January 22, 2024
Ghana’s capital city of Accra is rapidly transforming into a modern metropolis, complete with gleaming high-rises, luxury hotels, and upscale shopping centres. As the city continues to grow and develop, more and more people are choosing to call Accra home. For many, especially young professionals and families, the appeal lies in buying an apartment in one of Accra’s many new developments. Investing in an urban apartment offers conveniences, amenities, and opportunities that suburban homes lack. For those considering buying an apartment in Ghana, Accra provides an excellent option.
The Rise of Apartment Living in Accra
Over the past decade, dozens of new luxury apartment buildings have sprung up across Accra. This boom in high-rise residential construction represents a marked shift away from the bungalows and single-family homes that once dominated the city’s housing stock. While detached houses are still common in Accra’s outskirts, apartments increasingly dominate the centre city’s real estate landscape.
Several factors account for the rising popularity of apartments in Accra:
- Population Growth: Accra’s population has increased exponentially in recent years, driving up demand for housing. Apartments provide a more efficient means of accommodating the city’s growing populace.
- Influx of Expats: An increase in foreign businesses and NGOs with offices in Accra has brought many expat workers to the city. Apartments appeal to transient residents who prioritize convenience and amenities.
- Desire for Community: For young professionals and families, apartment living fosters a sense of community. Shared public spaces and amenities encourage social bonds.
- Premium Lifestyle: Modern luxury apartments in Accra cater to affluent residents seeking upscale conveniences like gyms, pools, and 24-hour security.
For developers and investors, constructing new apartments in Accra provides opportunities to meet this rising demand and cater to the modern lifestyle preferences of the city’s middle and upper classes.
Advantages of Buying vs. Renting
Many relocating to Accra choose to rent apartments on short-term leases, uncertain of their long-term plans in the city. However, for those planning to remain in Accra for several years, purchasing an apartment often makes more financial sense than renting. Though buying an apartment represents a larger upfront investment, owners reap advantages that renters do not.
Owning an apartment allows for much greater personalization than renting. While renters must adhere to leasing terms and restrictions, owners can renovate and customize their space. Apartment buyers in Ghana can look for a “shell and core” unit that allows for unfinished space to personalize.
Equity & Appreciation
Unlike rent paid, an apartment purchase builds equity that owners can recoup upon resale. Units also typically appreciate over time as demand increases, especially in prime locations. Though no guarantee, apartment buyers hope to sell at a profit down the road.
For long-term residents, owning provides greater housing stability than renting. Landlords may choose not to renew leases. Purchased apartments belong to owners permanently barring repossession. Owners enjoy consistent monthly payments, building equity over time.
For Ghanaians and expats with excess capital, apartments provide a means of diversifying their investment holdings. Real estate investments hedge against inflation and currency devaluation better than securities or cash alone.
Though purchasing has clear advantages, renting in Accra does offer flexibility for those uncertain of their plans. However, renters forgo the benefits of ownership and still face rising rental costs over time.
Prime Accra Neighborhoods Targeted by Developers
Several enclaves across Accra have emerged as hotspots for luxury apartment development. For investors and prospective buyers, understanding the prime locations where developers are focusing on new projects guides finding units with strong resale potential.
This centrally located neighbourhood adjacent to the Osu retail district has long been considered one of Accra’s most prestigious and exclusive areas. Apartment developments in Cantonments cater to ultra-high-net-worth individuals through amenities like luxury spas, fine dining, and fitness centres. New builds leverage proximity to diverse shopping and entertainment.
Airport Residential Area
Proximity to Kotoka International Airport and central business district fuels demand in this corridor spanning the north and west edges of the airport. Apartments offering quick airport access appeal to business travellers and expat professionals. Mixed-use projects incorporate office space, hotels, and shopping.
Home to luxury hotels and embassies, Labone has long been considered one of Accra’s most exclusive enclaves. New urban apartments in Labone offer quick highway access and central proximity between the airport, Osu, and East Cantonments. For developers, Labone allows tapping into the prestige and amenities of neighbouring upscale districts. The Madison exemplifies the luxurious yet convenient lifestyle attainable in Labone.
Roman Ridge has rapidly transitioned from a largely residential suburb to a mixed-use hub. New apartment projects aim to integrate live-work-play through high-end retail outlets, office spaces, and lifestyle facilities alongside residential units. The area provides quick highway access to points across Accra.
Adjacent to the University of Ghana, East Legon began as a neighbourhood catering to students, staff, and faculty. Today, developers create modern mixed-use properties drawing professionals and families. Proximity to restaurants, schools, nightlife and offices in the University of Ghana Campus is a major selling point.
For buyers and investors looking to capitalize on Accra’s development boom, foc using apartment searches within these core areas provides the greatest potential for strong resale value and demand from future buyers and renters.
Key Factors Influencing Buying Apartment Design
Developers aim to differentiate their projects and attract buyers through innovative designs and amenities tailored specifically to the Accra market. When evaluating new buildings, prospective buyers should understand key factors influencing layouts and features.
Many projects incorporate retail, dining, and office areas alongside residential units. Mixed-use spaces allow residents to live steps from their workplace and essential conveniences. Developments strive to be comprehensive live-work-play destinations.
Lush gardens, rooftop terraces, and poolside lounges provide urban oases. Greenery soaked in natural light helps apartments maintain a connection to nature despite the city’s density. Outdoor lounges encourage communal gatherings.
Smart Home Technology
Developers integrate tech like high-speed broadband, electronic access systems, and smartphone-controlled appliances to cater to young professionals. Tech enhances security while enabling home automation. Smart infrastructure also optimizes energy and utilities.
Sleek modern aesthetics with open layouts appeal to hip young demographics. Finishes like polished concrete floors and granite countertops convey quality and sophistication. Large windows and balconies capitalize on light and views.
Luxury towers compete to provide amenities like state-of-the-art fitness centres, rooftop pools, and multi-purpose halls for hosting events. Concierge services handle tasks for residents. Premium amenities justify high price points for developers.
Case Study: The Madison—Accra’s New Standard for Luxury Living
Among the dozens of apartment projects transforming Accra’s skyline, The Madison stands out as the city’s premier luxury residence. Developed by respected local firm Landmark Homes Ghana, The Madison exemplifies the most sophisticated standards of 21st-century urban living.
Situated in Labone within the Airport Residential Area, The Madison offers unmatched convenience. Residents are minutes from bustling Osu, major business centres, and Kotoka International Airport. A central site satisfies work and leisure.
Design for Affluent Living
The Madison caters to Accra’s elite through amenities like Smart Living features such as smartphone-controlled lighting and temperature, a Spa/Wellness centre offering massages and beauty treatments, Chauffeur Services to drive residents door-to-door, Eco Construction materials to reduce environmental impact, and Prime Location in the heart of Accra’s most prestigious neighbourhood. Units feature Luxury Appliances, a Swimming Pool overlooking the city, a Conference Room for business meetings, and a Gym/Fitness Center. The Rooftop Bar provides sweeping views and sunsets over cocktails.
Landmark Homes Ghana has many years of local market experience and specializes in premium developments. Their hands-on approach and responsiveness during the design process ensure buyer satisfaction.
For those seeking the pinnacle of indulgent urban living, The Madison sets a new benchmark among Accra apartments. Its combination of location, lifestyle amenities, renowned design, and developer reputation justifies its premier pricing. The Madison demonstrates the quality attainable at the very top of Accra’s luxury market.
As Accra continues growing into an economic powerhouse, its evolving real estate landscape provides varied opportunities for housing investors and buyers. While single-family homes retain appeal for some, Accra’s increasing density makes apartments an attractive option for professionals and families looking to purchase property. New luxury developments market all-inclusive live-work-play conveniences within Africa’s most dynamic capital.
For prospective apartment buyers, conducting due diligence is key. Reviewing developer reputations, neighbourhood dynamics, and project timelines allows for informed decision-making. Partnering with professionals simplifies purchasing logistics unfamiliar to foreign buyers. Although representing a major investment, those planning to remain in Accra long-term are rewarded through prime locations, amenities, and the financial benefits of ownership. With careful selection, the right apartment can provide a proud foothold in this cosmopolitan African hub.
Frequently Asked Questions
What are the main reasons for the increase in apartments being built in Accra?
The main drivers of increasing apartment construction in Accra are population growth creating housing demand, an influx of expat workers desiring convenient housing, Ghanaians seeking modern community-oriented lifestyles, and developers catering to affluent locals and foreigners through luxury branded residences.
Should I buy or rent an apartment in Accra?
For short-term stays in Accra of a few years, renting an apartment can offer flexibility. However, buying is typically better financially long-term through equity, appreciation, and stability. Owning also allows custom renovations unavailable to renters.
What neighbourhoods are the top locations for buying apartments in Accra?
The most desirable neighbourhoods for purchasing apartments in Accra are Cantonments, Airport Residential Area, Roman Ridge, and East Legon due to their cosmopolitan lifestyles, proximity to offices and amenities, and appeal among developers targeting affluent demographics.
What fees and taxes should I budget for when buying an apartment in Accra?
Typical fees and taxes on purchasing an apartment in Accra include a 15% VAT, 1% to 2% in annual property taxes, 4% to 6% in legal/documentation fees, plus 1% to 2% in legal professional fees. Budgeting around 25% for fees and taxes is recommended.
How can I evaluate the reputation and reliability of developers building new apartments in Accra?
Research developers’ portfolios and years in business locally. Favour established Ghanaian firms with proven track records. Vet newer developers thoroughly and inspect sites frequently during construction. Partnership with reputable foreign brands also indicates quality