One question we receive daily is “How much can I find a place to rent for?”. A very interesting inquiry with a not-so-easy answer. Rent costs are affected by several factors including location, size and amenities of the property itself and the neighbourhood in which it is. In Ghana, the real estate industry is unregulated, however, meaning homeowners selling and leasing property have no bookends within which they are required to operate and therefore set prices as they please.
The instability of the cedi up against stronger foreign currencies also affects housing costs. With a national housing deficit of 1.7 million units, affordable housing is a recurring issue for all Ghanaian governments. Lack of easy-to-get financing for property purchase has rendered most people renters versus homeowners. There is vast opportunity for developers to supply low and mid-range priced accommodation.
Here is a look at average rent costs in Accra in 2016
(based on 10 Accra neighburhoods on meQasa.com)