Prices Are Going Up In The Capital, And So Are, Accra Land Values

Category: Finance, Real Estate.

Ghana is an emerging economy.

However, Ghana s laws and bureaucracy have not kept up with its quickly growing economy. The country is prospering with a recently reevaluated currency, and expects to achieve a middle- income status by 201Prospects could not be brighter for potential investors. If you plan on purchasing land or property in Ghana as a foreign investor, it is highly recommended that you utilize the services of a local lawyer experienced with land issues. Discrepancies over land title registration is a regular problem and there are often multiple landowners with claims to a parcel. Despite the recently launched Land Administration Project( LAP) this year, if not thousands, there are hundreds, of open land claim cases in Ghana. Not only should you work with a trusted local representative, but you should also obtain independent third- party confirmation that there are no outstanding claims on the property you plan to purchase. Building permit procedures can be difficult to navigate, especially for an outsider.

There are two other important reasons for investing in local knowledge when it comes to real estate- procedural and cultural awareness. Another consideration is whether or not the lands are Stool lands- this is land that traditionally belongs to a particular tribe or chief. Having a local advisor can be a major advantage when it comes to negotiations and cultural customs. Essentially, it belongs to the Stool or throne. Despite these apparent deterrents to investment, the government of Ghana is taking the issue of land registry very seriously. The government is also continuing to work closely with traditional Chiefs, who are custodians of approximately 80 percent of the land being surveyed.

A street naming project has been launched in the past year, along with the first Ghana Land Information Bank Directory- a project intended to register almost 120, 000 hectares of land, therefore making it available not only for investment, but also reducing litigation claims. Prices are going up in the capital, and so are, Accra land values. That said, if you re planning on building housing developments, keep in mind that while the economy and urban class salaries are growing, the financial sector s mortgage system is not. Rents are increasing rapidly, and so are incomes. You may want to consider financing availability before embarking on a major development. With a market already bursting at the seams, it s sure to explode once the constraints of bureaucracy and an old system have been cut away.

There may be challenges, but they are being addressed by the Ghanaian government.

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