Ghana’s economy impacted real estate in 2025 through dramatic stabilisation that transformed property markets across Accra and beyond. The year began with cautious optimism and ended with renewed confidence as inflation plunged to single digits and the cedi strengthened against all expectations.

When Bank of Ghana Governor Dr. Ernest Addison announced inflation had fallen to 9.4% in September 2025, property investors took notice. This represented the first single-digit reading in four years and a remarkable drop from 38.1% in 2023. The ripple effects reached every corner of Ghana’s real estate sector.

Property prices in prime Accra neighbourhoods responded to this stability with an appreciation of 8-12% during 2025. East Legon, Cantonments, and Airport Residential Area saw three-bedroom houses command $450,000 to $600,000, while luxury villas exceeded $1 million. The economic recovery gave buyers confidence to commit capital to long-term property investments.

GDP Growth Fuels Housing Demand

Ghana’s economy expanded 6.3% in Q2 2025, significantly exceeding projections. The services sector drove this growth with 9.9% expansion, creating thousands of new professional jobs in Accra’s financial and technology corridors. These urban professionals needed housing, and developers responded with new apartment complexes and gated communities.

Rental yields in prime locations delivered 8-11% gross returns throughout 2025, confirming strong fundamentals despite broader economic challenges. East Legon and Spintex led with 9-10% yields while Airport Residential generated 7-9%. Commercial properties performed even better at 10-15% annual returns.

The disposable income growth among Ghana’s expanding middle class translated directly into housing purchases. Mortgage applications increased at major banks, though high interest rates remained a constraint. First-time buyers focused on emerging areas like Oyarifa, Dome, and Ashongman Estate, where prices ranged from $800-$1,200 per square meter.

Currency Strength Attracts Diaspora Investment

The cedi delivered 2025’s most surprising performance, appreciating 21% year-to-date through September. Exchange rates improved from 15.53 GHS/USD at the March peak to approximately 11.40 GHS/USD by mid-October. This currency strength reversed years of depreciation and fundamentally changed diaspora investment calculations.

Overseas Ghanaians who had hesitated during the currency crisis of 2022-2023 returned to the market with renewed confidence. The government formalised recognition of the diaspora as the “17th Region” and scheduled a Diaspora Summit for December 2025. Developers implemented diaspora-friendly mortgage plans and remote buying processes to capture this growing segment.

Diaspora buyers concentrated their purchases in Airport Residential, Cantonments, and East Legon, focusing on quality and location rather than price sensitivity. These cash buyers remained less affected by Ghana’s elevated interest rates, which still ranged from 24-36% for cedi-denominated mortgages.

Interest Rate Cuts Signal Market Shift

Bank of Ghana‘s aggressive monetary easing provided the year’s most significant policy shift. The central bank cut rates by 300 basis points to 25% in July, then by another 350 basis points to 21.5% in September. These cuts totaling 7.5 percentage points represented the largest rate reductions in Ghana’s history.

Commercial bank lending rates declined from 30.07% at the start of 2025 to 24.15% by August. The Ghana Reference Rate, a key lending benchmark, plunged from 29.72% in January to 17.86% in October. While mortgage rates remained high by international standards, the trajectory pointed toward improved accessibility.

Property developers postponed projects during the 2023 crisis when interest rates peaked above 30%. The 2025 rate cuts enabled them to resume construction with more manageable financing costs. New apartment complexes broke ground in Spintex, Tema Community 25, and along the Accra-Dodowa corridor.

Foreign Investment Surges 382%

Ghana attracted $863 million in foreign direct investment during the first half of 2025, representing a 382% increase from the same period in 2024. This surge reflected restored global confidence following the successful $13 billion debt restructuring completed in 2024.

China led foreign investment with 22 projects, followed by India with 14 and Nigeria with 8. Real estate captured significant foreign capital with developments including The Alto (27-floor), The Steps (37-floor), and multiple other high-rise luxury projects transforming Accra’s skyline.

International developers brought not only capital but also construction expertise and modern building standards. Turkish investors delivered The Mirage in Airport Residential, while South African firms Atterbury and Sanlam acquired Accra Mall. Hotel chains, including Mövenpick, Kempinski, and Marriott, established premium properties to serve business and tourism demand.

Construction Sector Expands 5.9%

Ghana’s construction sector grew 5.9% in real terms during 2025 with Q1 performance showing exceptional 10.7% year-on-year growth. The approximately $8 billion sector provided 420,000 jobs and accounted for 14-15% of Ghana’s GDP.

Building permits increased 15% year-over-year according to Ghana Statistical Service. Developers added 2,000 new residential units in Accra during 2024 with a pipeline of 23,000 units under development. Investment transactions showed 35%+ of residential purchases in 2024 were for investment purposes rather than owner-occupation.

Major infrastructure projects accelerated throughout 2025. The $60 billion West Africa Petroleum Hub in Jomoro, the Ewoyaa Lithium Mine, Agenda 111 Hospitals program, and the $10 billion Big Push Infrastructure Strategy created spillover demand for worker housing and commercial properties in project areas.

Looking Toward 2026

Ghana’s economy impacted real estate in 2025 by restoring the confidence necessary for long-term property investment. The outlook for 2026 remains positive with projected residential property growth of 10% and commercial property growth of 12%. Continued foreign interest in mixed-use developments and growing demand for affordable housing should sustain momentum.

Challenges persist including elevated interest rates, limited mortgage accessibility, and land tenure complexity. Yet the economic foundation established in 2025 positions Ghana’s property sector for continued expansion. For investors seeking exposure to West Africa’s most stable democracy and fastest-recovering economy, Ghana’s real estate market offers compelling opportunities.

Eden Heights exemplifies this opportunity with luxury apartments and penthouses designed for the new era of Ghanaian real estate growth. Located near West Hills Mall with world-class facilities including sports complex, swimming pool, and 24-hour security, Eden Heights delivers the quality international and local investors demand.

Five Key Questions About Ghana’s Real Estate Market

• How did inflation affect property prices in 2025? 

Declining inflation from 38.1% to 9.4% stabilized property prices and enabled 8-12% appreciation in prime Accra locations as buyers regained confidence in Ghana’s economic trajectory.

• What were 2025’s top-performing real estate segments? 

Luxury apartments, gated communities, short-term rentals, and commercial properties in prime locations delivered the strongest returns with rental yields of 8-15%.

• How did government reforms attract foreign investors? 

Successful debt restructuring, IMF program implementation, fiscal discipline achieving 1.5% primary surplus, and currency stabilization restored international investor confidence.

• Did cedi appreciation reduce property costs? 

Cedi appreciation reduced costs for imported construction materials and made Ghana more affordable for diaspora buyers but did not significantly lower domestic property prices.

• What can we expect from Ghana’s market in 2026? 

Projected 10% residential and 12% commercial property growth with continued foreign investment, though mortgage accessibility and affordable housing supply remain challenges.

Contact Eden Heights today to explore premium properties designed for the new era of Ghanaian real estate growth and economic stability.