One of the most exciting countries you should consider visiting in West Africa is Ghana. Characterized by slave castles, mud mosques, metropolitan cities and vast tracts of agricultural land; it is an incredible place to invest in.Ghana, being among the best-performing African states, it has the highest GDP in terms of per capita income.
With the recent discovery of oil reserves in various territories across the nation, it is on the brink having an increase economic growth. This has brought about new wealth and increase in demand for real estate in Ghana.
When it comes to buying property in Ghana, it is not that difficult, especially if you know where to begin.
For starters, Ghana is one of the nations across Africa that provides property at a reasonable cost.
The government has dedicated itself into promoting investment in real estate throughout Ghana, by developing various incentives. Thus, it goes without saying that there are numerous property owners across Ghana willing to lease their property or sell it to potential investors at an affordable price.
The other thing to keep in mind when buying real estate in Ghana is land either belongs to the government or certain tribes – depending on where the property is located in the country.
In addition, foreigners cannot own land without reservation or concealment.
However, they can lease it on a long-term basis. In addition to this, you will also be required to verify the owner of the land prior to committing your finances. A few years back, cases of landowners selling land to multiple buyers have been reported.
It can be a sophisticated process for non-Ghanaians to acquire real property in Ghana. Non-natives are advised to purchase land directly from the real estate developer. PS Global and MagnaTerris are among the various established property developers.
Additionally, do not forget to certify if the developer is accredited by a relevant board, such as the Ghana Real Estate Developers Association.
First, get to know the legitimate owner of the land and whether they own it out rightly, or if it’s mortgaged. Once you are aware of these details, you will be on the verge on owning a real estate in Ghana.
The proper government office will carry out a land title search, although you can as well conduct the evaluation. These services do not come freely to buyers even though it is worth the hassle.
Property transactions ought to be handled with care, and one should ensure they are fully engaged in every stage of the process.If necessary, it is best you have an independent real estate lawyer with you, to confirm the paperwork.
With these few things in mind, buying or leasing real estate in Ghana is not difficult, particularly given that the country has all the favorable factors that nurture investment.