Who doesn’t like luxury? You bet, we all do. Ghana’s real estate sector is witnessing a remarkable increase in the luxury condo or apartments and townhomes in Ghana. Now there is a term now called affordable luxury in the country.  This is influence by several factors which includes rising urbanization, growing middle, Increasing Disposable Income, foreign investments, Ghanaian diaspora Interest, lifestyle preferences, green living have all contributed to the burgeoning demand for high-end properties in the country. Now, grab your cup of tea and read along as I delve deeper on each.

 

Growing Middle Class

Yes, per capita income per household is low. The average annual household income in Ghana is about GH¢1,217.00 whilst the average per capita income is almost GH¢400 according Ghana Statistics Services 2007 report.  .

In another report the annual income of a household in an urban localities is GH¢46,902, and is higher than the national average which is GH¢33,937.  Of course households in Accra have a higher average income which is about (GH¢63,027)  compared to those in other urban areas in the country while households in rural coastal have the highest average income (GH¢27,875) among the rural localities. Urban households in Ghana have an estimated total annual income of GH¢185,509.35 million, representing 76.6 percent of the total national income whereas rural localities have GH¢56,762.16 million representing 23.4 percent.

The emergence of a growing middle class in Ghana has created a significant aspirational market for luxury real estate. With increased purchasing power and changing lifestyles, the middle-class segment desires elevated living standards, driving the demand for luxury condos and townhouses. Many families and young professionals are willing to spend in upscale properties that offer modern amenities, security, and a sense of exclusivity to match their social status.

Read also 5 Types Of Buyers In Real Estate In Ghana And How To Close Them

 

Increasing Disposable Income

With the economy showing positive signs, the overall affluence of Ghanaians has also improved. The burgeoning middle and upper-middle-class segments have more disposable income, allowing them to invest in high-end real estate. Aspirations for a luxurious lifestyle, coupled with the desire for better amenities, have significantly influenced the growth of the luxury apartments and townhome market.

 

 

 Lifestyle Preferences

Most Ghanaians who are well to do have a taste of luxury lifestyle living.  The changing lifestyle preferences have played a pivotal role in the demand for luxury condos and townhomes. Today, home buyers  seek properties that offer a host of facilities and services, such as fitness centers, state-of-the-art amenities, recreational spaces, 24/7 security, and proximity to entertainment options. Luxury condos and townhomes fulfill these requirements, providing a convenient and exclusive living experience to match their social class.

 

 

Urbanization

The ongoing urbanization in Ghana has been a significant driver of the luxury property market boom. As cities continue to grow, the demand for modern and well-designed residential homes in Ghana has increased. Luxury apartments and townhomes are now preferred choices for rich urban dwellers seeking a blend of luxury, convenience, comfort, and style in their living arrangements. The appeal of city living with easy access to modern and luxury amenities, services, and entertainment options has further contributed to the popularity of luxury properties.

 

Foreign Investment

Ghana’s investment-friendly climate have attracted substantial foreign investment in various sectors. As foreign businesses and expatriates are flocking into the country, there has been an increased demand for luxury accommodations to cater to their needs. High-quality apartments/condos and townhouses have become sought-after investments for foreigners, both as residences and for rental income purposes, adding further impetus to the luxury property market. On rental side, Osu, known for thriving nightlife has become a destination for foreign nationals and rents are every expensive. Cantonments, Airport residential area, East Legon, Labone, Ridge, Trasacco Valley offer luxury apartments and townhouses for luxury thirsty home buyers in Accra.

Read also: Are Foreigners or Non-citizens Allowed to Buy Property in Ghana?

Green Living

In recent years, Ghanaians are embracing green living and sustainability. Just like in the Western countries, there has been a growing emphasis on sustainable and green living in Ghana’s real estate market. Both developers and home buyers in Ghana are increasingly recognizing the importance of eco-friendly features and energy-efficient designs in luxury properties. Especially Ghanaians diaspora who are relocating back home. Most returnees have the purchasing power to buy luxury homes that is environmentally friendly. As a result, many luxury Apartments and townhomes now incorporate green technologies and practices, appealing to environmentally conscious buyers.

Read also: ECO-FRIENDLY HOMES FOR SALE WITH SOLAR IN GHANA

 

 

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Are you a foreigner considering investing in Ghana’s real estate market? Or are you a Ghanaian or  African diaspora planning to buy your dream home in Accra, Ghana? We have got you covered and would love to connect and serve you. Buying your dream home in a new development project by a real estate developer gives you flexibility with regard to payment plans to choose from. You don’t have to go through all that stress to get building permits and regulations checked. We have done all the hard work.  Your only job is to own it by reserving your home now. Get in touch with us today, tomorrow might be too late.

Read also: Why do Americans leave their luxurious life and move to Ghana?

 

La margo Villas, is upcoming greenery, lush landscape,  eco-friendly, and renewable energy gated community in the  beautiful, picturesque hillsview of Kwabenya, Accra featuring townhomes and apartments. Our residence will enjoy energy reduction on utility bills, world-class amenities , and facilities such as clubhouse, multi-purpose tennis court within the community and most importantly,  flexible payment plans. Let’s help you own your dream home. Get in touch with us.

Read also: ECO-FRIENDLY HOMES FOR SALE WITH SOLAR IN GHANA

La Margo Villas Neighbourhood Snapshot

Kwabenya is a residential community located in the Ga East Municipal District of the Greater Accra Region. The area is well connected to major roads and highways, making it easily accessible from other parts of the city. It is an ideal area for real estate investment and an emerging sub-market for those who want to escape excessive noise of Accra. Get in touch  with us to reserve your dream home today right here. Read also: ​The 9 Advantages Of Living In A Gated Community In Accra

 

Take Away

Are you Ghanaian in the diaspora or a foreigner national interested in Ghana real estate?  Perhaps you are a busy person  looking for  real estate service provider in Accra Ghana to handle your real estate needs hands-off? Villashark’s one-stop-shop diaspora services has got you covered. Check out our services packages and choose the plan that best fit you. If you have any questions feel free to contact us.