5 Things You need to know when buying property in Ghana
Real Estate and development in Ghana has been rapidly growing over the past several years. Ghana has a lot to offers foreigners and expats and even more for Ghanaians seeking property investment or land in Ghana.
Here are 5 important things to be sure of before you make any purchase:
1. Find out who owns the land.
Ensure that the individual or organization you are making the purchase from is in fact the rightful property owner. There have been many case where land has been sold fake owners, or where land in Ghana has been sold to more than one buyer. To protect against this property fraud ensure that a comprehensive review of the land title is undertaken at the appropriate government office and try to do a land valuation. The fee for these are usually paid out by the buyer but it is well worth the cost.
2. Review Documents Thoroughly
Make sure to review all documents yourself, and attempt to involve yourself in all steps of the real estate buying process.
You may also wish to have your own lawyer review the documents your documents before transferring any funds.
3. Comply with Ghana Real Estate Development Requirements
When purchasing bare land in Ghana there can be development timeline requirements which are put in place by the government. You will likely need to build certain basic infrastructure including but not limited to a well and building or foundation within 2 years of purchasing the property. The added advantage of developing the land is also to stop any questions of rightful ownership, or unwanted encroachment by others on your property. There are often cases where trees or other assets are being grown on squatting properties. Requirements for property development should be determined at a government office prior to any purchase.
4. Decide whether to lease or buy
The majority real estate or land sales in any given year in Ghana is made on a lease. Individual and organization can still own the land indefinitely but sales are made over a variety of leasing arrangements ranging from 25 to 150 years. As a matter of thumb leasing terms will usually be shorter for expats and non-Ghanaians however all leasing term can be negotiated.Discuss leasing options with your agent.
5. Use a reputable Ghanaian real estate company
The best thing to do for smooth sailing in the Ghanaian real estate market is to do business with an official well repute real estate company or agent in Ghana. If you have any questions please do not hesitate to contact info@rentghana.com and we would be happy to recommend suitable contacts.
