Accra Ranked as the Second most Expensive City in the World

Accra Ranked as the Second most Expensive City in the World

  • Accra, the capital city of Ghana, has been ranked as the second city in the world with the least affordable apartments
  • Numbeo also ranked Accra as the city with the highest monthly cost of mortgage to take-home family income
  • The survey shared that a lower mortgage as a percentage of income is a better ratio for a city

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Accra, the capital city of Ghana has been ranked as the second city in the world with the least affordable apartments and the second most expensive city in the world when it comes to property price to income ratio.

The report shared that Accra beat cities like Paris, Moscow, Hong Kong and Shenzhen among other top cities in the world.

The capital city of Ghana ranked as the second most expensive city
Photo of somewhere in Accra Photo credit: Romarick ATOKE/Flickr
Source: UGC

The price to income ratio is a measure of the affordability of apartments in a given city, Numbeo shared.

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Accra was also ranked by Numbeo as the city with the highest mortgage as a percentage of income.

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According to Numbeo, a mortgage as a percentage of income is a ratio of the actual monthly cost of the mortgage to take-home family income, and a lower ratio is better.

YEN.com.gh earlier reported that a lady who hails from the Upper West Region of Ghana, identified as Peace Bomasah, narrated how she was taken by utter surprise by the renting rate that is charged in Accra.

Narrating her story in an interview with Joy News, Peace mentioned that she had to relocate to Accra from Wa, the capital town of Upper West after she secured a job that demanded it.

She decided to quit her previous job in Wa only to come to Accra and realize that the amount that she was going to be paying for rent alone was ten times the salary she used to take back in the Upper West Region.

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As though that was not enough, Peace said she was also shocked to discover that the room she was going to be given is about half the size of the one she used to stay in back in her home region.

"And also, every day, I have to pay GHc50 to GHc70 to agents who just go to show you the room and leave you to decide whether you like it or not," Peace mentioned.

Source: Yen

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