The luxury property market in Ghana is poised for strong growth in the coming years as the country’s economy continues to expand and high-net-worth individuals seek premium real estate investments. With political stability, a growing middle class, and increased foreign investment, Ghana’s real estate sector presents exciting opportunities, especially in the high-end segment.

Surging Interest from High Net-Worth Investors

  • The number of high-net-worth individuals (HNWIs) in Ghana increased by 9.8% to 3,300 from 2020 to 2021
  • HNWIs account for less than 0.5% of Ghana’s population but control over one-third of the country’s wealth. Their net worth ranges from $1 million to over $30 million.
  • Global uncertainty and restrictive policies in many countries have HNWIs looking to Ghana as an attractive, stable investment destination in Africa.
  • Luxury properties, especially in prime locations like Airport West Residential Area offer HNWIs a safe store of value along with prestige.

Growth in Prime Accra Neighborhoods

Accra, Ghana’s capital located along the Atlantic coast, dominates the luxury real estate segment with high-end developments concentrated in a few key neighborhoods:

Airport Residential Area

  • Adjacent to Kotoka International Airport, the area is popular with diplomats, executives, and wealthy Ghanaians.
  • New developments boast amenities like private cinemas, spas, and 24/7 security.
  • Prices range from $400,000 to $1 million+ for a 3-4 bedroom apartment.


  • Historic neighbourhood near central business district favoured by foreign embassies.
  • Victorian homes along tree-lined streets provide exclusivity and privacy.
  • Prime Cantonments houses sell for $1.5 million to $4 million+.

East Legon

  • Hub for upscale gated communities like Trasacco Valley.
  • Proximity to shops, international schools, and restaurants appeals to families.
  • Apartments start around $250,000 with houses from $500,000 to $1 million+.

Factors Driving Demand for Luxury Real Estate

Several socioeconomic factors explain the rising appetite for high-end properties in Ghana:

  • Economic growth and stability – Ghana’s GDP expanded by 5.4% in 2021 and is projected to grow by 5.2% in 2023 according to the World Bank. This generates wealth and confidence.
  • Youthful population – Over 57% of Ghana’s population is under age 25. As this increasingly educated demographic enters their prime earning years, demand for upscale housing will rise.
  • Favorable investment environment – Ghana ranked 118th out of 190 countries in the World Bank’s 2020 Ease of Doing Business index. Its relative political stability makes it attractive for both local and foreign real estate investors.
  • Urbanization – Ghana’s urban population is expected to grow by 28% from 2020 to 2030 according to UN Habitat. Urbanization and rising household incomes are fueling housing sales.
  • Scarcity of luxury inventory – For HNWIs, options are currently limited. This scarcity allows premium projects to command high prices, especially in the most desirable neighbourhoods.

Development Trends in Ghana’s Luxury Real Estate Segment

Developers are evolving projects to align with buyer preferences:

  • Larger unit sizes – Luxury home buyers want more space for extended families. Average unit sizes have increased from 2,500 sq ft to 4,000+ sq ft.
  • Top-tier amenities – Features like home theatres, spas, wine cellars, cigar lounges, and pools reflect rising expectations.
  • Smart home technology – Affluent buyers want automation, security, and connectivity. Lighting, HVAC, and security are integrated through home automation systems.
  • Sustainability – Green building features such as solar power, energy-efficient appliances, and water recycling appeal to eco-conscious high-end buyers.
  • Co-working and leisure spaces – Developments now incorporate shared amenities like private offices, gyms, restaurants, and gardens to foster a luxury lifestyle community.
  • Concierge services – Many projects offer 24/7 amenities management and individualized assistance to residents from booking travel to planning events.

Government Initiatives to Boost Luxury Real Estate

The government has introduced several policies aimed at stimulating growth in the upscale property segment:

  • Tax incentives – Developer and buyer tax incentives include lower transfer taxes and property tax holidays to encourage investment.
  • Investment promotions – Government campaigns like Beyond the Return aim to attract African diaspora investment into luxury real estate and other sectors.
  • Streamlined approvals – Recent directives require local authorities to approve development permits within 90 days to accelerate high-end projects.
  • Flexible foreign ownership – Non-Ghanaians can buy freehold property and obtain residence permits conditional on the value of their real estate investment.
  • Mortgage market expansion – Banks now offer 30-year mortgages with minimum down payments of 20% to boost accessibility for high-income professionals.

Positive Outlook for Developers and Investors

Industry experts forecast a thriving luxury segment as demand outpaces supply:

  • Less than 10% of affluent Ghanaians can find residential properties that meet their expectations and budget. Developments lag behind demand.
  • Prime rents in Accra will grow by 5% annually from 2022-2026 due to limited availability and strong interest from corporate tenants.
  • The prices for high-end Accra homes will increase by 3-5% over the next five years as local and international buyer appetite grows.
  • Smaller luxury developers are attracting finance from private equity funds eager to enter Ghana’s underserved premium market.

Overall, industry analysts are optimistic that Ghana’s luxury segment presents lucrative opportunities, boosted by strong fundamentals and increasing high-net-worth investor appetite. Though still a niche, luxury real estate in Ghana is headed for an upswing.

Opportunities at VAAL Ghana’s Harmonia Residences

VAAL Ghana, a pioneering luxury property developer, offers exclusive residences in the Airport West Residential Area through the Harmonia Residences project. With luxury features and a prime location, Harmonia offers compelling benefits.

Distinctive Design

Harmonia’s architecture combines modern styling with cultural accents across four low-rise buildings. Interiors exude sophistication through:

  • Elegant light fixtures, tilework, and wall textures
  • Spacious layouts up to 4,000 sq ft
  • Floor-to-ceiling windows with scenic views
  • Options for custom cabinetry and imported finishes

Resort-Style Amenities

Pampering amenities create a relaxing ambience:

  • Outdoor pool with sundeck
  • Fitness studio and multi-sport court
  • Residents’ lounge with mini theatre
  • Landscaped gardens and walking paths
  • Gated perimeter with 24-hour security

Prime Location

Harmonia provides fast airport access and nearby conveniences:

  • 5 minutes from Kotoka International Airport
  • Short drive to Accra Mall, offices, international schools
  • Easy access to downtown, beaches, hotels, and restaurants

Along with its refined design and indulgent amenities, Harmonia’s excellent location enhances appeal for luxury buyers.

Attractive Payment Plans

VAAL Ghana facilitates acquisition through flexible payment options:

  • 20% down payment
  • Interest rate from 15%
  • Up to 15-year mortgage terms

With low initial installments and extended repayment, Harmonia Residences allows buyers to seize this exclusive opportunity.

Strong Development Team

With years of experience in Ghanaian real estate, VAAL brings substantial expertise:

  • The executive team has collectively developed millions of dollars in property.
  • Existing VAAL projects include The Harmonia Residence and Harmonia Villa
  • VAAL Group has received multiple local and international property awards.

VAAL’s development skills, financial strength, and reputation help ensure Harmonia Residences’ quality.

For high-net-worth Ghanaians and foreigners seeking a luxury residence, Harmonia Residences presents a truly unique proposition in a prime location with rich amenities and facilities.

FAQs on Luxury Real Estate in Ghana

  • What is driving demand for luxury homes in Ghana?

Economic growth and rising incomes are enabling more high net worth individuals to invest over $400,000 in luxury real estate. Limited supply amid growing interest pushes prices upward.

  • Where are Ghana’s most expensive homes located?

Ghana’s prime luxury market centres around Accra neighbourhoods like Airport Residential Area, Cantonments, and East Legon where prices range from $500,000 to over $4 million.

  • What amenities do luxury home buyers expect?

High-end buyers want larger floor plans over 4,000 sq ft, smart home technology, sustainability features, concierge service, luxury community spaces, pools, and 24/7 security.

  • Can foreigners invest in Ghanaian real estate?

Yes, Ghana allows foreign buyers to purchase property on a freehold basis conditional on the value of their real estate investment. Attractive tax incentives are also offered.

  • How can I finance a luxury property purchase in Ghana?

Mortgages are available from local banks including 20% down payments and repayment terms up to 15 years. Interest rates start around 15%.