INDUSTRY Real Estate

BUDGET NEEDED TO RENT HOUSES IN THESE FIVE AREAS IN ACCRA

Rental is an important aspect of housing in Ghana. For those who cannot afford to buy houses outright, rental affords them an alternative until they are able to raise enough money to purchase a home. Information from the Ghana Statistical Service (GSS) shows that more than half of Ghana’s population do not own a home.

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Against this backdrop, many investors and individuals look to provide homes to the Ghanaian market as rentals. This has created a growing real estate industry and additional income for many. Real estate portal Lamudi Ghana has provided some insight into the budget needed to rent property in these five neighborhoods in Accra.

Haatso :Located near the University of Ghana campus,Haatso is one of the most affordable locations in Accra. The neighborhood, according to Lamudi data, has a median house price of GH¢750.47 per month. According to Lamudi’s website, the lowest price you can get for a single bedroom is GH¢170 per month. For a two-bedroom house, a budget of GH¢600 per month would be enough to settle in the neighborhood.

Achimota: Located about ten minutes away from the city center, Achimota is a fine location for workers looking to commute quickly to the Central Business District. Data from Lamudi indicates that the area has a median house price of GH¢938.11. For those looking for a bargain price, a single bedroom is your surest bet, fetching around GH¢200. Families would need a budget of about GH¢800 for the minimum price of a two-bedroom house.

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East Legon: The most sought-after neighborhood according to Lamudi data, East Legon is strategically located near the Kotoka International Airport and the Tema Motorway. The median house price for this neighborhood is GH¢2365.69 per month. An amount of about GH¢1900 a month would fetch you a two-bedroom house for rent at minimum cost, Lamudi data shows.

Adenta: The neighborhood is well-placed for individuals and families looking to move away from the busy city center to a more serene but developed place. With a number of entertainment centers available such as the Lakeside Marina Park, families can be certain of activities to relax on the weekend. According to Lamudi data, Adenta has a median house price of Gh¢938.11 per month. For house hunters looking for single-room units, a budget of GH¢200 a month would suffice.

Cantonments: One of Accra’s most plush areas, Cantonments is entrenched in the capital’s history. Formerly home to British colonial workers, the neighborhood’s status grew as a result, leading to high property prices. With a median house price of GH¢4502.82 per month, Cantonments mostly appeals to house hunters in the mid-to-upper income bracket.

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Data analysis

This data was generated between January and March 2015. The original currency used in the analysis was the Euro. This was converted to Ghana Cedis on 12th October 2015 at a rate of GH¢4.26 to €1 according to oanda.com. Median prices for house rental represent cost in cedis per bedroom.

Source: Fidel Amoah, Content Manager, Lamudi Ghana

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