Published on 20 February 2007 at 03:42 pm
Filed in Property News for Ghana » Legislation Restricting Ghana’s Property Market Progress
There is absolutely no denying the wealth of potential in the property market in Ghana for everyone from the local home buyer to the individual international investor, from a major property developer to a corporate real estate investor. However the potential in the market is going largely unrealised and legislation is restricting Ghana’s property market progress significantly.
While house prices in the nation’s capital city of Accra are spiralling out of control and landlords are able to demand ever increasing rental rate increases as the city’s population expands dramatically, no one is willing to commit to the purchase of real estate or land for the development and resale of mid to low range housing stock because old fashioned and poor legislation makes it too risky to do so even though the potential to profit is significant.
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Ghana is a nation that offers an investor an unrivalled wealth of choice and potential, and a property investor considering this emerging market will likely be overwhelmed by the weight of opportunity for profit and gain.
But because the Ghanaian investment real estate sector is in its absolute infancy there are many critical factors that a property buyer must bear in mind before committing to purchase land or real estate; this is a guide to the property buying process in Ghana to assist foreign buyers.
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The one word that should spring to mind when contemplating Ghana for property investment is ‘potential’ because of all the emerging real estate markets in the world Ghana has one of the most exciting and as yet totally under-explored property sectors.
The investment opportunities that exist are even listed by the Ghana Investment Promotion Centre which is a government agency, and they include the development of residential property for local and overseas buyers together with the development of industrial and commercial property - the latter mainly focusing on the tourism sector in Ghana.
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The potential of Ghana across so many sectors is immeasurable, and with the government’s increased commitment to economic development through progressive change one of the most exciting sectors is the real estate market in Ghana. Property investors have massive potential for long term profits particularly from the tourism rental and second home buying market.
Although Ghana is unlikely to be top of many property buyers’ destination lists, it definitely deserves close inspection. Current obvious opportunities for profit many be limited but by understanding the government of Ghana’s developing policies and commitment to significant economic improvement one can quickly realize the scope for profit in the property market.
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