Accra’s skyline is changing fast. Strong economic growth, rising urbanization, and big diaspora remittances have combined to spark a luxury apartment boom. Executives, expatriates, affluent locals, and foreign investors all want a piece of this vibrant market. In this post, we will look at what has caused Accra to grow. We will discuss important numbers, the best neighbourhoods, and what to expect as we approach 2025.
Ghana’s Economic Engine & Urban Shift
Steady Growth Lays the Foundation
- GDP grew 3–4% in 2023.
- Projected growth of 5–6% for 2024–25.
- Key sectors: oil, mining, services.
- Political stability reinforces investor confidence.
- Higher household incomes boost buying power.
Diaspora Remittances Fuel Investment
- 2023 remittances hit $4.6 billion—the second-highest in Africa.
- Over 3 million Ghanaians abroad stay tied to Accra.
- Many send funds home to buy or build property.
Rapid Urbanization Creates Demand
- Accra’s metro population exceeds 5 million today.
- Forecast: 65% urban population by 2030.
- New arrivals need housing, especially luxury options.
- Developers race to build high-rises, gated estates, and mixed-use complexes.
Key Investment Metrics
Sale Prices & Appreciation
- Central Accra: $1,500–$1,600 per m² (~$140–$160/ft²).
- Ultra-premium projects: > $2,000 per m².
- A 100 m² three-bed in Cantonments or Airport Area: $200,000–$300,000.
- Bank of Ghana: two-bed prices rose 8.2% y-o-y in late 2024.
Rental Yields & Occupancy
- Pre-inflation rents for high-end 3-beds: $1,500–$2,500/month.
- Current gross yields: 8–10% before expenses.
- Occupancy rates in new complexes: 85–95%.
Total Returns & 2025 Projections
- Combining rent and price gains often delivers double-digit returns.
- Conservative ROI forecast for 2025: 12–15% in prime suburbs.
- Luxury real estate in Accra works as an inflation hedge.
Snapshot of Top Neighbourhoods
| Neighbourhood | Price per m² (USD) | Gross Yield (%) |
|---|---|---|
| Cantonments | 1,500–2,000 | 7–8 |
| Airport Residential Area | 1,400–1,800 | 8–9 |
| East Legon | 1,200–1,500 | 9–10 |
| Ridge | 900–1,200 | 8–9 |
Cantonments and Airport City command premium prices. East Legon and Ridge offer slightly lower entry points with strong yields.
The New Standard in Design & Amenities
- Resort-Style Facilities
- Infinity pools, city views
- State-of-the-art gyms, rooftop gardens
- Private cinemas, wellness spas
- Clubhouses, coworking lounges, play areas
- Smart-Home Integration
- High-speed internet everywhere
- Voice-controlled lighting, smart thermostats
- Automated security: cameras, smart locks, sensors
- App-based climate and energy control
- Hotel-Caliber Services
- 24/7 security and concierge
- Valet parking, housekeeping, maintenance on demand
- Optional room service, laundry pick-up, childcare
- Green & Sustainable Features
- Solar panels, LED lighting
- Rainwater harvesting, efficient fixtures
- Sustainable materials, insulated windows
- Green roofs and shaded landscapes
- Premium Finishes & Layouts
- Imported stone countertops, European cabinetry
- Open plans with floor-to-ceiling glass
- En-suite bathrooms, walk-in closets
- Sleek façades, geometric balconies
Spotlight on Premier Areas
Cantonments
- Diplomats’ enclave with tree-lined streets.
- Prices often > $2,000 per m².
- Scarce land drives steady capital gains.
- Favoured for security, privacy, prestige.
Airport Residential Area
- Mixed-use hub near Kotoka Airport.
- Developments like The Madison and Manora.
- Pricing ~ $1,800+ per m².
- High transient demand from corporate travellers.
East Legon
- Vibrant with malls, schools, nightlife.
- New condos at $1,200–$1,500 per m².
- Rents ~ $1,500/month; yields often 9–10%.
- Ongoing road upgrades boost connectivity.
Ridge
- Blend of old-world homes and new mid-rises.
- Prices: $900–$1,200 per m²; yields 8–9%.
- Quiet yet central; light-rail plans may raise values.
Who’s Investing & Why
- Diaspora Ghanaians channel remittances into property.
- Affluent Locals view luxury homes as status and wealth preservation.
- International Developers (Middle East, China, South Africa, Europe) bring capital and expertise.
- Quao Realty leads with diaspora-friendly payment plans and top-tier projects.
Looking Ahead to 2025
- Drivers Remain Strong: population growth, rising incomes, infrastructure projects, oil-and-gas confidence, more tourists and expats.
- Manageable Risks: inflation and currency swings—but luxury real estate remains a solid hedge.
- Investor Tips: work with trusted developers and agents; verify titles; ensure clear legal contracts.
Accra’s luxury apartment market is set for continued growth. With yields of 8–10% and price appreciation of 8–10% in prime areas, it offers one of West Africa’s best real-estate investment cases as we approach 2025.