Accra is the capital and largest city in Ghana, covering an area of 225.67 km² (87.13 sq mi) with an estimated urban population of 2.27 million as of 2012. Accra is the Greater Accra Region's economic and administrative hub, and serves as the anchor of the larger Greater Accra Metropolitan Area which is inhabited by about 4 million people, making it the thirteenth-largest metropolitan area in Africa.
The central business district of Accra contains the city's main banks and department stores, as well as an area known as the Ministries, where Ghana's government administration is concentrated. Economic activities in Accra include the financial and commercial sectors, fishing and the manufacture of processed food, lumber, plywood, textiles, clothing and chemicals.
Tourism is becoming a thriving source of business for those in arts and crafts, historical sites and local travel and tour agents. The Oxford Street in the district of Osu has grown to become the hub of business and nightlife in Accra.
In 2010, the Globalization and World Cities Research Network think tank designated Accra as a Gamma level world city, indicating a growing level of international influence and connectedness.
Ghana has an approximate housing deficit of 1.7 million units as at 2015 mainly in the urban centres such as Accra, Kumasi and Takoradi. Given the high and growing level of interest and investments in Accra’s real estate, the demand has been in houses for sale in Accra due to the influx of international visitors, expatriates and a growing working class.
This has also contributed to houses sold on mortgages in Accra in order to give more people the opportunity to buy houses in Accra. Many workers in Accra are looking for affordable property around areas where they can stay and commute easily to work.
People who do have the opportunity to access mortgage loans may consider buying old houses for sale in Accra or uncompleted houses for sale in Accra in order to refurbish them to their specifications. Others buy these old or uncompleted properties just to refurbish and then resell them.
East Legon has become a hot spot for real estate in Accra because of its plush residences, bustling business and social centres and its proximity to the Kotoka International Airport. Houses for sale in East Legon normally means paying more than the going average price of the property because East Legon is a desired prime location in high demand. Other highly sought-after locations are Cantonments, Airport Area, Trasacco and Dzorwulu. These are where the luxury homes for sale in Ghana are normally located. Neighbourhoods that are now springing up such as Community 25, Oyibi, Oyarifa, and East Legon hills offer relatively cheap houses for sale contrary to more established places like East Legon and Cantonments.
Estate houses for sale in Accra has also become a “property delicacy” since it gives people a sense of security, belonging and also access to communal facilities. Devtraco, Regimanuel and Lakeside are popular destinations for people looking to have the estate residential experience.
Looking for houses to rent or buy in Ghana with no agency can be alluded to finding a needle in a haystack. Real estate businesses in the capital are experiencing a spike which has led to an ever increasing number of real estate agents in the system whose job is to find property for seekers. This has made it difficult for property seekers to find property on their own.
It is becoming commonplace to buy a house in Accra with a mortgage. Many home seekers require a large amount of capital to acquire the property they desire, so most opt for a mortgage. There are various mortgage options that are available to Ghanaians and expatriates. Some of the options give you up to 20 years to complete your mortgage payments which makes repayment of the mortgage loan very convenient.
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