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Home » Investing in Real Estate in Accra, Ghana: What you should Know

Investing in Real Estate in Accra, Ghana: What you should Know

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Obtaining Real estate in Ghana is a relatively straightforward process if you purchase from one of the elite Real Estate Companies.  The most renowned brands being Trassaco, Regi-Manuel Gray, and Villagio. The downside of these transactions is that such properties come at exorbitant prices.

It would be cheaper buying properties on your own and going about the building and documentation process yourself. This comes with many challenges. From our own experiences, we are enumerating important things you need to know to guide your transactions. Kindly pause and be aptly reminded of our Facebook page where you can find  important info on our wall regarding a vast array of topics. The platform is also one you can readily find identical minds to connect with.

Ownership of Landed Property

  1. : Ghanaian laws reserve the ownership of lands to only citizens. Foreigners are allowed to have landed property for a maximum of a 99 year lease period. The lease can be renewed at the end of the period. If you are thus offered land or any landed property in a permanent ownership deal, walk away. If you are married to a Ghanaian, you can purchase property as a couple. 

Property development fees

  1. : If you purchase land from a chief or any of the average real estate agents, be prepared to part with some money before you are allowed to develop the property. There are a bunch of locals who loosely fall under the tag “Land guards”. These people have always collected a “development fee” from those who purchase lands before they are allowed to commence any work. Although illegal, the Government turns away as they see this as tradition.

Duration for land documentation after purchase:

  1. There are so many administrative bottlenecks in the official process for registration and documentation of land and any landed property. This can be frustrating; especially if you require such properties to facilitate a business enterprise. To try to avert this, make sure you visit the Lands Commission and get a list of all the needed documents. That way, when you go for your documentation, you would have everything at hand. 

Affirm the veracity of the property

  1. : If you intend  buying property in Ghana, do well to verify the authenticity of the documents before making any payment. For a small fee, you can go to the Land Commission and they will run a search to indeed validate the claims of the seller. If any seller starts shuffling his/her feet over this, end the deal.

Immediate post-land development

  1. As already pointed out, it will potentially take you a long time to get the requisite documents from the Land Commission. You would thus have to secure your property in a more traditional way. Make sure you erect an immovable structure on it within the space of a maximum of a year after acquiring your property. This may be a fence, a security cabin, or the foundation of your envisioned building.

Possess needed finances to start work

  1. : Before you buy land, it is important to have made immediate plans to commence work as soon as you acquire the property. The reason for this has been clearly stated above. Failure to have the requisite finances at your disposal might put you in a dire situation. The seller may resell the property and then opt to drag you through a lengthy legal battle.

Make your little verifications from the community

  1. : As the adage goes, “if you keep your ears close enough to the ground, you will hear everything”. If you intend to purchase land or any real estate property, it is important to ask around if there are any litigations over it. It is well within your rights to ask the seller why he/she is selling. If you are not satisfied, ask around for more info.

Get a trusted Ghanaian to be with you

  1. It is vital to always carry out negotiations and transactions of these kinds with a Ghanaian by your side. This will go a long way in plugging holes of potential cheating. The fact that you have someone who understands the ways of the people and speaks the same language will aid you to understand the picture better.

Always get proof of payment:

  1. : For every transaction you do, insist an aptly signed and dated receipt is given. This must have your name on it as well as the name of the seller. As much as possible make sure these receipts are consistent in form and issued by the same person. This will aid you to keep a consistent catalog in case any dispute arises.

Make sure all appended signage is in order

  1. : You can make a small deposit to reserve the property whilst you validate things. But before you make full payment for your property, ascertain all the documents have the requisite authorizing appendages. This may be in the form of a thumbprint or a signature. Also insist documents are aptly dated under the signatures.

Ghana is generally regarded as a peaceful place to live and transact business. Just like it is with most other places, you can’t find people without any “bad nuts”. In Ghana, most of these charlatans exist in the Real Estate business. This guide is to make you aware so you go about your business with the right decisions made. A kind reminder to you to subscribe to our social media page on Facebook if you haven’t done so already. Be sure to like our posts, comment on them, and share them for others to benefit from these pearls. 

FAQ for Investing in Real Estate in Accra, Ghana

Are there jobs for foreigners in Ghana?

There are so many opportunities in Ghana for skilled workers. Ghana has been making great strides to walk down the road of modernity to become a self-sufficient developed nation. This has seen lots of avenues arise in a wide array of sectors for professionals and even unskilled workers. This dearth can’t be filled by the local populace. 

Will I be able to live safely in Ghana?

Ghana is one of the safest nations in the world to live in. The people are friendly, accommodating, and always willing to help. Crime is lower compared to some other popular nations on the continent. Security personnel have enhanced visibility and are astutely professional.

Does the Ghanaian Government harass foreigners?

As long as you abide by the rules and regulations that bind the nation, you would enjoy the amazing liberty this country bears. You would be treated as a citizen and be accorded the apt respect. Security personnel and officials of regulatory authorities that deal with foreigners are well-trained and courteous in their dealings.

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