Average House Prices In Ghana
Residential property prices are surging to an all-time high, mainly buoyed by the influx of non-resident Ghanaians and foreign homebuyers, according to local real estate experts.
In Accra, the country’s capital, the average house price was GHS315,000 (US$86,957) in mid-2013, about 12% higher than in the rest of Ghana, based on a collection of house prices listed on Tonaton.com.
In recent years Ghana has seen a steady stream of other European and American passport holders of African descent arriving at Kotoka International airport, responding to the resource boom and a manufacturing boom. They collect their possessions from shipping containers at Tema port and search for homes in Accra’s popular residential areas. They are coming for what seem like the limitless opportunities in what has often been seen as one of Africa’s best-run countries.
Mercedes and Lexus abound, with designer label clad passengers. The district around the embassies and consulates is awash with the totems of success – giant satellite dishes, gated driveways that stretch into the distance. There are luxury housing estates that would not be incongruous if situated in Beverly Hills. The social elites and expatriates can find all their home comforts and Western goods at prices far in excess of the average Ghanaian’s pocket. Supermarkets and restaurants cater to their every need in air-conditioned comfort.
Yet this is a very poor country, marked by high inequality.
The most expensive area in Accra is the Airport Residential Area, with average house prices of GHS950,000 (US$262,250). Other expensive areas in the capital include East Legon GHS800,000 (US$220,842) and Spintex GHS600,000 (US$652,632).
The least expensive houses in Accra can be found in Madina with averages price of GHS200,000 (US$55,211), followed by Kwabenya and Abokobi, with average house prices of GHS245,000 (US$67,633) and GHS210,000 (US$57,971), respectively.
In the rest of Ghana, house prices remained cheap, at an average of GHS280,000 (US$77,295) over the same period. In Kumasi, the average price of a house stood at GHS220,000 (US$60,732) in mid-2013. In Sekondi-Takoradi, the average house price was GHS180,000 (US$49,690) over the same period. Cape Coast has the least expensive houses in Ghana, at an average of GHS120,000 (US$33,126).
But for all the hype about Ghana’s growth and its good government, the country is now in trouble again. The country has just decided to begin the process of applying for an IMF bailout.
The economy grew by 5.5% in 2013, a sharp slowdown from the annual GDP growth rates of 7.9% in 2012, 15% in 2011, and 8% in 2010, according to the International Monetary Fund (IMF). The economy is projected to grow by about 4.8% in 2014 – and
There are no restrictions on foreigners buying property in Ghana. However, there are four forms of land ownership, some of which cannot be privately owned. Each involves differing modes of acquisition. These are: Government Land, Vested Land, Customary/Stool Land, and Family/Private Land.
Potential buyers should first consult the Ghana Investment Promotion Center regarding procedures, and to be directed to the appropriate agencies involved in legally acquiring property, since identifying legal ownership can be a problem.
How much does it cost to build a house (construction cost) in Accra?
| Chamber, Hall, Kitchen | One Storey: 3 Bedroom | |
|---|---|---|
| Roofing | 20,268.00 | 73,590.00 |
| Services | 8,640.00 | 69,690.00 |
| Finishes | 14,580.00 | 82,800.00 |
| Total | 65,736.00 | 314,814.00 |
What Is The Cost Of Housing In Ghana?
Family of four estimated monthly costs are 1,648$ (13,398₵) without rent. A single person estimated monthly costs are 459$ (3,731₵) without rent. Cost of living in Ghana is, on average, 56.44% lower than in United States. Rent in Ghana is, on average, 62.23% lower than in United States.
- Table Of Contents;
- INTRODUCTION;
- Macroeconomics and Housing
THE STATE OF THE HOUSING MARKET
Housing Characteristics
Population Distribution and Housing Stock
Mortgage or Build
A MODEL MORTGAGE MARKET
Mortgage Market Development in Ghana
Mortgage Financing in Ghana
Factors affecting the Development of a Vibrant Mortgage Market
SURVEY OF HOUSE PROVIDERS AND MORTGAGE PROVIDERS
The Operational Background of Respondents
The Price Structure of Housing Units Effects of External Macroeconomic Factors on Housing Market
Challenges Facing the Real Estate Market Source of Financing Structural Rigidities and Prices of Inputs
Some Key Recommendations by Real Estate
Developers and Mortgage Financiers on the Challenges facing the Housing Sectors
CONCLUSION AND POLICY RECOMMENDATIONS.
What Is The Difference Between Median And Average House Prices?
Median price is the middle point for real estate prices. It is not the same as the average price. The median price is the price in the very middle of a data set, with exactly half of the houses priced for less and half priced for more.
What Is The Difference Between Median And Average House Prices?
Median
The Median of a set of numbers is that number where half of the numbers are lower, and half of the numbers are higher. In the case of real estate, that means the median is the price where half of the homes sold in any given area that month were cheaper, and half were more expensive
Average
The Average of a set of numbers is the total of those numbers divided by the number of items in that set. The median and the average might be close, but they could also be significantly different. It all depends on the numbers.
According to the real-estate firms Zillow and Redfin, the median size of an American single-family home is in the neighborhood of 1,600 or 1,650 square feet.
How Do I Find my Average House?
The average pMice is simply the arithmetic mean, calculated as the total of all home sales, divided by the number of sales.
| Rent Per Month | Price | Range |
|---|---|---|
| Apartment (1 bedroom) in City Centre | 5,414.14 ₵ | 2,500.00-12,486.52 |
| Apartment (1 bedroom) Outside of Centre | 602.94 ₵ | 400.00-950.00 |
| Apartment (3 bedrooms) in City Centre | 15,658.96 ₵ | 10,000.00-24,454.60 |
| Apartment (3 bedrooms) Outside of Centre | 2,434.12 ₵ | 1,500.00-8,000.00 |