Why Invest in Luxury Real Estate in Ghana

Luxury real estate in Ghana refers to high-end properties that are typically more expensive and feature more luxurious amenities than standard properties. Luxury real estate is designed for people who want not just a home but are willing to pay for the experience of owning homes that speak to their personal tastes and needs. These properties can include houses, apartments, and villas, and are often located in desirable areas such as upscale neighborhoods or tourist hotspots. In this article, we will be talking about why investing in luxury real estate in Ghana will be a wise property investment choice. 

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Now here’s why you should invest in Real Estate in Ghana

There are several reasons why investing in luxury real estate in Ghana may be a good idea. Some of these include:

1. Economic growth

Ghana’s economy is reasonably stable, with consistent GDP growth rates, making it an appealing investment destination. The country also has a robust private sector, which contributes to economic growth. Also, according to the World Bank, Ghana is a signatory to a number of regional and international trade treaties, including the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA), which allow access to a wide market and tariff-free commerce. 

    2. Increasing demand

 According to a Northcourt Journal article on the Ghana Real Estate Market Report 2021, the growth of the country’s real estate market over the past three years has been attributed to a concentration of developers working in the mid-to-high-end segments, the entry of non-resident Ghanaians, as well as foreign investors like the German corporate finance and investment management firm GREA and the REIT Grit. This means that the demand for luxury real estate in Ghana is increasing, as more people look to invest in high-end properties.

     3. Tourism

Ghana is a popular tourist destination, and the country’s tourism industry is expected to continue to grow in the future. This growth is due to the country’s stunningly beautiful landscape, fascinating culture, and hospitable people. Ghana has many attractions, from its pristine beaches to its vibrant and diverse cities. With more than 1,000 hotels, apartments, and resorts spread out around the country, Ghana has a robust domestic tourist industry in addition to its foreign tourism. 

Both domestic and foreign tourists use these hotels. Accommodations can range from very simple and traditional to luxurious and modern. Like Quao Realty’s One Elm, which has an architectural style with minimalist designs to offer elevated living located in the heart of Accra’s most distinguished and elegant area: Airport Residential, or the 233 Boulevard, an architectural feat that features a memorable sleek design in the perfect setting of East Cantonments, or The Essence, an amazing apartment building with a magnificent view of the winding business district of Accra.

     4. Government incentives

Ghana’s government has put in place a number of incentives to stimulate investment in the real estate sector. The government provides significant tax breaks to qualified corporate buyers or investors involved in establishing commercial real estate for their companies. 

     5. Tax benefits

Ghana has a stable economy and is one of Africa’s fastest-growing economies. This means that there is a growing middle class with rising spending power, creating a demand for luxury real estate.

 It is crucial to note that tax laws and regulations in Ghana are complicated and subject to change. As a result, before making any financial decisions, you should seek professional counsel from a certified tax specialist.

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Here are 5 common examples of luxurious real estate in Ghana.

1. Beachfront properties: Ghana is home to many beautiful beaches, and several luxury properties are available for purchase or rent located directly on the beach.
2. Gated communities: Many luxury properties in Ghana are located in gated communities, which provide added security and privacy for residents.
3. High-end apartments: There are several luxury apartment buildings in Ghana, which offer amenities such as swimming pools, fitness centers, and 24-hour security.
4. Villas: a good chunk of luxury homes for sale in Accra are villas, which are typically large, standalone houses that feature private gardens, swimming pools, and other amenities.
5. Modern designs: Many luxury properties in Ghana feature modern designs and are built with high-end materials.

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Is real estate profitable in Ghana?

Real estate can be a profitable investment in Ghana, as the country has seen strong economic growth in recent years and the demand for real estate has been increasing. However, as with any investment, there are risks involved, and it’s important to conduct thorough research and consult with a financial advisor before making any investment decisions.

Ghana’s real estate sector is free from Ghana’s economic haircut, so it’s currently one of the most profitable sectors as of 2023. However, there’s usually a boom in profits during the holiday season. 

Can foreigners buy property in Ghana?

Yes! foreigners can buy property in Ghana. Foreigners are generally permitted to purchase and possess property in Ghana. In actuality, the Ghana Investment Promotion Centre Act of 2013 allows for 100% foreign ownership of firms, including real estate. There are, however, some restrictions on the types of homes that foreigners can purchase. It’s always recommendable to consult with a lawyer before buying property in Ghana, as they will be able to advise on the legal requirements and restrictions that must be followed.

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Cost of real estate in Ghana

The cost of real estate in Ghana can vary depending on several factors such as location, size, and amenities of the property. But in general, the cost of real estate in Ghana is lower compared to many developed countries. For example, the average cost of a one-bedroom apartment in the capital city of Accra can range from $100,000 to $180,000, depending on the location and amenities. That same one-bedroom apartment in a country like Dubai or America can cost anywhere between $250,000 to $500,000.

Homes and apartments for sale at Quao Realty have list prices ranging from $96,000 to over $1M. This applies to studios, one to four-bedroom apartments, four-bedroom homes, and even our penthouses. Pristine Gardens townhomes are currently available for purchase or rental, starting at $275,000, whether you reside in Ghana or somewhere else.

The cost of luxury real estate in Ghana is generally higher than that of standard property in Ghana. For example, a luxury beachfront villa in Ghana may cost several hundreds of thousands of dollars. It’s also important to note that there are other costs associated with buying real estates in Ghana, such as property taxes and legal fees. 

It’s also important to keep in mind that the prices of real estate in Ghana can vary depending on the location, for example, properties in prime areas and tourist hotspots will be more expensive compared to properties in other areas.

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Luxury homes for sale in Accra

It’s important to note that, as with any investment, investing in luxury real estate in Ghana carries risk, and it’s important to conduct thorough research and consult with a financial advisor before making any investment decisions. We provide our clients with a unique range of luxury townhomes and apartments in Accra, Ghana, located in the best prime real estate areas. You can find a place to call home with options ranging from our apartments at 233 Boulevard to our Sakumono townhouses at Pristine Gardens. Contact Quao Realty to reserve an apartment now!