–BY Issah Olegor
Accra, Ghana’s capital, has been ranked as Africa’s third fastest-growing real estate market, according to a report by Statista and Knight Frank’s Africa Report.
The city has attracted growing investor interest, fueled by economic stability, a rising middle class, and surging demand for both luxury and affordable housing.
Economic Stability
The report highlights Accra’s rapid property value growth, solidifying its status as one of the continent’s most attractive real estate destinations.
Ghana’s steady economic growth, booming urban population, and rising investor confidence have contributed to Accra’s emergence as a key player in Africa’s evolving real estate landscape.
The Ghanaian real estate market is projected to reach a value of GHS 533.34 billion by 2025, with residential real estate accounting for over GHS 456 billion.
The sector is expected to maintain a steady annual growth rate of 3.44% through 2029, reflecting the strength of demand as Ghana’s middle class expands and more citizens migrate to urban areas in search of opportunity.
Luxury and Affordable Housing
Prime residential areas such as East Legon, Cantonments, and the Airport Residential Area are popular among high-net-worth individuals and expatriates, offering luxury apartments, gated communities, and townhouses.
Meanwhile, demand for affordable housing is surging in peripheral suburbs like Spintex, Adenta, and Pokuase, where developers are actively targeting Ghana’s growing middle-income demographic.
The report notes that government initiatives, including partnerships with private developers and mortgage financing schemes, are contributing to the expansion of residential offerings, making homeownership more accessible.
Accra’s growing profile as a regional business hub has also sparked demand for Grade A office spaces, retail centers, and mixed-use developments.
Challenges
However, the post-pandemic oversupply of office spaces has pushed vacancy rates to between 20% and 30%.
Developers are now pivoting toward mixed-use and flexible office spaces that cater to changing work patterns and remote-friendly business models.
