Monday, April 15, 2013

Alarming Stats About Homes In Ghana

Alarming Stats About Homes In Ghana

The real estate market in Ghana is thriving. Many people think this is because the price of land and homes is so affordable. You might be surprised to learn that this is not necessarily true. In fact, in many areas the prices are comparable to those in the United States.

Median Home Prices

It is difficult to obtain exact numbers and percentages for homes in Ghana. There is no central database or multiple listing service that tracks sales prices and charts trends. According to a 2007 report titled The Housing Market in Ghana published by the Bank of Ghana, the median home prices for new construction ranged anywhere from $17,500 US dollars for a one bedroom home to $36,000 for a 3 bedroom home.
Since then, the cost of construction materials has risen dramatically. In February 2012, for instance, the cost of cement rose 13 percent in just one week; the price of door locks rose by a whopping 44 percent. The high cost of building materials has driven the price of homes in Ghana to a level that many low income families can’t afford.
In the thriving metropolis of Accra and Tema, investors are quick to snatch up any available land and build luxury properties on it. Ghana Business and Finance reports that a one or two bedroom luxury condominium sell s for around $100,000 US dollars, while a three or four bedroom or a penthouse suite can fetch up to $500,000. By comparison, the National Association of Realtors reports median home prices for the past year are $238,800 in the Northeast United States, $129,000 in the Midwest, $150,500 in the South and $237,700 in the West.

Supply and Demand

Because investors can turn a better profit on properties on upper-class properties such as condominiums in Accra, they have neglected the growing demand for affordable homes for low and middle income families. The supply is low, yet the demand continues to increase from the influx of foreign nationals, Ghanaians returning home as well as job expansions in the oil industry. Whenever the demand is greater than the supply, the price of homes increases.

Investment Opportunities

The Ghana real estate industry needs investors to help finance medium scale projects for middle-income projects. Whether you are a foreign investor or a resident Ghanaian, The Ghana Homes Group can help you identify investment opportunities, choose floor plans and more.

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