Meqasa, the leading property platform in Ghana, has given us access to their proprietary data and infographics on land prices broken down by area for the period 2018 to 2019 (see table 1 below). The volume of online searches on the Meqasa platform hit 10.9m last year with a corresponding 33% growth in property postings to 21,000. We believe that the platform has garnered enough traction to make their data significant in assessing overall market trends in Ghana.
An immediate caveat to be aware of is that Meqasa’s data only captures asking prices (offer prices) by landlords and homeowners and not actual closed transaction prices. In the UK the gap between “asking” and “closing” prices is typically around 5% due to discounts (Zoopla 2019) and negotiations. Based on our experience in Ghana, this gap could be between 10% to 20%. Nevertheless the data is useful in highlighting overall trends. This data can help us confirm or challenge our assumptions around property prices around Accra.
Public perception and discourse usually focuses on Cantonments and Airport being the most expensive areas. However, property postings by agents and landowners put Ridge and North Ridge areas as the most expensive. The area has become the main financial and commercial node as well as the headquarter location for some of Ghana’s blue-chip corporates like MTN, Ecobank, Standard Chartered and IMF. Average asking prices for this area was GHS 4.4m per plot (equivalent of $750,000 per plot or $3.8m an acre). This compares to Cantonments at $480,000, East Legon at $135,000 and Oyarifa at $14,000 per plot respectively.