyarifa, provide a charming escape from the bustling city centre. These suburban neighbourhoods are known for their lush greenery and proximity to nature. These are also places where you can get affordable housing options that you can buy and pay monthly since they are away from the centre of the city and are still being developed.

 

5. Cantonments—historic and prestigious 

Cantonments, with its rich history and colonial-era architecture, still stand as one of Accra's most prestigious neighbourhoods. Call it the home of embassies, this area is known for its well-planned layout, upscale residences, and luxurious lifestyles.

 

 

What house should you buy? 

While neighbourhoods play a crucial role in your buying journey, the type of property also matters. Is the house solely for investment purposes? Or will you be using it as your personal residential property? Do you have a big family or a small one? All of these are some of the factors that help you narrow down your search and buy a house that satisfies your long-term property goals. So what are some of the houses for sale in Accra?

 

1. Apartments and Penthouses

Apartments and penthouses are popular choices for buyers seeking convenience and modern amenities in the city centre. Apartments often offer a compact living space, making them suitable for individuals or small families. Penthouses, typically located on the top floors of buildings, provide a luxurious and spacious alternative with panoramic views.

 

Penthouse from VAAL, buy a house in Ghana
The living area of a penthouse


 

2. Townhouses

Townhouses provide a balance between individual living and a sense of community. These multi-story residences often feature shared walls with neighbouring units. Townhouses offer more space compared to apartments, making them suitable for growing families. 

 

 

3. Detached Houses

Detached houses are standalone houses, hence, they provide maximum privacy and space. These houses are ideal for families or individuals who prioritize independence and a yard or garden for outdoor activities.

 

4. Semi-detached

Semi-detached houses combine elements of detached and townhouse living. These houses share a wall with a neighbouring unit but maintain individual yards and entrances. They are normally less expensive than detached homes and offer a good mix of community and privacy. 

 

5. Villas

Villas are synonymous with luxury living. These expansive and often opulent homes come with premium features such as spacious gardens or yards, private swimming pools, and high-end finishes. 

 

chainhomes-osagyefo (1)
An European-style house-Villa


 

How much do houses cost in Accra?

Being the capital city of the country and a commercial hub, Accra has the priciest houses on the real estate market in Ghana. But all neighbourhoods aren’t the same in terms of prices. Generally, the most expensive houses are found in neighbourhoods with proximity to the airport—the closer the neighbourhood is to the airport, the more expensive it becomes. 

 

That is to say, if your budget is in the range of $1.5–3 million, then you can afford to buy properties like villas or detached houses in neighbourhoods like Cantonments and Roman Ridge. And if the budget falls between $250,000 and $1 million, then you should be looking at properties like townhouses, semi-detached, or apartments.

 

Moving further from the airport to upcoming areas like Oyibi, Ayimensah, or Oyarifa, you can get luxurious villas or detached buildings starting at $100,000. There are also less expensive houses, starting at $45,000, depending on the type of property and the location.

 

 

Available financing options for buying a house in Accra

Speaking of finances, your budget is one of the most important factors that determines the kind of house you can afford to buy. Fortunately, your budget should not necessarily be what you have saved to date since you can explore different financing options. But it should be a set amount that you can comfortably afford over a set period. Two of these commonly used financing options include:

 

1. Mortgage financing 

Mortgage or home loans allow you to buy a house in Accra with an initial downpayment, usually 20% of the price of the house and pay the rest in monthly instalments for a period of up to 20 years, depending on the bank. Mortgages are flexible and the monthly payments are more manageable for almost all homebuyers.

Related: Accessing Mortgages in Ghana

 

2. Self-financing

Self-financing implies that you will be buying your house out of your pocket without a mortgage. You can choose to pay the full amount outright or pay in instalments, depending on the agreement you make with the seller. With some property sellers, you make a downpayment on the property and then spread the balance over a year or more.

 

 

How to buy a house in Accra

Ready to buy a house in Accra? Let’s walk you through five simple steps to find your ideal house to buy in Accra. Take note that, just as with any other market, fraudulent activities happen regularly, therefore, one needs to take precautions to avoid falling victim.

 

1. Define your budget

Your budget should be realistic and also what you can comfortably afford. If you will be taking a mortgage, then seek pre-approval from your lender to determine how much they can lend you and how much downpayment you will be making. This is the step where you get all your finances in check and ready for the transaction. 

 

2. Explore neighbourhoods

We have mentioned five neighbourhoods that are all amazing locations for real estate investment and personal residential purposes. You can research more locations and visit them to find the one that suits your lifestyle and preferences, while also considering the purpose of the purchase.

 

3. Property search

Once you have a location and budget in mind, you can utilize online platforms and tools like our search tool to find a house that falls within your budget and location. You can also hire a real estate agent to help you identify potential houses and make assessments on the house.

 

4. Offer and negotiate

Make an offer on the chosen property and engage in negotiations to reach a mutually agreeable price. Also, clearly state your payment terms if you are self-financing your purchase and ensure it’s acceptable to the seller. 

 

5. Legalities 

After negotiations are done, if you are not a legal practitioner, we advise that you hire a legal professional with expertise in the property market to handle documentation and contracts, leading to the final closing of the property transaction and ownership. This ensures that all contracts are free from any loopholes.

 

 

Final thoughts on buying a house in Accra

Accra is a city booming with business and real estate opportunities, making it the perfect place to buy a house and settle down. It is also a great place for real estate investments like buy-to-let and short-stay. Due to the upscale neighbourhoods and property appreciation, investing in properties in Accra offers high rental yields and if you want to resell your house, you can still make a profit.

 

Now, in the process of buying a house in Accra, always be mindful of fraudulent activities on the market so ensure that everyone you deal with in the process is legit. Check to see if the realtors you deal with are registered brokers with a license and don’t forget to conduct due diligence on the seller and the property before you make any form of payment.

 

 


Share this post:

Related posts:
Paradise Estates East Legon Hills

Paradise Estates East Legon Hills: In the heart of Accra, East Legon Hills is rapidly becoming one of the most sought-after places, this area is popularly known for its mix of modernity and serenity. Just a stone's throw away from...

The Top 5 Fully Furnished Apartments for Rent in Accra Metropolitan

Furnished apartments for rent in Accra usually offers ease and comfort. Houses for Sale in Ghana will shares a list of the top five fully furnished apartments for rent in Accra Metropolitan with details on prices, amenities, locations, and more...