In recent years, the real estate market in Ghana has witnessed a surge in demand, especially when it comes to residential properties. As the country experiences rapid urbanization and youth population growth, the need for cost-effective homes has become increasingly apparent. 

 

With this article, RealEstateInGhana aims to guide potential homebuyers in their quest for cheap houses for sale in Ghana, exploring the advantages and disadvantages of opting for cheap houses, popular and cost-effective locations, and considerations to keep in mind.

 

Understanding the Demand for Cheap Houses for Sale in Ghana

Ghana, like many developing countries, faces a growing demand for affordable residential properties due to factors like urban migration, population growth, and economic development. What makes this demand even more constant in Ghana is the country’s housing deficit of over 1.7 million, which contributes to the increase in the cost of residential properties. 

 

With the effect of the housing deficit on the cost of properties and the fact that a larger percentage of the country’s population are average-income earners, most homebuyers are constantly on the lookout for more cost-efficient properties. Recognising this need and struggle, some developers are also focused on creating budget-friendly and affordable housing solutions to cater to a broader population segment.

 

 

Popular Locations for Cheap Houses for Sale in Ghana

Ghana boasts 16 regions, all of which have varying housing markets. However, the real estate market is mostly concentrated in Accra and Kumasi, with other cities like Takoradi and Cape Coast also contributing their fair quota. 

 

Houses in Accra are considered to be the most expensive on the market, with houses in Kumasi, Takoradi, Cape Coast, and Aburi following suit. Other cities like Koforidua, Sunyani, and Tamale have some of the cheapest prices on the market. 

 

Although one will find less costly houses in some of the cities aforementioned, most homebuyers, especially those with an interest in rental yield and property appreciation, prefer purchasing houses in Accra and Kumasi. Luckily, even within Accra, where the most expensive houses and apartments are, there are still houses that can be considered cheap even for the average-income Ghanaian. 

 

And the “trick” to finding such deals is by exploring emerging neighbourhoods and suburban areas, which are a little farther from the business district and the international airport. Some of these neighbourhoods include East Legon Hills, Oyibi, Oyarifa, Ayi Mensah, and Amrahia.

 

 

 

Interesting Houses for Sale in East Legon Hills

East Legon Hills is considered an extension of the popular and affluent East Legon neighbourhood. It is an emerging neighbourhood with well-planned gated communities from some of Ghana’s finest estate developers and modern amenities that make urban living more comfortable. The prices of houses in East Legon Hills are moderate given that the place is still developing and it is located a bit farther from the airport (about a 40-minute drive).

 

A Newly Built 3 Bedroom House East Legon Hills

Priced competitively at $170,000, this modern 3-bedroom home represents an excellent opportunity to invest in contemporary and comfortable living. Whether you're a first-time buyer, upgrading, or investing in real estate, this property offers a blend of value and style.

 

Key Features:

  • 3 bedrooms
  • 4 bathrooms
  • Fitted Kitchen
  • Air conditioning
  • Porcelain floor tiles for all rooms
  • Laundry room
  • Parking space for two cars

 

east legon hills cheap houses for sales in Ghana
Newly Built 3 Bedroom House East Legon Hills

 

4 Bedroom Ensuite House with Outhouse in East Legon Hills

Priced at $280,000, this exquisite 4-bedroom townhouse in East Legon Hills offers an unparalleled blend of luxury and comfort. The property features an outhouse, a family area, and a study, making it an ideal choice for families.

 

Key Features:

  • 4 bedrooms
  • 5 bathrooms
  • Fitted kitchen
  • Laundry room
  • Air conditioning
  • Outhouse for guests or a service quarter. 
  • Family Area
  • Study

 

East legon hills 2
4 Bedroom Ensuite House with Outhouse in East Legon Hills


 

Fully Furnished 3 Bedroom House in East Legon Hills

Priced at $80,000, this property is strategically located just 3 minutes from School Junction in East Legon Hills, offering easy access to schools, amenities, and a vibrant community. This property is a fully furnished 3-bedroom house.

 

Key Features:

  • 3 bedrooms
  • 2 bathrooms
  • Fitted Kitchen
  • Built-in wardrobes
  • Water heaters

 

east legon 3
Fully Furnished 3 Bedroom House in East Legon Hills

 

Interesting Houses for Sale in Oyarifa

Oyarifa is a promising suburb on the Aburi road. It is about a 35-minute drive from Accra Central and a 15-minute drive from Accra Mall. Oyarifa has a view of the Peduase and Aburi mountains, with relatively cold weather and a serene environment.

 

3 Bedroom House for Sale at Oyarifa

Priced at $150,000, this executive property located in Oyarifa offers lush and comfortable urban living. This property sits on a 50 x 80 ft piece of land with spacious rooms and a compound fit for parking two cars.

 

Key Features:

  • 3 ensuite bedrooms
  • Fitted kitchen
  • Air conditioning and water heater
  • CCTV security system
  • Laundry room with installed washing machine

 

oyarifa cheap houses for sale
3 Bedroom House for Sale at Oyarifa


 

Newly Built 3 Bedroom House for Sale at Oyarifa 

Priced at $65,000, this 3 bedroom all ensuite offers a comfortable living space for families looking to raise their kids in a serene environment with social amenities that aren’t far from arm’s reach. This modern property sits on an 80 x 40 piece of land and offers great views of the Aburi mountains. 

 

Key Features: 

  • Fitted kitchen
  • Modern washrooms
  • Air conditioning   
  • Modern Lightening 
  • Security system—electric fence

 

Oyarifa cheap houses for sale
Newly Built 3 Bedroom House for Sale at Oyarifa


 

Interesting Houses for Sale in Lakeside Estate

Lakeside Estate, located in Aslaley Botwe, is a developing gated community that is highly sought after. The estate has both residential and commercial properties, making it ideal for homebuyers looking to stay in a self-sufficient community. 

 

4 bedroom House in Botwe Lakeside Estate

Nestled in the heart of Botwe's coveted Lakeside Estate is a residence that epitomizes luxury, elegance, and modern living. This newly constructed four-bedroom house, spanning a generous 100 sq m, is a harmonious blend of contemporary design and functional living spaces. This property is currently being sold for $180,000.

 

Key Features: 

  • 4 bedrooms
  • 5 bathrooms
  • Fitted kitchen
  • Dining area
  • Parking space
  • Balcony

 

Lakeside
4 bedroom House in Botwe Lakeside Estate


 

Newly Built 3 Bedroom House for Sale in Lakeside Estates

Discover the charm and elegance of this newly built 3-bedroom house in the serene and prestigious Lakeside Estates of Accra. Designed with modern aesthetics and built for comfort, this property is an ideal choice for families and professionals seeking a blend of luxury and practicality. This property is currently being sold for $120,000.

 

Key Features:

  • 3 bedrooms
  • 4 bathrooms
  • Open-fitted kitchen
  • Parking space

 

Merits of Buying Cheap Houses for Sale in Ghana

Cost-Efficient

One of the primary advantages of opting for cheaper houses for sale in Ghana is their cost-efficiency. Cheaper houses provide an opportunity for individuals and families to enter the property market in Ghana without incurring substantial financial burdens.

 

Reducing Overcrowding

Cost-efficient houses in developing areas contribute significantly to reducing overcrowding in already-developed areas. As families move farther away from the business districts, the pressure on densely populated city centres decreases. 

 

 

 

Disadvantages of Cheap Houses for Sale in Ghana

Untarred Roads and Poor Infrastructure 

Cheap houses in developing areas may face challenges in terms of infrastructure development. Untarred roads and inadequate infrastructure can affect residents' daily lives, hindering accessibility and overall quality of life. The lack of essential amenities, such as proper drainage systems and reliable utilities, can pose significant challenges for those residing in such areas.

 

Fights and Gossips

Cheaper housing options may sometimes mean living in close quarters with others, which can sometimes lead to interpersonal conflicts among residents. The proximity of households can escalate minor disagreements, resulting in disputes, fights, or the spread of gossip within the community.

 

Screenshot 2023-12-15 at 10.01.50
 

 

Alternatives to Cheap Houses for Sale in Ghana 

Opting for cheap houses is undoubtedly a cost-efficient way of entering the real estate market and owning a property. However, these cheap houses are sometimes not the best options for people looking to invest in real estate and earn enough passive income. 

 

The alternative is to invest in properties in prime areas like East Legon, Cantonments or the Airport Hills, where residential properties appreciate quickly and returns are higher. By investing in such properties, you get a higher ROI to reinvest in other properties. Two such properties include:

 

1. Apartments and Offices for Sale, Terra X Building

This development is named Terra X and is located in a prime area of Accra, indicating a focus on luxury and convenience. The Terra X Building in Accra is a modern mixed-use building. The building is designed with a contemporary aesthetic, featuring a combination of glass, steel, and a wood-like facade on various sections. The structure includes both commercial and residential spaces. 

 

The price range of apartments and suites in Terra X is $95,000-$450,000.

 

terra-x-building-1-apartments-and-offices-for-sale-and-rent-in-accra-prime-location
Terra X Building


 

2. Apartments for Sale, Grand X, East Legon

The Grand X Apartment building is located in East Legon, a ten-minute drive from Kotoka International Airport. With only ten exclusive business apartments, each unit promises exclusivity and privacy. Whether you're a family looking to elevate your living standards or a business professional seeking a luxury residence that matches your ambition, Grand X is an ideal choice. 

 

The price range for the Grand X is $150,000-$350,000

 

apartments-at-east-legon-accra-ghana-for-sale-2-off-plan
Grand X, East Legon


 

Taking Mortgage to Finance Properties

While some of these luxurious apartments and houses may be quite expensive to purchase and pay outright, there are other ways of acquiring them without necessarily having to pay all the costs at once. One such way is through a mortgage.

 

With mortgages, you can acquire properties by making a downpayment (usually 20% of the cost of the property) while a mortgage bank or company pays the rest. Mortgage companies or banks in Ghana usually give a repayment duration of up to 20 years and interest rates vary between 18% and 31%. Interestingly, several banks often reduce their rates to encourage patronage.

 

 

Final Thoughts

As the demand for affordable houses in Ghana continues to rise, there are promising opportunities for individuals and families to achieve their dream of homeownership, as well as investors looking to enter the real estate market. By understanding the factors influencing prices, exploring emerging locations, and staying informed about the market, potential buyers can navigate the real estate market and find cheap houses that meet their needs and budget.

 

 


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