Luxury Real Estate in Ghana

Foreign investment in luxury real estate in Ghana has been on the rise over the past decade. With its political stability, growing economy, and investment incentives, Ghana is an attractive destination for high-net-worth individuals looking to invest in Africa. Here is an in-depth look at foreign ownership trends in the luxury property segment in Ghana.

Overview of the Luxury Real Estate in Ghana

  • The luxury real estate in Ghana is relatively small but has seen steady growth. It is concentrated in prime locations like Airport Residential Area, East Legon, and Cantonments in Accra.
  • Sales prices for luxury homes range from $250,000 for upscale apartments to over $1 million for mansions and penthouses. The most prestigious compounds have additional fees for amenities.
  • Demand comes mainly from high-earning locals, expatriates, and foreign investors. Ghanaians in the diaspora are also major buyers.
  • Luxury development has accelerated recently, with new upscale compounds like One Airport Square and The Manet Towers offering modern amenities.

Surge in Foreign Investment

  • According to industry estimates, foreign purchasers account for around 35% of luxury real estate transactions in Ghana.
  • The majority are individual buyers from Nigeria, the UK, USA, China, Lebanon, India, and South Africa who buy for investment purposes or vacation homes.
  • Foreign companies have also invested heavily in luxury residential developments. Significant FDI has come from Lebanon and China.
  • Regional bodies like ECOWAS have made it easier for West Africans to purchase property in Ghana, leading to more buyers from neighboring countries.

Factors Driving Foreign Interest

Stable Economy and Real Estate Market

  • Ghana has enjoyed over 25 years of democracy and stable economic growth. This reduces the political risk for foreign investors.
  • The real estate market has steadily appreciated at 5-7% annually over the past decade, making it attractive for capital gains.

Friendly Business Environment

  • Ghana ranked 118 out of 190 on the World Bank’s 2020 Ease of Doing Business Index. It’s one of the most business-friendly countries in Africa.
  • The real estate sector is open to foreign ownership with no restrictions on capital flows. Land title registration is reliable.

Tourism Potential

  • Luxury resorts and hotels along the Atlantic coastline cater to foreign tourists. This creates demand for vacation homes.
  • Ghana’s tropical weather, ecotourism, and cultural sites like Elmina Castle appeal to foreign buyers looking for second homes.

Profitable Rental Market

  • Strong demand for high-end rentals from expatriate workers, diplomats, and other professionals allows investors to generate steady rental income.
  • Annual yields range from 5-8% on luxury property. This surpasses returns in many advanced real estate markets.

Challenges for Foreign Investors

  • Difficulty obtaining financing from local banks as a non-resident. Many foreign buyers purchase in cash.
  • Potential delays in construction and delivery of real estate projects.
  • Language barriers and cultural differences require local expertise. Reputable real estate agencies can help navigate the market.
  • High upfront costs for some luxury compounds. Annual maintenance fees also apply.

Outlook for Foreign Investment

  • Ghana’s luxury real estate segment will continue to attract foreign capital as the economy expands and tourism grows.
  • Political stability, coupled with pro-business policies and incentives, will keep demand robust.
  • Regional integration initiatives aim to boost intra-African real estate investment. This bodes well for cross-border purchases.
  • Some headwinds exist, like currency fluctuations and lending rates. But the lucrative fundamentals outweigh the risks.


The luxury real estate landscape in Ghana is poised for growth in foreign investment and development. With in-demand locations, a transparent property market, and a thriving upper class, Ghana has become a top choice for high-end real estate buyers from abroad. Though some challenges like financing access remain, the overall trajectory is positive. For foreigners seeking both capital gains and comfortable living in West Africa, luxury homes in Ghana offer an appealing opportunity.


  • What are the most prestigious luxury areas in Accra?

The top luxury residential enclaves in Accra are Airport Residential Area, East Legon, Cantonments, and Ridge. These have the most exclusive compounds, high-end hotels, and luxury amenities.

  • What is the average price per square foot for luxury property in Ghana?

Luxury home prices average $250-$350 per square foot in prime Accra locations. For super luxury properties like penthouses, prices can exceed $500 per square foot.

  • Can foreigners get mortgages from banks in Ghana?

It is difficult for non-residents to obtain mortgages in Ghana. Most overseas buyers purchase in cash or via payment plans from developers. Some global banks will lend to foreign property buyers.

  • Are there any restrictions on foreign ownership of land in Ghana?

Foreign individuals and companies can freely own land in Ghana with no limits on the amount. The process is the same as it is for locals purchasing property.

  • What taxes apply to foreign buyers of luxury homes in Ghana?

Foreigners pay a 5% property transfer tax when purchasing real estate. Annual property taxes also apply at rates between 0.5% and 1% of assessed value. Capital gains tax is 15% upon sale.