Ghana’s Properties Markets Bounce back

Before the pandemic, Ghana’s residential property prices have been rising rapidly, thanks to robust local demand, as well as the influx of non-resident Ghanaians and foreign investors. “Prior to the pandemic, the real estate sector’s contribution to GDP was robust due to growing transaction volumes and an increase in the supply of real estate assets,” according to Northcourt’s Ghana Real Estate Market Report 2021.“Most real estate transactions in the Ghanaian market are concentrated in Accra and Kumasi.”

However, the pandemic led to heightened health scares among potential buyers, and the imposition of travel restrictions has prevented foreign investors from coming into the country. After registering a meager growth 0.9% during 2020, Ghana’s economy is expected to bounce back this year with forecast real GDP growth of 4.6% in 2021 and another 6.1% in 2022, according to the International Monetary Fund (IMF).