Ghana’s real estate market in 2025 is experiencing notable trends across both luxury and middle-income segments, influenced by economic growth, urbanization, and evolving consumer preferences.
Luxury Property Market
The luxury property sector is poised for significant growth, driven by an expanding economy and a rising number of high-net-worth individuals seeking premium real estate investments. Ghana’s political stability and increasing foreign investment have further bolstered this segment. However, recent fiscal policies, such as the replacement of the 15% VAT on commercial properties with a 5% flat rate, have impacted net incomes from luxury properties, prompting investors to reassess their strategies.
Middle-Income Housing
The demand for affordable housing continues to rise, fueled by rapid urbanization and a growing middle class. Despite efforts to reduce the national housing deficit—from 2.8 million units in 2010 to 1.8 million in 2022—a significant gap remains. Challenges such as land tenure insecurity and high transaction costs have limited new developments, leading to increased property prices in urban areas like Accra and Kumasi. Consequently, over 40% of middle-income families in Accra rented homes in 2024, reflecting the competitive housing market and affordability constraints.
Market Outlook
Projections indicate that Ghana’s real estate market will reach a value of approximately US$533.34 billion in 2025, with residential real estate accounting for US$456.11 billion. The market is expected to maintain a steady growth rate, with an annual growth rate (CAGR 2025-2029) of 3.44%, potentially reaching US$610.56 billion by 2029.
In summary, Ghana’s property market in 2025 presents a dynamic landscape, with the luxury segment adapting to new fiscal policies and the middle-income sector grappling with affordability challenges amid high demand and limited supply.
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