Therefore, it is advised that you engage with a neighbourhood real estate agent, lawyer, or property developer who can guide you through the procedure and make sure all legal criteria are satisfied. This article will discuss the various regulations and laws pertaining to buying real estate as Can a foreigner get a mortgage in Ghana? in Ghana.

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Buying Real-Estate in Ghana as a foreigner

The process one needs to follow to buy property in Ghana as a foreigner is relatively simple. If you’re a foreigner looking to buy real estate in Ghana, you must adhere to a few specific guidelines to ensure you’re in compliance with the law. 

Thus, understanding the various regulations for international purchasers can help you make wise investment decisions. According to the Ghana Investment Promotion Centre (GIPC), foreign investors are allowed The safest way for foreigners to own property in Ghana and develop property in Ghana, including land and buildings. This includes both residential and commercial property.

READ ALSO: Top 3 luxury apartments for sale in Accra

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In Ghana, foreigners are permitted to buy real estate, however, there are several requirements and formalities that must be followed. In an article by landlinks, foreigners are not permitted to buy land near the shore or in specific places of important historical significance, like in some areas of the Ashanti region. Depending on how complicated the case is, the registration process for any land that foreigners buy with the GIPC might take weeks or even months.

How To Buy Property in Ghana As A Foreigner in Ghana Buy Property in Ghana As A Foreigner in Ghana

Foreigners are legally permitted to own property in Ghana, and the procedure of buying real estate here is not difficult. But for the purchase to be legitimate, certain requirements must be satisfied. Here is a list of the essentials that foreigners, as well as locals, must meet in order to buy property in Ghana.

1. Obtain a residential permit or work permit

First and foremost, foreigners wishing to invest in real estate in Ghana must have a work or residency permit. You’ll have to ensure that the evidence for your motivation for buying the home is sound. Through the Ghana Immigration Services or the Ghana Investment Promotion Center (GIPC), you can request a work or resident permit. Foreigners must have a valid residence permit or work permit in order to buy property in Ghana.

2. Find an appropriate property

To buy a property in Ghana like any other country one needs to find a property that meets your needs and budget. Prices for apartments in Accra can vary depending on the area or the type of property; which is why you should contact Landlord Africa for homes of unsurpassed quality and elegance for individuals who value the finer things in life. Making an ideal living area that satisfies the requirements for A-class construction in terms of safety, comfort, environmental friendliness, and beauty.

READ ALSO: High-value neighborhoods for real estate investment in Ghana

3. Get a tax clearance certificate

Foreigners must obtain a tax clearance certificate from the Ghana Revenue Authority (GRA) before they can purchase a property. The process for non-Ghanaians to buy a property in Ghana can begin once you have received your tax clearance certificate (TCC). You can also legally purchase a property in Ghana if you get a TCC. Additionally, you’ll be able to show the Ghana Revenue Authority that you’ve complied with all of your tax duties while you were in the nation, which is crucial.

4. Get a due diligence report

Foreigners are required to get a due diligence report from a reputable real estate agent or attorney to verify that Register the property is free from any encumbrances and the title is valid. A due diligence report will help you get a comprehensive view of the property, the neighbourhood, and the market circumstances. 

This will guide you in making a wise choice and guarantee that you are safeguarded from any potential dangers or legal problems. It is important to note that the process may take some time and hiring a local real estate expert and ensuring that all legal requirements are met. 

5. Sign a Purchase agreement

After all the above steps are completed, the foreigner will sign a purchase agreement with the property owner and make the necessary payments. A misunderstanding or disagreement could result in expensive delays or even legal action, so it’s critical to ensure that all parties are aware of all the terms and circumstances of the agreement.

6. Register the property

Once the purchase is complete, visit the Lands Commission and ask for the necessary forms there as the initial step. A notary public must complete the forms and notarize them. The following action is to visit the Registrar General’s Department and deliver the filled-out paperwork together with the necessary payment. The registration procedure is finished once the money has been made.

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Ghana has certain prevalent restrictions that prohibit foreigners from owning land in specifically designated locations, such as border and coastal zones. So when in Ghana, you can inquire further if you notice a sign that reads, “Property for Sale.” 

Apartment purchases from developers are a risk-free way to own property in Ghana. Landlord Africa, a seasoned real estate developer, has a legal staff that makes sure we buy the land legally. You can trust our approach because we have never experienced a legal issue in one of our homes. 

Can a foreigner get a mortgage in Ghana?

Foreigners and locals alike can obtain mortgages in Ghana. There may be a few banks in Ghana that do not provide mortgage choices for foreigners, but they are the minority.

 Anyone can use a mortgage to finance their property as long as the conditions are met. Depending on your budget, mortgages enable people to purchase a home in Ghana and make monthly payments, which can significantly reduce your financial load.

CHECK THIS OUT: How to buy from Landlord Africa 

The safest way for foreigners to own property in Ghana

Setting up a business and having the firm buy the property is the safest option for foreigners to buy property in Ghana. A Ghanaian company, such as a private limited liability company, can be established for this purpose, and the company can then buy the property. In this manner, the corporation and not the specific foreign investor owns the property.

 This may offer some legal protection and make it simpler, if necessary, to transfer ownership of the property. Furthermore, it is crucial that the business is registered and that all the legal processes are performed, including acquiring a tax clearance certificate, a due diligence report, and property registration. It is also recommended to hire a reputable local attorney to assist with the process.

READ ALSO: All You Need To Know As A Real Estate Investor In Ghana

We currently have apartments and townhouses for sale in Ghana at prime locations so you can take advantage and view some of the luxury apartments that we have to offer. We hope this article helps clarify whether foreigners can buy property in Ghana. If you have any further questions please feel free to reach out to our team.

The simplest answer is anytime is a good time…once you have the financial capacity to do so.

We are presently in uncertain times, and the impact of the COVID-19 pandemic has caused many unprecedented shifts in our socio-economic environment, and this includes the real estate market. The demand for houses took a significant downturn in most parts of the world.

Quoting from an article written by Taylor Moore and Jason Stauffer; “Last spring, when you’d normally expect to see a flurry of activity, the pandemic pushed some buyers and sellers to the sidelines. Danielle Hale, the chief economist at realtor.com, saw an 18 to 20% drop in home sales in May 2020, which is normally a busy time of year. The drop coincided with a decrease in homes listed for sale.”

However, there is a positive comeback and people are starting to regain trust in the financial market around the world.

Unlike other parts of the world, Ghana’s real estate is seen as an “up and coming market”. The Ghanaian real estate sector has seen significant growth in the past few years. This has been spurred by growth in demand for both residential and industrial property. A Global Property Report article was written in 2019 by Lalaine Delmendo insights that demand is stable, especially in the high-end market. Based on figures from Broll Ghana, there have been about 85,000 residential property transactions, for both sales and rentals every year, over the past decade.

There still exists unmet demands leading to growth opportunities in the areas of construction and real estate development and management. Ghana’s property market is dominated by residential and commercial developments.

Analysing the time factor for purchasing a house must consider other factors. These include the reason you are purchasing a house: Are you purchasing the house to live in or are you purchasing it for investment, such as leasing or renting.

Purchasing a home to live in is more dependent on your financial capabilities and personal timelines than it is dependent on the projections of the financial market.

Typically in Ghana, there is an influx of foreigners in the Summertime and November – December festive holidays. This increases the market of people who are looking to rent an apartment and in some cases buy properties. During that time, the demand for properties becomes high, thereby increasing market prices in the real estate sector. It can be noted that prime locations with close proximity to central Accra such as Osu, East Legon, Labone & Cantonments are most likely to have the highest margins in price increments.

Beyond the festive holidays, the measure of demand for properties isn’t as much as the previous months.

When it comes to purchasing a home for the purpose of investing, the timing probably should be a factor to consider. Long term, you want to look at the GDP growth, the rise and fall of the dollar rates, inflation and economic growth. More than 70% of houses for sale in Ghana are priced in US dollars.

The good thing about real estate investment in Ghana is that properties and lands are always appreciated over time. If you purchase land today and flip it, in 2 years, you will see the investment yield returns.

Ghana is a country with a high housing deficit, so properties will always be in demand. However, taking into account the time at which you make a purchase can make a huge difference. You are likely to save more purchasing a property in March as compared to a busy season like December.

If you’re starting to consider whether buying a new home would be a good move for you, now is the time to start looking. Keep an eye on the housing market to get an idea of the trends in your area. You can start here www.landlord.africa