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What you need to know before buying property in Ghana
Real Estate and development in Ghana has been a rapidly growing over the past several years. Ghana offers much to travellers and expats and even more to Ghanains looking to invest in property or land in Ghana and process can be very rewarding. However there are some important things to be sure of before you make any purchase.
Who owns the land?
Be sure to validate that the person/group you are buying real estate from is the correct owner. There have been many instances of land being sold by unauthorized owners, or being sold to more than one buyer. To protect yourself ensure a land title review is performed at the appropriate government office and a land valuation is also performed. There is usually a fee for these which is payed for at the buyers expense. It is well worth the price.
Always review all documents yourself, and involve yourself in all steps of the property buying process.
As an extra safety measure have an independent lawyer review your documents before you transfer funds.
Ghana Real Estate Development Requirements
If you are purchasing undeveloped land in Ghana there are often development timeline requirements set forth by the government. It is common that you are required to build at least basic infrastructure such as a well and building or foundation within a 2 year period. Developing the land also helps to ensure less questions of ownership or unwanted harvesting of trees or other assets of the property. Development requirements should be determined before any purchase at a governmental office.
Land Leasing
Most property or land sales in Ghana are made on a leased basis. No individual or company may own the land indefinitely. Sales are made for various leasing terms from 25 to 150 years. Usually, leasing terms are shorter for Non-Ghanaians but every leasing term is negotiable. Be sure to discuss with your agent.
Best Practices
The best way to ensure a safe step into Ghana property ownership is to use an official registered Ghanain real estate agency. If you have any questions or concerns feel to contact us here at New Ghana Property and we will be happy to put you in contact with a reputable agency.