4 Interesting Facts About Ghana's Real Estate Industry That Are Not Common In Other Countries

4 Interesting Facts About Ghana's Real Estate Industry That Are Not Common In Other Countries

  • Ghana has a unique real estate industry that makes it stand out from those in other parts of the world
  • Two things that heavily influence the country's housing sector are an unregulated real estate industry and a long-standing housing deficit
  • Over the last decade, Ghana's housing sector has experienced tremendous growth and transformation

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Ghana's real estate industry is unique. The unstructured nature of the country's housing sector means that many people in the industry can get away with many things without repercussions. YEN.com.gh mentions four interesting facts about Ghana's real estate industry that are peculiar to Ghanaians.

A construction worker
A construction worker. Photo credit: Me 3645 Studio
Source: Getty Images

Landlords Charge One Or Two Years' Rent Advance

It is common for landlords in Ghana to charge one or two years' rent advance for their property. In fact, monthly rent payments are almost non-existent, except in a few instances with high-end properties. The law stipulates that landlords can charge up to a maximum of six months' rent advance, but that law is not followed.

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Houses Are Sold In Dollars

Almost all properties that are sold in Ghana have their price quotations in dollars. Therefore, many have argued why property developers in Ghana should sell their homes in dollars to cedi earners. However, as the cedi continues to depreciate against the dollar, it will be difficult for Ghanaians to afford a property.

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Anybody Can Call Themselves Real Estate Agents

Ghana's real estate industry is highly unregulated. People call themselves real estate agents without any certification or property training. Property seekers do not also demand verifiable proof from so-called agents before transacting business. This has opened Ghana's real estate sector to many scams, with dubious people posing as agents to defraud unsuspecting victims.

Land Guards Employed To Protect Land

Buying land in Ghana remains a dilemma due to the State's incapacity to impose regulations and strict compliance. The result has been that private individuals and companies employ the services of land guards to safeguard their lands.

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The land guards scare people off the properties they have purchased. They behave more like vigilante organizations that attack land developers and their projects and commit destruction. They work for the highest bidder, whether or not the person is the legitimate owner, although they once had a sincere desire to safeguard the property of actual owners.

Learn To Negotiate And 3 Other Tips That First-Time Homebuyers Need To Know Before They Buy A House

In an earlier story, YEN.com.gh wrote about four tips first-time homebuyers should consider before buying a house. While some individuals may wish to expedite the home-buying process, several considerations are non-negotiable.

Rushing the home-buying process might result in expensive blunders from which one might be unable to recover. When purchasing a home, getting the greatest bargain depends on knowing what to do and when.

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Source: YEN.com.gh

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