Get Your Property Investment Started With These Pointers
Many Ghanaians, both business owners and ordinary citizens are concerned about the recent depreciation of the Ghanaian cedi in relation to the US dollar and other foreign currencies.
The cost of building materials, as well as importation duties, have had an impact on the real estate market, but the sector continues to be the best investment anyone could make, particularly in Ghana.
Here are four pointers to get your assets started in Ghana.
Whether you want to start your investment with land, a residential unit in a gated community, or a commercial property, it is critical to get the documentation right to avoid the many legal complications that can arise if the proper means and channels are not followed.
The law governing ownership of lands, properties, or units differs for foreigners and citizens. Furthermore, lands in Ghana are classified into five types, which is important to understand and know the right entities to endorse your ownership.
NB: Our YouTube show ‘Buy or Build it Right‘ discusses the many issues that arise when deciding whether to buy or build a house in Accra. You can get answers and more by watching our YouTube show.
- Rental Properties
Various factors have influenced the demand for rental properties over the years. Still, recent developments will credit Ghana’s rise as a tourist destination in Africa with the government’s initiative to make Ghana the number one tourist destination, as rental properties have been in high demand primarily by visitors and travellers.
With some investment, rental properties for short/long stays make good investment options.
Furthermore, depending on the location of the property, average rental profits range from 10% to 15% per annum. However, when considering this investment option, it is critical to consider the location, commuting benefits, and amenities that will make an occupant feel at ease.
- Commercial Properties
As the number of such corporations has grown over time, commercial properties occupied by small businesses, large corporations, and industrial production make good investment options. Demand for commercial spaces is increasing as more people consider Ghana as a tourist destination, particularly in high-traffic areas. Choosing to build structures for commercial purposes will therefore get you started on your investment returns in Accra.
- Off-Plan Investment
Off-plan investment is simply buying a property before it is finished. As a result of this investment option, investors can either hold, rent, or sell the unit after completion to generate additional returns. Many real estate developers have recently set up such investment options for those who want to own a piece of a project for future returns.
Therefore, owning a portion of a project before completion is another option for getting your investment in Accra started.
Finally, as previously stated, the current rise in commodity, goods, and service prices has left many people with little to no choice but to seek out the necessities in order to survive. As a result, housing and the need to put a roof over one’s head make the real estate sector a lucrative industry in which to invest.