Hello there, I'm Mr. Peter Von from OWNHM, a real estate developer. Today, we're diving into a topic I like to call the 4Ws of buying a house in Accra. We're talking about the 'who', 'where', 'when', and 'what'. These are the essentials you need to know if you're thinking about getting a house in Accra. So, stay tuned, because I'm going to break it all down for you, answering all these questions in detail. Let's get started!

 

Buy House in Accra: What Kind of House Should you be looking for
 

When you're thinking about buying a house in Accra, take it from me, you don't want to rush into it. And you really need someone who knows their way around the market. If you're not that person, it's crucial to find a top-notch real estate agent. Or, you can always reach out to us at Own Home – we're here to help you with your purchase.

 

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Now, if you're buying for the first time in Accra, steer clear of the really cheap houses for sale in Accra. Sure, you'll find houses going for around US$45,000 to US$80,000. But in my book, even a house selling for about US$100,000 to US$120,000 falls into that 'cheap housing' category.

If you're not too familiar with Ghanaian culture, and the way families live close together in Accra, you'll probably want to look at houses starting from around US$250,000 upwards. Why? First off, you're getting a unique design. Plus, you'll want a place with a good-sized backyard and front yard. And don't forget about a boys' quarters – super handy for having staff live on the property.

 

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Owning a place like this means you're in charge of the maintenance. You decide what gets done and when. It's a great way to keep living to the standards you're used to, especially if you're coming from abroad.

And think about the future too. If you ever decide to sell, a well-maintained, higher-end property is going to give you a much better return on your investment. It'll be worth a lot more than what you paid for it initially.
 

 

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Buy House in Accra: Who is Looking to Do So
 

Expatriates and Ghanaian Diaspora
Foreign Investors
Local Residents (usually Politicians, Foreign and local Business Owners with Businesses in Ghana)
Retirees (usually Top Local Business CEOS)
The wealthy seeking Vacation Homes 

 

It's clear that the phrase "buy house in Accra" resonates with a diverse group, each with their unique motivations. Primarily, we're talking about expats or the Ghanaian diaspora. These are Ghanaians who've ventured abroad, often to countries like the US, the UK, other parts of Europe, and Canada. After years away – sometimes decades – they transform into foreign investors looking to reconnect with their roots. They're not just buying houses; they're coming back to settle, start businesses, and reintegrate into Ghanaian society.

Then, there are the local residents. In Ghana, real estate isn't just an investment; it's a symbol of prestige. Owning a house is a significant achievement, often seen as more valuable than treasury bills or bonds. For many Ghanaians, owning a home in Accra is the ultimate dream, a goal that transcends mere investment.

On the corporate front, Accra attracts a lot of professionals. We're talking about diplomats, international organization workers, NGO staff – people who are either relocating to or working in Accra. They often seek homes in the city's most upscale neighborhoods, looking for comfort and convenience in line with their lifestyles.

Lastly, let's not forget those who come to Accra for vacations. These individuals prefer the idea of having their own space in the city. They're not interested in renting; they want to buy houses in Accra, creating personal vacation havens they can return to time and again.

In summary, whether it's the returning diaspora, local residents, corporate professionals, or vacationers, each group brings its own perspective to the Accra real estate market. But the common thread? They all see Accra not just as a place to live, but as a home to invest in, to return to, and to cherish.

 

 

Buy House in Accra: When to buy a House in Accra

 

Avoid Christmas and early new Year
Avoid Election Periods 
Avoid Public holiday times and Cultural Festival Seasons

 

Alright, let's talk about the 'when' of buying a house in Accra. Timing is super important. Personally, I'd avoid buying a house in December or January. Why? Because everything, including houses, gets pricier around Christmas. It's just how it is in Accra.

Also, during festival times, like cultural festivals, I'd hold off on buying too. Prices can spike then as well.

Now, about taking your time – it's crucial. Even if it takes a year or two, trust me, the longer you take to buy, the better it can be for you. But, keep showing interest. Let the owner know you're serious, but you're also not in a hurry. Bargaining is key here, and time is your best friend in this game.

Don't rush into a decision. Some folks might try to push you to buy quickly, but remember, taking your time can work to your advantage. Stay cool and don't let the pressure get to you.

 

Buy House in Accra: Where to buy a House in Accra for high ROI

 

East Cantonments  
Cantonments  
Airport Residential Area  
Airport Hills  
Ridge  
East Legon  
East Legon Hills  
Labone

 

There are new and upcoming areas in Accra where you might think about investing in real estate. But, speaking as someone who knows the Accra real estate market inside out, I wouldn't put my money in these emerging areas. The spots I mentioned earlier? Those are where you'll see the best returns on your investment.

In real estate, you often don't get a second shot, so you want to make your first move count. Aim for the best, nothing less. If you've got the funds, those are the areas I'd recommend focusing on.

Once you've made a solid investment in one of these prime areas, the next steps get easier. You might even find banks more willing to offer you a mortgage for your next investment. This makes entering the Accra real estate market a bit smoother.

With around US$250,000, you can step into the Accra real estate game. Buy your first property and start your journey to becoming a real estate guru. It's not as tough as it might be in places like the US, UK, Germany, or other countries where many expats come from.

So, to all the expats and diaspora out there, come back home. You're most welcome here. And believe me, you can make it big in the African market, especially when it comes to buying and investing in real estate in Accra.