Real Estate - Ghana

  • Ghana
  • The Real Estate market market in Ghana is expected to witness significant growth in the coming years.
  • According to projections, the market value is set to reach a staggering US$458.50bn in 2024.
  • Among the various segments of the market, Residential Real Estate is expected to dominate with a projected market volume of US$389.10bn in the same year.
  • Furthermore, the market is anticipated to maintain a steady growth rate in the following years, with an annual growth rate (CAGR 2024-2028) of 5.48%.
  • This growth trajectory is predicted to result in a market volume of US$567.60bn by the year 2028.
  • In a global context, it is noteworthy that China is expected to generate the highest value in the Real Estate market market, with an estimated worth of US$135.70tn in 2024.
  • This underscores the significance of the Real Estate market sector in the global economy.
  • Ghana's real estate market is experiencing a surge in demand for affordable housing due to population growth and urbanization.

Key regions: United States, China, Japan, Germany, United Kingdom

Region comparison

Analyst Opinion

The Real Estate market in Ghana is experiencing significant growth and development in recent years.

Customer preferences:
Ghanaians are increasingly looking to invest in the real estate market as a means of securing their financial future. This is driven by a desire for long-term capital appreciation and rental income. Additionally, there is a growing demand for affordable housing, especially among the middle-income population. Ghanaians are also showing a preference for gated communities and modern amenities, such as swimming pools, gyms, and playgrounds.

Trends in the market:
One of the key trends in the Ghanaian real estate market is the increasing number of real estate developments, particularly in major cities like Accra and Kumasi. These developments range from residential buildings to commercial properties and mixed-use developments. This trend is driven by the growing population and urbanization, as well as the government's efforts to attract foreign direct investment. Another trend in the market is the rise of real estate investment trusts (REITs) in Ghana. REITs allow individuals to invest in real estate without having to directly own and manage properties. This has made real estate investment more accessible to a wider range of investors and has contributed to the growth of the market.

Local special circumstances:
One of the unique aspects of the Ghanaian real estate market is the influence of the diaspora. Many Ghanaians living abroad are investing in real estate in their home country as a way to connect with their roots and potentially retire there in the future. This has led to an increase in demand for luxury properties and high-end developments.

Underlying macroeconomic factors:
The growth and development of the real estate market in Ghana can be attributed to several underlying macroeconomic factors. Firstly, Ghana has experienced stable economic growth in recent years, which has increased disposable income and consumer confidence. This has led to a greater willingness to invest in real estate. Secondly, the government has implemented policies and initiatives to promote the real estate sector, such as the establishment of the Ghana Real Estate Developers Association and the introduction of tax incentives for real estate developers. These measures have attracted both local and foreign investors to the market. Lastly, the infrastructure development in Ghana has improved significantly in recent years, with the construction of new roads, bridges, and other transportation networks. This has made previously inaccessible areas more attractive for real estate development and has contributed to the overall growth of the market. In conclusion, the Real Estate market in Ghana is experiencing significant growth and development due to customer preferences for long-term investment and affordable housing, the trend of increasing real estate developments and the rise of REITs. The local special circumstance of the diaspora's influence and the underlying macroeconomic factors of stable economic growth, government policies, and infrastructure development are also contributing to the market's growth.


Data coverage:

Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.


  • Value
  • Value Split
  • Volume
  • Analyst Opinion
  • Transaction Value
  • Methodology
  • Key Market Indicators
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