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How to Buy a House in Ghana | A Complete Guide

How do you go about buying a house in Ghana? What are the steps involved and what are the challenges you may face? We will guide you through the process from research to securing your property. You will also be given some tips and resources to help you make the best decision.

This guide has been broadly outlined into, RESEARCH > BUY > SECURE.

1. RESEARCH

Firstly, you need to have a clear idea of what you are looking for. E.g. Where do you want to live or invest? How much you can afford? Here are some factors to consider:

Location

Location is one of the most important factors that affect the price and value of a house. You need to research the different areas in Ghana and find out which ones suit your budget and investment objective.

Do you want to live in a prime or developing location? Are you investing to generate regular income from renting out your property? Is it to grow your net worth by investing in a property that will appreciate over time? Do you want to save on rent and enjoy value appreciation as well? Finding sincere responses to these questions will help to narrow down your options, on the locations that match your goals. (Tip: You can read more about the top locations to buy a house/property in Accra, Ghana)

View Properties In Person

Developers are trying to bring the viewing experience closer to you with technology. But it is always advisable to go for an in-person viewing. You get to see other things that could affect the value of the house. It will give you a better appreciation of the infrastructure of the community where the property is located. You also get to inspect the quality and condition of the house and ask the relevant questions. You can check out the blog post on the top 10 real estate developers in Ghana; as a guide; if you wish to buy from a developer.

Conduct Due Diligence (The Search Report)

It is very essential to conduct due diligence on the property and the seller before you make an offer or sign any contract. You need to verify the rightful owners of the property or the land on which the property sits and check for any encumbrances or disputes.

To avoid the risk of fraudulent sales, it is advisable to conduct a valid search to ascertain the rightful custodian(s) of the property. In Ghana, the institution mandated to assist with this is the Lands Commission. You can visit their offices or use their online portal to request a land title search. You will need to provide the site plan or indenture of the property and pay a fee for the service.

Seek legal advice

Buying a house involves a lot of legal documents and procedures, which can be complicated and confusing for the average buyer. It is therefore recommended that you seek legal advice from a qualified lawyer or solicitor, who can guide you through the process and protect your interests. Some people think that legal advice is expensive, but it should rather be an important action, during due diligence, to avoid wasting money on a fraudulent sale. A fraudulent transaction is more expensive than the cost of legal advice. The legal expert will also handle the property transfer process at the buying stage. They will ensure that all legal requirements are met, and the property’s title is clear. 

Legal Advisory is considered the most essential step in property acquisition in any country.

2. BUY

Once you have done your research and due diligence, you are ready to buy the house of your choice. At this stage, you have the option of working with an agent or dealing directly with the seller or developer. Here are some tips to help you with the buying process:

Working With An Agent

An agent is a person who acts as an intermediary between the buyer and the seller, and helps with the negotiation, documentation, and closing of the deal. Working with an agent can have some advantages, such as having access to a wider network of properties and sellers, getting professional advice and guidance, and saving time and hassle.

However, working with an agent also has some costs, such as paying a commission, which is usually a percentage of the final sale price of the house. The commission rate may vary depending on the agent, the property, and the market, but it is usually between 5% and 10%. You should always agree on the commission rate and terms before you engage an agent, and make sure they are licensed and reputable. You can find agents through referrals, online platforms, or associations like the Ghana Association of Real Estate Brokers.

Dealing Directly with The Seller or Developer

If you prefer to deal directly with the seller or developer, you can avoid paying a commission to an agent and have more control over the negotiation and transaction. However, you will also have to do more work and research on your own and be more careful and vigilant about the details and documents. If you wish to buy from a developer, you will not require the services of an agent, as developers usually have a complete set-up to support you, from legal services/advisory, through technical advisory to after-sales support. You can find developers through their websites, social media, or events like the Ghana Property and Lifestyle Expo.

Discuss The Price Offer and Related Costs

Whether you work with an agent or not, you will need to discuss the price offer and related costs with the seller or developer. The price offer is the amount of money that the seller or developer is willing to accept for the property, and it may or may not be negotiable. You should always do your market research and analysis, and compare the price offer with similar properties in the same area, to determine if it is fair and reasonable.

You should also consider the related costs that come with buying a house, such as stamp duty, legal fees, registration fees, valuation fees, agency fees, etc. These costs can add up to a significant amount, and you should factor them into your budget and negotiation. If you are buying from a developer, you will usually receive a formal offer, and then you can engage in discussions on payment plans, discounts, options, etc., before you accept the offer.

Choose a Payment Plan

There are several payment plans you can consider when buying a house in Ghana, depending on your financial situation and preference. Some of the common payment plans are:

      1. Bank financing: This is when you borrow money from a bank or a mortgage company to pay for the house, and then repay the loan with interest over some time. This option can help you buy a house that you may not be able to afford otherwise, and also enjoy some tax benefits. However, this option also comes with some challenges, such as high-interest rates, strict eligibility criteria, a long approval process, and collateral requirements. You will also need to have a good credit history and score and provide proof of income and employment. Some of the banks and mortgage companies that offer financing for buying a house in Ghana are First National Bank (formerly GHL Bank), Republic Bank, Stanbic Bank, Absa Bank, and CAL Bank.
      2. Self-financing: This is when you pay for the house with your savings, investments, or income, without borrowing from any external source. This option can help you avoid paying high interest, fees, and charges, and also give you more flexibility and control over the transaction. However, this option also requires you to have a large amount of money available upfront and also to plan and save for a long time. You will also need to have good financial discipline and management and avoid any unnecessary expenses or debts.
      3. Installment payment: This is when you pay for the house in parts or installments, over some time, until you complete the full payment. This option can help you spread the cost of the house over a longer duration, and also reduce the pressure and risk of paying a lump sum. You will need to have a steady and reliable source of income and a binding contract with the seller or developer. (Tip: You can read about the installment payment options being offered by Regimanuel Gray Real Estate Developers)

3. SECURE

The final step in buying a house in Ghana is to secure your property. This means completing the requisite documentation, registering your ownership, and maintaining your property. Here are some tips to help you with this step:

  • Completing House Documentation

Once you’ve agreed on terms and finalized the purchase, it’s time to complete the necessary house documentation. This typically involves obtaining a sale and purchase agreement and an indenture detailing the transfer of property ownership and securing a title deed through the Lands Commission for added security.

  • Estate Management

If you’re purchasing a property within an estate developed by a company, consider becoming a part of the estate management structure. This involvement ensures ongoing support and maintenance services from the developer, enhancing your overall property ownership experience.

Would like to have a swimming pool in your house?

Our subsidiary, Desjoyaux Pools Ghana, has a special offer for all new homeowners at Regimanuel Satellite City (a limited-time offer). You can kindly contact +233 050 141 9091 for further information.

CategoriesInsights Real Estate
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Top 10 Real Estate Developers in Ghana

As the real estate landscape in Ghana continues to evolve, prospective homeowners and investors seek reliable information to guide their decisions. In this blog post, we present detailed information on the top 10 real estate developers in Ghana for 2024. This is not a ranking but a selection of the top 10 Developers based on a comprehensive set of factors, including track record/reputation, relevance, social/environmental responsibility, and financial support/flexibility for prospective homeowners.

Methodology

We’ve evaluated each developer based on the following criteria:

  1. Track Record and Reputation
    • Experience (in years)
    • Successful projects completed
    • Relevance
    • Size of current development
    • Customer satisfaction (using Google Reviews and testimonials)
    • Diversity and volume of portfolio
    • Location advantage
    • Community development initiatives
  2. Social and Environmental Responsibility
    • Environmental initiatives
    • Community development projects
  3. Financial Support for New Homeowners
    • Flexible payment options
    • Financial assistance programs

Now, let’s dive into the insights;

1. Regimanuel Gray

Overview:

  • Years in Operation: 33 years
  • Primary Specialization: Luxury & Mid-range Gated Communities, Apartments and Commercial Properties
  • Prominent Locations: Downtown & Midtown

Track Record & Reputation:

Criteria
Details
Years in Operation
33
Projects Completed
18
Countries
2
No. of Subsidiaries
8
Units Contributed in Ghana
5,023
Units Under Management
2,112

Relevance:

Social and Environmental Responsibility:

  • Contributed over 12,000 trees in all projects to improve air quality.

Financial Support:

  • Offers a 12-month off-plan payment plan for new homebuyers at Regimanuel Satellite City. Prospective homeowners can pay 40% of the unit’s price and spread the rest for the rest of the unit’s construction.

Additional Information:

  • Infrastructure Investment: Commitment to investing in infrastructure before housing units are built.
  • Customer Satisfaction Commitment: Dedicated subsidiary for maintaining communities to preserve aesthetic appeal.

2. Devtraco Group

Overview:

  • Years in Operation: 31 years
  • Primary Specialization: Luxury Apartments and Mid-range Gated Communities
  • Prominent Locations: Downtown & Suburban
  • Latest Project (2024): The Address
The Address is the latest development (2024) by Devtraco Plus. Location: Roman Ridge, Accra.

 

Track Record & Reputation:

Criteria
Details
Years in Operation
31
Projects Completed
12
Countries
1
Units Contributed in Ghana
2,115
Units Under Management
1,811

Relevance:

  • Current Developments Size: 400+ acres
  • Customer Satisfaction Reviews: 4.5/5 (based on 245 Google Reviews for Devtraco Ltd + Devtraco Plus)
  • Notable Projects: Legacy Court, Deligreen, Bella Villa, Heritage Court, Crystal Court, and more.

Financial Support:

  • Offers a flexible off-plan payment plan for property investors. Prospective investors can pay 20% of the unit’s price and spread the rest for the tenure of the unit’s construction.

3. Clifton Homes

Overview:

  • Years in Operation: 13+ years
  • Primary Specialization: Luxury Apartments
  • Prominent Locations: Downtown / Central Business Area
  • Latest Project (2024): The Atlas, Loxwood House, Bantree
Loxwood by Clifton Homes is located at Tetteh Quarshie Interchange in Accra.

 

Track Record & Reputation:

Criteria
Details
Years in Operation
13
Projects Completed
9
Countries
1
Units Contributed in Ghana
820
Units Under Management
820

Relevance:

  • Current Developments Size: 100+ acres
  • Customer Satisfaction Reviews: 4.5/5 (based on 681 Google Reviews for Clifton Court, The Lennox, Kai Villas & Embassy Gardens)
  • Notable Projects: Clifton Court, Addy Villas, The Lennox, Kai Villas & Embassy Gardens )

4. Trasacco Group

Overview:

  • Years in Operation: 29 years
  • Primary Specialization: Luxury Apartments & Luxury Gated Communities
  • Prominent Locations: Downtown & Suburban

With 29 years of operation, Trasacco Group focuses on luxury apartments and gated communities, contributing significantly to the real estate landscape in Downtown and Suburban areas.
Key Strengths:

  • Notable Projects: Trasacco Valley, Villaggio Vista Condominium, The Springs, East Legon Hills, Royal Ridge.
  • Community Development: Trasacco Group actively engages in community development initiatives, enriching the areas around their projects.

Relevance:

  • Current Developments Size: 100+ acres
  • Customer Satisfaction Reviews: 4.5/5 (based on 871 on Google Reviews for Trasacco Valley, Trasacco Valley Phase 3, Villaggio Vista Condominium, The Springs )

5. Goldkey Properties

Overview:

  • Years in Operation: 27 years
  • Primary Specialization: Luxury Apartments & Commercial Office Space
  • Prominent Locations: Downtown

Notable Projects:

For 27 years, Goldkey Properties has been a key player in luxury apartments and commercial office space leaving an indelible mark on Downtown locations.

  • Cantonments City, Goldkey Properties, Hammond Court, PWC Tower, Vivo Place

Relevance:

  • Strengths: 27 years of experience, award-winning projects like Cantonments City & CCT, expertise in mixed-use development & office space in prime locations (downtown).
  • Customer Satisfaction Reviews: 4.6/5 (based on 137 Google Reviews for Cantonments City, Goldkey Properties, Hammond Court, PWC Tower)

    PwC Tower is one of the most recent city developments by Goldkey Properties.

6. Denya Developers

Overview:

  • Years in Operation: 11 years
  • Primary Specialization: Luxury Apartments
  • Prominent Locations: Suburban

Track Record & Reputation:

Completed Projects:

  • The Denya at Ringway: This high-rise residential development, launched in 2016, was Denya’s first project and remains a popular choice for residents and corporate rentals. Its convenient location near Oxford Street and modern amenities attract many.
  • The Ivy at East Legon: Completed in 2019, this project caters to young families and Ghanaians in the diaspora with its contemporary apartments and proximity to desirable amenities in East Legon.
  • Platinum 1 (Colombo, Sri Lanka): Denya’s international foray, this high-end commercial and residential development in downtown Colombo showcases its capabilities beyond Ghana.
  • L&T Tech Park (Chennai, India): Adding to their international portfolio, Denya partnered on this IT park, demonstrating their expertise in diverse building types.

Key Strengths of Denya Properties:

    • Location: Their focus on prime areas like Cantonments, East Legon, and Airport Residential ensures convenient access to amenities and infrastructure.
    • Modern Design: They prioritize contemporary architecture and stylish finishes, appealing to younger demographics and professionals.
    • Customer Satisfaction Reviews: 4.7/5 (based on 19 Google Reviews for The Denya at Ringway, The Ivy at East Legon )

Relevance:

  • Current Projects:

    • Tribute House (Airport Residential): Scheduled for completion this year, this nine-story mixed-use development features luxury apartments, penthouses, a pool, and a fitness center, setting a new standard for Denya’s offerings.
    • Pavilion (Cantonments): To be finished in 2024, this project boasts the company’s most spacious apartments yet, along with massive balconies, a luxurious pool deck, and stunning views, aiming to attract high-end buyers.

Notable Projects:

  • The Denya at Ringway, Accra, The Ivy at East Legon, Accra, Platinum 1 at Colombo, Sri Lanka, L&T Tech Park at Chennai, India

The real estate industry in Ghana boasts several reputable developers, each with its unique strengths and contributions. When choosing a developer remember that the best developer for you depends on your specific needs and preferences such as preferred location, budget, property type, estate management services and most importantly your investment objective.

7. Lakeside Estate

Overview:

  • Years in Operation: 26 years
  • Primary Specialization: Mid-range Gated Communities
  • Prominent Locations: Suburban

Track Record & Reputation:

Lakeside Estate is a burgeoning developer making waves with its family-friendly communities, and affordable housing options. They’ve earned recognition for their dedication to quality, recently clinching the coveted Real Estate Company of the Year award for 2022.

Strengths:

  • Family-centric focus: Their gated communities are designed with families in mind, offering safe spaces for children to play and fostering a sense of community.
  • Affordable options: Lakeside Estate understands the importance of accessibility, providing a range of homes suitable for various budgets.
  • Customer Satisfaction Reviews: 4.3/5 (based on 88 Google Reviews for Lakeside Estates, Community 8 Lakeside Estates )

Notable Projects:

  • Lakeside City, Lakeside Hills, Dream Homes, Lakeside Business Center, Lakeside Marina Park

    Lakeside Hills is the latest development by Lakeside Estate near Ashaleybotwe in Accra.

8. Capemay Properties

Overview:

  • Years in Operation: 16 years
  • Primary Specialization: Luxury Apartments
  • Prominent Locations: Downtown

Key Strengths of Capemay Properties:

    • Location: Their focus on prime areas like East Legon, and Spintex ensures convenient access to amenities and infrastructure.
    • Modern Design: They prioritize contemporary architecture and stylish finishes, appealing to younger demographics and professionals.
    • Customer Satisfaction Reviews: 4.7/5 (based on 19 Google Reviews for The Signature Apartments & Capemay Properties Ghana)

Relevance:

Notable Projects:

    • Selton Skye is a residential building developed by Capemay Properties and is located off the George W. Bush highway (N1), adjacent to Tullow Oil in Accra, Ghana. It is set to become the tallest residential building in Ghana, standing at an impressive 27 floors 12. The building is inspired by Ghana’s Adinkra Symbol ‘NSAA,’ signifying quality workmanship, genuineness, excellence, and authenticity. It offers a lavish assortment of apartments, from one-bedroom units to an expansive sky-level penthouse. The infrastructure provides more than just residences; it promises a lifestyle enriched with convenience and luxury. The amenities include an on-site grocery store, a pharmacy, concierge and 24-hour security services, co-working spaces, a movie theatre, a state-of-the-art fitness center, a sky lounge and pool, a restaurant overlooking a communal courtyard piazza, and breathtaking panoramic sky views 1.
    • The Signature Apartments is another project by Capemay Properties and is located in Accra, Ghana. It is a luxury residential complex that has redefined Accra’s skyline. The complex offers a range of apartments, including one, two, and three-bedroom units, as well as penthouses. The Signature Apartments is a modern and stylish development that offers residents a comfortable and luxurious lifestyle. The complex features a range of amenities, including a swimming pool, a gym, a rooftop terrace, and a 24-hour concierge service. The apartments are designed to be spacious and airy, with large windows that provide plenty of natural light and stunning views of the city. Set within two towers, Selton Skye is set to be the tallest housing development in Ghana yet.

9. VAAL Real Estates

Overview:

  • Years in Operation: 14 years
  • Primary Specialization: Luxury Apartments
  • Prominent Locations: Downtown
  • Headquartered: Accra, Ghana, with operations in Kenya, Turkey, Uganda, and the UK.
  • Notable Projects: Legato Heights (Off-plan sale. Project is at a preliminary stage), Harmonia Residence (Off-plan sale. Project is at a preliminary stage), Harmonia Villas (Off-plan sale. Project is at a preliminary stage), L&T Tech Park (Chennai, India), Platinum 1 (Colombo, Sri Lanka).

Key Strengths of VAAL Real Estates:

    • Location: Their focus on prime areas like Airport Square, Airport Residential, and Roman Ridge ensures convenient access to amenities and infrastructure.
    • Modern Design: They prioritize contemporary architecture and stylish finishes, appealing to younger demographics and professionals.

Ghana’s real estate developers are not just builders; they are architects of dreams. As you embark on your homeownership journey, your key considerations should center on your investment objective, location, and affordability.

Harmonia Residences launched in 2023 by VAAL. Location: Roman Ridge

10. Indigo Homes

Overview:

  • Years in Operation: 8 years
  • Primary Specialization: Townhouses
  • Prominent Locations: Suburban
  • Countries/Cities of Operation: Accra, Dar es Salaam, Nairobi, New York & Washinton DC.
  • Indigo Homes is a BlackIvy company that specializes in developing vibrant, moderately priced homes within secure gated communities.

Key Strengths of Indigo Homes:

    • Modern Design: They prioritize contemporary architecture and stylish finishes, appealing to younger demographics and professionals.
    • Customer Satisfaction Reviews: 4.4/5 (based on 917 Google Reviews for Oyarifa Park & Ayi Mensah Park)

Relevance:

Notable Projects:

    • Ayi Mensah Park: This 200-unit development, situated at the foot of the Aburi Mountains, was their inaugural project and a resounding success. All units, ranging from condos to townhomes, were sold out and handed over to happy residents in 2019.
    • Oyarifa Park: Located just 30 minutes from Accra Mall and Kotoka International Airport, this gated community offers a vibrant lifestyle with 200 townhomes and condos. While all units in the initial phase have been sold out, there might be opportunities for future phases or resales.

      Oyarifa Park housing estate in Accra by Indigo Homes

Industry Insights & Forecast

According to Statista;

  • The Real Estate 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, 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.

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.

CategoriesInsights Real Estate
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How to choose a house to fit your investment objective

Are you in the market for a new house in Ghana? With so many houses for sale, finding your dream home can be a daunting task. But don’t worry, we’re here to help. In this post, we’ll provide you with a guide to finding the perfect house for sale in Ghana.

1.Determine Your Budget

Before you start searching for houses for sale in Ghana, it’s essential to determine your budget. You don’t want to waste time looking at properties that are out of your price range. Consider your income, savings, and other financial obligations when determining your budget.

2.Choose a Location

The location of your dream home is just as important as the house itself. Ghana has a range of residential areas, each with its unique characteristics. Determine the location that suits your lifestyle, proximity to work, and access to amenities. Some of the popular residential areas in Ghana include East Legon, East Legon Hills, Cantonments, and Airport Residential Area in Accra, and Spintex Road, Tema, and Sakumono in Greater Accra.

3.Work with a Reputable Real Estate Agent

Working with a reputable real estate agent can make the process of finding a house for sale in Ghana much easier. Real estate agents have extensive knowledge of the market and can provide you with valuable insights into the properties that fit your budget and preferences. They can also help you negotiate the price and ensure that the transaction goes smoothly.

4.Consider a reputable and trusted Real Estate Developer

There has been an upsurge of housing developers in Ghana, but not all have the capacity to deliver the quality you may require. Some developers like Regimanuel Gray, who have been building for over 30 years, have extensive infrastructure (road networks, underground drainage systems, street lights etc) to support their housing development. Moreso the future of your property must be hedged with estate management services to ensure that the value of your investment appreciates considerably with time.

You should verify the commitment the Developer has for infrastructure and the management of the future physical outlook of the community where your property will be located.

5.View the Property in Person

Once you’ve identified a few houses that fit your budget and preferences, it’s essential to view them in person. This will give you a better sense of the property’s condition, location, and features. When viewing the property, pay attention to details such as the neighborhood, access to amenities, the condition of the property, and any potential repairs that may be needed.

Finding your dream home in Ghana doesn’t have to be a daunting task. By determining your budget, choosing a location, working with a reputable real estate agent, browsing online listings, and viewing the property in person, you can find the perfect house for sale in Ghana. Remember to take your time and conduct thorough research to ensure that you make the right decision. Good luck!

 

CategoriesInsights Real Estate
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Buy a House in Ghana & Pay in Installments

Buying a house in Ghana with installment payments is a viable option being introduced by some real estate developers. With installment payments, you can spread out the cost of buying a house over time, making it more affordable for you.

In this post, we will first share what is on offer at Regimanuel Satellite City and also provide information on other installment payment options made available by some real estate companies in Ghana; their pros and cons, and provide tips on how to choose the most suitable option for you.

Installment Payment Options at Regimanuel Satellite City.

Tips for Choosing the Best Installment Payment Plan

  1. Compare the different installment payment plans offered by real estate developers. (check out table 1.2)
  2. Check if there are interest rates and the terms of each plan to determine which one is the most affordable for you.
  3. Make sure you understand the terms and conditions of the plan you choose, including any additional fees and payment schedules.
  4. Determine if you meet the eligibility requirements for the plan you want to use.

Table 1.1 (shows installment payment options offered at the Regimanuel Satellite City housing development in Accra.

Developer
Project
Payment plan
Interest Rate
Regimanuel Gray
Satellite City
40% deposit
40% at lintel
20% after completion
0%
Regimanuel Gray
Satellite City
40% deposit
remaining spread
up to 24 months
0%
A 3-Bedroom Premium Detached at Regimanuel Satellite City

The Payment Plan Options for Buying a House in Ghana

  1. Developer’s Payment Plan: This plan is usually offered by some real estate developers as part of their sales strategy and may not exceed 18 calendar months. Under this plan, you make an initial lump sum deposit and spread the remaining in agreed intervals with the developer. In some instances, a monthly payment schedule may be agreed upon with the developer following the initial lump sum deposit until the full cost of the house is paid off. There are usually no interest charges on this plan. Interest charges may only apply if the buyer defaults on the agreed plan. This may be part of the terms and conditions, which you should carefully study before you start.
  2. Rent-to-Own Plan: In this plan, you rent the house for a certain period and then own it after you have paid the agreed amount, which is usually spread monthly. The payments you make during the rental period go towards the purchase of the house. These plans can also come with different terms and conditions. In Ghana, this option is not usually offered by real estate developers. It is mostly available with housing developments which are funded (fully or partly) by the Government.
  3. Structured Payment Plan: Where the developer is not openly offering a payment plan, the prospective homeowner could formally write to the developer to propose a payment schedule that he/she commits to make accordingly. This is a new but growing trend in the industry. It is advised that you critically analyze the details of the agreed terms to ensure that it is suitable for your financial circumstance; and have both the seller and buyer sign off with their respective witnesses.
A 2-bedroom House for sale at Regimanuel Satellite City, East Legon Hills Accra

Key features of the Payment Plan Options

To help you choose the right installment payment plan, we’ve compared the key features of each of these plans in the table below:

Payment Plan
Interest Rate  
Length of Plan
Eligibility
Requirements
Developer’s Plan
No
Usually doesn’t
exceed 18 months.
Requires an initial
deposit of between
30% – 40%
(of the cost of the house)
Rent-to-Own Plan
Varies
Varies and may last for years. You can occupy
the property
while paying for it.
Requires proof of
income, creditworthiness,
and an initial deposit.
Structured Payment
Negotiated
Usually doesn’t
exceed 24 months.
Requires an initial
deposit and may
require a guarantor.

Comparison of Installment Payment Plans by some Real Estate Developers in Ghana

To help you choose the right installment payment plan for your next house, we’ve compared the key features of payment plans currently being offered by some real estate developers in Ghana. (in the table below):

Developer
Payment
Plan
Maximum
Tenure
Project
Denya Developers
25% down-payment;
15% quarterly.
– up to 18 months
The Pavilion,
Cantonments
Regimanuel Gray
40% down-payment;
spread the remaining
till completion.
– up to 24 months
Satellite City,
East Legon Hills
Capemay Properties
A spread of payments
for
6-12 months.
– up to 12 months
The Signature,
Accra Mall
Devtraco Plus  
20% down-payment;
spread the remaining
till completion.
– up to 12 months
The Pelican,
Cantonments
Indigo Homes 
A spread of payments for
6 months.
– up to 6 months
Oyarifa Park,
Oyarifa
Appolonia City
20% down-payment
18-24 months spread.
– up to 24 months
Appolonia City,
Oyibi
It is advisable to choose a payment plan that resonates with your family’s financial cycle.

Bank Financing (Mortgage)

Bank financing is another installment payment option available in Ghana. It involves obtaining a mortgage from a bank or other financial institution to finance the purchase of a house. The bank sets the interest rate (either variable or fixed) and payment terms based on the applicant’s credit history and other factors.

Currently, The Republic Bank, in Ghana, is offering the most competitive interest rates (at 25% p.a – November 2023)

Bank financing typically offers higher interest rates than developer & structured financing and the application process is also more involving. The approval process can take longer. It is advisable to compare the various plans based on what the banks are offering in terms of Interest Rate, Down Payment, Repayment Period, and the Maximum Amount you can qualify for.

Pros and Cons (Developer Financing vs Bank Financing)

Developer Financing Pros:

  • Faster approval process
  • A more straightforward application process
  • No need for a credit score

Developer Financing Cons:

  • The stress of finding a credible developer
  • May require a large down payment

Bank Financing Pros: 

  • Larger maximum amount (depends on your proof of income)
  • Longer repayment period

Bank Financing Cons:

  • Lengthy approval process
  • Stringent credit score requirements
  • Additional fees may apply
  • Interest rates may be uncertain in volatile economic situations
  • May require a large down payment

Would like to have a swimming pool in your house?

Our subsidiary, Desjoyaux Pools Ghana, has a special offer for all new homeowners at Regimanuel Satellite City (limited time offer). You can kindly contact +233 050 141 9091 for further information.

 

CategoriesInsights Real Estate
By

Creating your desired home with Regimanuel Gray

Our guiding principles have shaped our ethos of excellence in the real estate industry in Ghana. We are dedicated to securing your investment by offering you a conducive community where your property can flourish. This is how we achieve it:

Well-Planned Community Infrastructure

 – Extensive underground drainage system to prevent flooding.
 – Properly maintained tarred roads.
 – Effective streetlights for enhanced safety and visibility.

Professional Estate Management

Our communities are professionally managed, by our Subsidiary RGEMC, to ensure security, orderliness, and the prevention of nuisance and other activities that have the propensity to devalue the community. (RGEMC – Regimanuel Gray Estate Management Company Ltd.)

Good Rental Income for Investment Property Owners

Owners of investment property at Regimanuel Gray enjoy a great deal of convenience and peace-of-mind with their buy-to-let properties.

Our platform facilitates the generation of regular rental income.

 – Your rent will be collected on time by our Estate Management Company.
 – Your property will be well-maintained before, during, and after the rental period.

Location

– Our developments flourish because we get the place right.
– Our research & development team ensures that the locations we choose give our homeowners appreciating value for generations.

CategoriesInsights Real Estate
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The Ultimate Guide to Installment Payments | Buying a House in Ghana

Buying a house in Ghana with installment payments is a viable option being introduced by some real estate developers. With installment payments, you can spread out the cost of buying a house over time, making it more affordable for you.

In this post, we will first share what is on offer at Regimanuel Satellite City and also provide information on other installment payment options made available by some real estate companies in Ghana; their pros and cons, and provide tips on how to choose the most suitable option for you.

Installment Payment Options at Regimanuel Satellite City.

Tips for Choosing the Best Installment Payment Plan

  1. Compare the different installment payment plans offered by real estate developers. (check out table 1.2)
  2. Check if there are interest rates and the terms of each plan to determine which one is the most affordable for you.
  3. Make sure you understand the terms and conditions of the plan you choose, including any additional fees and payment schedules.
  4. Determine if you meet the eligibility requirements for the plan you want to use.

Table 1.1 (shows installment payment options offered at the Regimanuel Satellite City housing development in Accra.

Developer
Project
Payment plan
Interest Rate
Regimanuel Gray
Satellite City
40% deposit
40% at lintel
20% after completion
0%
Regimanuel Gray
Satellite City
40% deposit
remaining spread
up to 24 months
0%

The Payment Plan Options for Buying a House in Ghana

  1. Developer’s Payment Plan: This plan is usually offered by some real estate developers as part of their sales strategy and may not exceed 18 calendar months. Under this plan, you make an initial lump sum deposit and spread the remaining in agreed intervals with the developer. In some instances, a monthly payment schedule may be agreed upon with the developer following the initial lump sum deposit until the full cost of the house is paid off. There are usually no interest charges on this plan. Interest charges may only apply if the buyer defaults on the agreed plan. This may be part of the terms and conditions, which you should carefully study before you start.
  2. Rent-to-Own Plan: In this plan, you rent the house for a certain period and then own it after you have paid the agreed amount, which is usually spread monthly. The payments you make during the rental period go towards the purchase of the house. These plans can also come with different terms and conditions. In Ghana, this option is not usually offered by real estate developers. It is mostly available with housing developments which are funded (fully or partly) by the Government.
  3. Structured Payment Plan: Where the developer is not openly offering a payment plan, the prospective homeowner could formally write to the developer to propose a payment schedule that he/she commits to make accordingly. This is a new but growing trend in the industry. It is advised that you critically analyze the details of the agreed terms to ensure that it is suitable for your financial circumstance; and have both the seller and buyer sign off with their respective witnesses.
A 2-bedroom House for sale at Regimanuel Satellite City, East Legon Hills Accra

Key features of the Payment Plan Options

To help you choose the right installment payment plan, we’ve compared the key features of each of these plans in the table below:

Payment Plan
Interest Rate  
Length of Plan
Eligibility
Requirements
Developer’s Plan
No
Usually doesn’t
exceed 18 months.
Requires an initial
deposit of between
30% – 40%
(of the cost of the house)
Rent-to-Own Plan
Varies
Varies and may last for years. You can occupy
the property
while paying for it.
Requires proof of
income, creditworthiness,
and an initial deposit.
Structured Payment
Negotiated
Usually doesn’t
exceed 24 months.
Requires an initial
deposit and may
require a guarantor.

Comparison of Installment Payment Plans by some Real Estate Developers in Ghana

To help you choose the right installment payment plan for your next house, we’ve compared the key features of payment plans currently being offered by some real estate developers in Ghana. (in the table below):

Developer
Payment
Plan
Maximum
Tenure
Project
Denya Developers
25% down-payment;
15% quarterly.
– up to 18 months
The Pavilion,
Cantonments
Regimanuel Gray
40% down-payment;
spread the remaining
till completion.
– up to 24 months
Satellite City,
East Legon Hills
Capemay Properties
A spread of payments
for
6-12 months.
– up to 12 months
The Signature,
Accra Mall
Devtraco Plus  
20% down-payment;
spread the remaining
till completion.
– up to 12 months
The Pelican,
Cantonments
Indigo Homes 
A spread of payments for
6 months.
– up to 6 months
Oyarifa Park,
Oyarifa
Appolonia City
20% down-payment
18-24 months spread.
– up to 24 months
Appolonia City,
Oyibi
It is advisable to choose a payment plan that resonates with your family’s financial cycle.

Bank Financing (Mortgage)

Bank financing is another installment payment option available in Ghana. It involves obtaining a mortgage from a bank or other financial institution to finance the purchase of a house. The bank sets the interest rate (either variable or fixed) and payment terms based on the applicant’s credit history and other factors.

Currently, The Republic Bank, in Ghana, is offering the most competitive interest rates (at 25% p.a – November 2023)

Bank financing typically offers higher interest rates than developer & structured financing and the application process is also more involving. The approval process can take longer. It is advisable to compare the various plans based on what the banks are offering in terms of Interest Rate, Down Payment, Repayment Period, and the Maximum Amount you can qualify for.

Pros and Cons (Developer Financing vs Bank Financing)

Developer Financing Pros:

  • Faster approval process
  • A more straightforward application process
  • No need for a credit score

Developer Financing Cons:

  • The stress of finding a credible developer
  • May require a large down payment

Bank Financing Pros: 

  • Larger maximum amount (depends on your proof of income)
  • Longer repayment period

Bank Financing Cons:

  • Lengthy approval process
  • Stringent credit score requirements
  • Additional fees may apply
  • Interest rates may be uncertain in volatile economic situations
  • May require a large down payment

Would like to have a swimming pool in your house?

Our subsidiary, Desjoyaux Pools Ghana, has a special offer for all new homeowners at Regimanuel Satellite City (limited time offer). You can kindly contact +233 050 141 9091 for further information.