Diaspora Homebuying: An Ultimate Guide to Investing in a Property in Ghana from Abroad

Buying property in Ghana while living abroad can be a rewarding investment, providing a home for the future, a rental income stream, or a place to retire. However, navigating the real estate market from afar comes with challenges, from legal complexities to the risk of fraud. This guide will help diasporans successfully purchase property back home.

Understand the Ghanaian Real Estate Market

Before investing, take the time to research the real estate landscape in Ghana. Key areas to consider include:

• Popular Cities & Regions: Accra, Kumasi, Takoradi, Tema, and Cape Coast are prime locations for investment.
• Property Prices: Prices vary by location, with Accra being the most expensive.
• Market Trends: Understanding the demand for rentals, appreciation rates, and development plans in your preferred area can help you make an informed decision.

Define Your Investment Goals

Ask these questions:

• Are you buying for personal use, rental income, or future resale?
• Do you want a completed home, off-plan property, or land for future development?
• What is your budget, and how will you finance the purchase?

Work with a Reputable Real Estate Agent or Developer

Finding the right professional to guide you is crucial. Ensure they:

• Have verifiable credentials and experience.
• Are registered with the Ghana Real Estate Developers Association (GREDA).
• Can provide references from previous clients.
• Offer transparency in pricing and contracts.

Verify Land Ownership & Titles

One of the biggest risks in Ghana’s real estate market is land disputes. To avoid issues:

• Conduct a title search at the Lands Commission to confirm ownership.
• Ensure the seller has the legal right to sell the property.
• Insist on documentation, including an Indenture, Land Title Certificate, or Lease Agreement.

Understand Legal and Financial Requirements

Legal Considerations:

• Property ownership in Ghana is available to foreigners, but leaseholds are typically 99 years for Ghanaians and 50 years for non-Ghanaians, renewable upon expiration.
• Work with a real estate lawyer to review contracts and ensure compliance.

Financial Aspects:

• Determine if you will pay in full or secure a mortgage from a Ghanaian bank.
• Consider payment plans from developers if purchasing off-plan.
• Factor in extra costs like property taxes, registration fees, and legal charges.

Beware of Scams and Fraudulent Deals

To protect yourself:

• Avoid deals that seem too good to be true.
• Do not send money without proper documentation and verification.
• Visit Ghana or have a trusted representative inspect the property before purchase.
• Use official banking channels rather than cash payments.

Managing Your Property Remotely

Once you own property, maintaining it from abroad is key. Consider:

• Hiring a property management company to handle tenants, maintenance, and bills.
• Appointing a trusted local representative to oversee the property.
• Setting up a secure payment system for utilities, taxes, and upkeep.

Consider Financing & Mortgage Options

Some Ghanaian banks offer diaspora mortgages, including:

• Stanbic Bank Diaspora Mortgage
• Republic Bank Diaspora Mortgage
• CalBank Home Loans These allow Ghanaians abroad to acquire property with structured repayment plans.

Know Your Tax Obligations 

As a property owner, you may be required to pay:

• Property taxes to the local government.
• Rental income tax if leasing out the property.

Plan for the Future

Think long-term about your investment:

• Do you plan to return to Ghana to live in the property?
• Will you sell it for profit in the future?
• Can it serve as a generational asset for your family?

Investing in Ghanaian real estate as a diasporan is an excellent way to stay connected to home and build financial stability. By conducting thorough research, working with trusted professionals, and staying aware of legal and financial obligations, you can successfully own property in Ghana while living abroad and that is why Ghana Diaspora Home Purchase Expo is here for you. Looking for a trusted partner to help you secure your dream home in Ghana? Ghana Diaspora Home Purchase Expo specializes in assisting Ghanaians abroad with safe, transparent, and hassle-free property purchases. Take the first step towards owning your piece of Ghana today.