Investment report · Generated September 11, 2026

Ghana

Income level helps show which property segments can exist. Returns depend on supply, entry yield, entry date, and currency.

01

Executive Summary

What does the evidence say now?

Only at the right price

Income and segment evidence are promising, but currency risk can erase local gains.

GDP per capita

$3,257

US$ per person · 2025 · World Bank NY.GDP.PCAP.CD · USD

GDP per capita forecast

$3,900

US$ per person · 2031 · International Monetary Fund NGDPDPC · USD · estimated

Best segment

Warehouses and logistics

Section 5 · Internal dataset

Gross rental yield

7.8–9.4%

% range · 2010–2024 · Intelligence Real Estate Property return dataset · not applicable · estimated

Reasons to look

  • Warehouses and logistics has the strongest comparable-market income profile.
  • The market can add units as demand grows.
  • 5 income-level comparables provide a cross-market reference set.

Reasons not to

  • Ghanaian cedi has depreciated more than 30% in ten years.
  • 6 segment claims have thin evidence.
  • Important supply figures are not available.

This report uses 82 data points from 20 sources. 73 are estimates or modelled values.

02

Country Overview

What kind of economy is this, and where is it going?

GDP

$114.2B

US$ · 2025 · World Bank NY.GDP.MKTP.CD · USD

GDP per capita

$3,257

US$ per person · 2025 · World Bank NY.GDP.PCAP.CD · USD

GDP per capita, PPP

$8,610

international $ · 2025 · World Bank NY.GDP.PCAP.PP.CD · not applicable

Real GDP growth, five-year average

+4.8%

% per year · 2021–2025 · World Bank NY.GDP.MKTP.KD.ZG · real

Real GDP growth forecast

Not available

% per year · 2031 · International Monetary Fund NGDP_RPCH · real · estimated

GDP per capita forecast

$3,900

US$ per person · 2031 · International Monetary Fund NGDPDPC · USD · estimated

Population

35,064,272

people · 2025 · World Bank SP.POP.TOTL · not applicable

Urban population

58.9%

% of population · 2025 · World Bank SP.URB.TOTL.IN.ZS · not applicable

Urban population growth

+2.8%

% per year · 2025 · World Bank SP.URB.GROW · not applicable

Inflation

+14.2%

% per year · 2025 · World Bank FP.CPI.TOTL.ZG · not applicable

Exchange rate

12.56

GHS/US$ · 2025 · World Bank PA.NUS.FCRF · not applicable

Currency depreciation, ten-year

+333.5%

% · Latest ten years · World Bank Derived from PA.NUS.FCRF · USD · modelled

Mortgage lending rate

30.0%

% per year · Latest available · National agencies and broker research Central bank and lender review · not applicable · estimated

Mortgage debt to GDP

Not available

% of GDP · Latest available · National agencies and broker research Central bank and IMF FSI review · not applicable · estimated

Construction and real estate share

8.3%

% of GDP · Latest available · National agencies and broker research National accounts review · not applicable · estimated

The Ghanaian cedi has lost 333.5% against the dollar over the latest ten-year window. Property here can rise every year in GHS and still lose you money in dollars.

Income per person, current US dollars. World Bank to 2025, IMF forecast after that.

03

Market Structure & Supply

If demand rises, does it become higher prices or more buildings?

Building permits issued

Not available

count per year · Latest available · National agencies and broker research National statistics and broker review · not applicable · estimated

Housing completions

Not available

count per year · Latest available · National agencies and broker research National statistics and broker review · not applicable · estimated

Units under construction

Not available

units · Latest available · National agencies and broker research National statistics and broker review · not applicable · estimated

Completions per 1,000 people

Not available

ratio · Latest available · National agencies and broker research National statistics and broker review · not applicable · estimated

Estimated housing deficit

1,800,000

units · Latest available · National agencies and broker research National statistics and broker review · not applicable · estimated

Vacancy rate, Accra

Not available

% · Latest available · National agencies and broker research National statistics and broker review · not applicable · estimated

Construction cost change

17.4

% over five years · Latest available · National agencies and broker research National statistics and broker review · not applicable · estimated

Land price change

Not available

% over five years · Latest available · National agencies and broker research National statistics and broker review · not applicable · estimated

Time to obtain a building permit

150

days · Latest available · National agencies and broker research National statistics and broker review · not applicable · estimated

Supply response rating

Not available

1–5 · Current conditions · Intelligence Real Estate Supply response model · not applicable · modelled

Inputs to the modelled rating

Completions per 1,000 people, permit time, vacancy, and available land evidence. Missing inputs are not treated as zero.

There is not enough verified supply data to rate this market.

04

Comparable Markets

Which countries were here before, and what happened next?

Morocco

Reached this income level in 2011 · National or broker series

STRONG

City apartment prices rose 19% over the next 10 years.

Nominal

+18.0%

Ten years after income match · Intelligence Real Estate

Real

+3.8%

Ten years after income match · Intelligence Real Estate

US dollar

-7.3%

Ten years after income match · Intelligence Real Estate

Early entry

+4.3%

real per year · modelled

Income-match year

+3.2%

real per year · modelled

Late entry

+1.6%

real per year · modelled

Egypt

Reached this income level in 2015 · National or broker series

POOR

In US dollars, prices fell 26% over the following 5 years.

Nominal

-12.0%

Ten years after income match · Intelligence Real Estate

Real

-26.2%

Ten years after income match · Intelligence Real Estate

US dollar

-566.2%

Ten years after income match · Intelligence Real Estate

Early entry

-2.7%

real per year · modelled

Income-match year

-3.8%

real per year · modelled

Late entry

-5.4%

real per year · modelled

Georgia

Reached this income level in 2008 · National or broker series

FLAT

City apartment prices rose 64% over the next 10 years.

Nominal

+30.0%

Ten years after income match · Intelligence Real Estate

Real

+15.8%

Ten years after income match · Intelligence Real Estate

US dollar

-54.2%

Ten years after income match · Intelligence Real Estate

Early entry

+5.0%

real per year · modelled

Income-match year

+3.9%

real per year · modelled

Late entry

+2.3%

real per year · modelled

Sri Lanka

Reached this income level in 2012 · National or broker series

POOR

Prices fell 12% over the following 5 years.

Nominal

-12.0%

Ten years after income match · Intelligence Real Estate

Real

-26.2%

Ten years after income match · Intelligence Real Estate

US dollar

-179.0%

Ten years after income match · Intelligence Real Estate

Early entry

-2.7%

real per year · modelled

Income-match year

-3.8%

real per year · modelled

Late entry

-5.4%

real per year · modelled

Thailand

Reached this income level in 2006 · BIS harmonized index

FLAT

City apartment prices rose 44% over the next 10 years.

Nominal

+42.0%

Ten years after income match · Intelligence Real Estate

Real

+27.8%

Ten years after income match · Intelligence Real Estate

US dollar

+34.6%

Ten years after income match · Intelligence Real Estate

Early entry

+5.7%

real per year · modelled

Income-match year

+4.6%

real per year · modelled

Late entry

+3.0%

real per year · modelled

These countries reached this income level at different times, under different supply and credit conditions. Similar income does not mean similar outcome — the set includes a poor outcome in Egypt.

05

Segment Viability

Which property types can exist at this income level?

Apartments to rent out

Established · Sells in months

Main risk: Rents follow local wages. Easy to sell, easy to oversupply.

Typical income threshold

$1,800

US$ per person · Comparable sample, 2010–2024 · Intelligence Real Estate Segment viability dataset · USD · modelled

Gross rental yield

5.2–8.1%

% range · 2010–2024 · Intelligence Real Estate Property return dataset · not applicable · estimated

Nominal

+6.5%

Real

-64.5%

US dollar

-231.3%

Evidence: moderate

Warehouses and logistics

Established · Hard to sell

Main risk: Needs a tenant with a long lease. Hard to sell quickly.

Typical income threshold

$2,500

US$ per person · Comparable sample, 2010–2024 · Intelligence Real Estate Segment viability dataset · USD · modelled

Gross rental yield

7.8–9.4%

% range · 2010–2024 · Intelligence Real Estate Property return dataset · not applicable · estimated

Nominal

+12.0%

Real

-59.0%

US dollar

-225.8%

Evidence: thin · Based on limited data

Student housing

Established · Sells in months

Main risk: Income stops between school terms. Depends on one campus.

Typical income threshold

$2,200

US$ per person · Comparable sample, 2010–2024 · Intelligence Real Estate Segment viability dataset · USD · modelled

Gross rental yield

6.6–8.6%

% range · 2010–2024 · Intelligence Real Estate Property return dataset · not applicable · estimated

Nominal

+4.5%

Real

-66.5%

US dollar

-233.3%

Evidence: thin · Based on limited data

Affordable housing

Established · Sells in months

Main risk: Thin margins. Depends on government rules staying stable.

Typical income threshold

$1,200

US$ per person · Comparable sample, 2010–2024 · Intelligence Real Estate Segment viability dataset · USD · modelled

Gross rental yield

6.3–8.6%

% range · 2010–2024 · Intelligence Real Estate Property return dataset · not applicable · estimated

Nominal

+10.0%

Real

-61.0%

US dollar

-227.8%

Evidence: thin · Based on limited data

Shops and small retail

Established · Sells in months

Main risk: Small tenants fail first in a downturn.

Typical income threshold

$2,000

US$ per person · Comparable sample, 2010–2024 · Intelligence Real Estate Segment viability dataset · USD · modelled

Gross rental yield

6.0–7.8%

% range · 2010–2024 · Intelligence Real Estate Property return dataset · not applicable · estimated

Nominal

-1.0%

Real

-72.0%

US dollar

-238.8%

Evidence: thin · Based on limited data

Offices

Not yet · Hard to sell

Main risk: Long empty periods. Slow to re-let after a tenant leaves.

Typical income threshold

$3,500

US$ per person · Comparable sample, 2010–2024 · Intelligence Real Estate Segment viability dataset · USD · modelled

Gross rental yield

6.4–8.2%

% range · 2010–2024 · Intelligence Real Estate Property return dataset · not applicable · estimated

Nominal

-4.0%

Real

-75.0%

US dollar

-241.8%

Evidence: thin · Based on limited data

Hotels and short-stay

Not yet · Hard to sell

Main risk: Limited evidence; operating performance varies by asset.

Typical income threshold

$4,000

US$ per person · Comparable sample, 2010–2024 · Intelligence Real Estate Segment viability dataset · USD · modelled

Gross rental yield

Not available

% range · Not available · Intelligence Real Estate Property return dataset · not applicable · estimated

Nominal

Not available

Real

Not available

US dollar

Not available

Evidence: thin · Based on limited data

06

Asset Analysis

How does a specific property compare?

Add the property to complete this section

Price, size, rent, costs, and borrowing turn the country evidence into an asset verdict, required rent, break-even occupancy, and debt-service cover.

Analyze a property

07

Financial Projections

What might this return, and where does the return come from?

Country-level illustration using the leading segment. Add a property for asset-specific cash flows.

Projected net yield

6.4%

25% costs · 10-year model

Exit value

$126,765

US$ · 10-year model

Equity multiple

0.00×

10-year model · modelled

Annual return (IRR)

-24.6%

Counting when money is returned

Return decomposition

Yield
+6.4%
Capital growth
+2.4%
Currency effect
-33.4%

The three parts sum to the modelled total return, within rounding.

08

Growth Scenarios

What happens when the assumptions change?

Input / outputDownsideBaseUpside
GDP per capita growth
Rent growth
Yield movement, bp
Currency vs US$
Supply change
Annual return (IRR)-30.5%-22.5%-17.5%
Equity multiple0.9×1.6×2.2×
Capital returnedNot availableYear 8Year 6

Downside currency uses the country's worst available three-year exchange-rate move. Inputs are editable; outputs are modelled.

09

Risk Analysis

What can break the return?

RiskLikelihoodQuantified impact / testMitigation
CurrencyHigh+333.5% ten-year move; worst three-year run +144.3%.Reduce unhedged dollar exposure.
Entry vintageMediumTest purchase at the last local peak.Require an entry-yield margin.
OversupplyMediumCompare completions with household formation.Track permits and pipeline quarterly.
Yield decompressionHigh+150bp lowers the exit value.Do not rely on yield compression.
Construction-led growthLow8.3% of GDP.Separate building activity from end demand.
Cedi depreciation can erase local gains.MediumCountry-specific reviewVerify before commitment.
Mortgage credit is limited.MediumCountry-specific reviewVerify before commitment.
Land ownership disputes require careful review.MediumCountry-specific reviewVerify before commitment.

10

Investment Opportunity

What is the thesis, and what must be true?

What we think this is

A selective warehouses and logistics opportunity, not a broad call on property prices. Income level supports segment viability. Entry yield, supply, timing, and currency decide whether the investor keeps the return.

Recommended segment

Warehouses and logistics · Evidence: thin

What has to be true

  • Entry yield remains at or above 7.8%.
  • Completions do not rise more than 30% above trend.
  • Currency depreciation stays below its worst recent three-year run.
  • Required rent remains within 10% of the city average.

What we would not do

Pay above the local price benchmark, rely on yield compression, or use debt that pushes DSCR below 1.25×.

This is analysis, not investment advice. Every projection here is a forecast and forecasts are wrong. Past performance in comparable markets does not predict this one.

11

Assumptions & Methodology

Which values are measured, estimated, or modelled?

Measured

9

Official published series

Estimated

64

Manual or forecast values

Modelled

9

Derived values

Comparable selection. We take today's income per person, find when other markets first crossed that level, and keep markets with enough later property evidence. A poor outcome is retained.

Price basis. Nominal is the published local-currency move. Real removes consumer-price inflation. US dollar also includes the exchange-rate move. No nominal price return appears alone.

Known gaps. Segment return and supply data are thin outside advanced markets. Missing values remain Not available. They are not replaced with zero.

Conventions. CPI is used for deflation. Period-average exchange rates are used for currency conversion.

12

Sources

Where does every displayed metric come from?

Official statistics

FigureSectionValueBasisSource / seriesRetrieved
GDP2$114.2B US$USDWorld Bank · NY.GDP.MKTP.CD2026-09-11
GDP per capita2$3,257 US$ per personUSDWorld Bank · NY.GDP.PCAP.CD2026-09-11
GDP per capita, PPP2$8,610 international $not applicableWorld Bank · NY.GDP.PCAP.PP.CD2026-09-11
Real GDP growth, five-year average2+4.8% % per yearrealWorld Bank · NY.GDP.MKTP.KD.ZG2026-09-11
Real GDP growth forecast2Not available % per yearrealInternational Monetary Fund · NGDP_RPCH2026-09-11
GDP per capita forecast2$3,900 US$ per personUSDInternational Monetary Fund · NGDPDPC2026-09-11
Population235,064,272 peoplenot applicableWorld Bank · SP.POP.TOTL2026-09-11
Urban population258.9% % of populationnot applicableWorld Bank · SP.URB.TOTL.IN.ZS2026-09-11
Urban population growth2+2.8% % per yearnot applicableWorld Bank · SP.URB.GROW2026-09-11
Inflation2+14.2% % per yearnot applicableWorld Bank · FP.CPI.TOTL.ZG2026-09-11
Exchange rate212.56 GHS/US$not applicableWorld Bank · PA.NUS.FCRF2026-09-11
Currency depreciation, ten-year2+333.5% %USDWorld Bank · Derived from PA.NUS.FCRF2026-09-11

Industry

Industry sources are market participants, not statistical agencies.

FigureSectionValueBasisSource / seriesRetrieved
Mortgage lending rate230.0% % per yearnot applicableNational agencies and broker research · Central bank and lender review2026-09-11
Mortgage debt to GDP2Not available % of GDPnot applicableNational agencies and broker research · Central bank and IMF FSI review2026-09-11
Construction and real estate share28.3% % of GDPnot applicableNational agencies and broker research · National accounts review2026-09-11
Building permits issued3Not available count per yearnot applicableNational agencies and broker research · National statistics and broker review2026-09-11
Housing completions3Not available count per yearnot applicableNational agencies and broker research · National statistics and broker review2026-09-11
Units under construction3Not available unitsnot applicableNational agencies and broker research · National statistics and broker review2026-09-11
Completions per 1,000 people3Not available rationot applicableNational agencies and broker research · National statistics and broker review2026-09-11
Estimated housing deficit31,800,000 unitsnot applicableNational agencies and broker research · National statistics and broker review2026-09-11
Vacancy rate, Accra3Not available %not applicableNational agencies and broker research · National statistics and broker review2026-09-11
Construction cost change317.4 % over five yearsnot applicableNational agencies and broker research · National statistics and broker review2026-09-11
Land price change3Not available % over five yearsnot applicableNational agencies and broker research · National statistics and broker review2026-09-11
Time to obtain a building permit3150 daysnot applicableNational agencies and broker research · National statistics and broker review2026-09-11
Typical entry ticket5$84,000 US$USDNational agencies and broker research · Broker transaction review2026-09-11
Typical entry ticket5$456,000 US$USDNational agencies and broker research · Broker transaction review2026-09-11
Typical entry ticket5$107,000 US$USDNational agencies and broker research · Broker transaction review2026-09-11
Typical entry ticket5$33,000 US$USDNational agencies and broker research · Broker transaction review2026-09-11
Typical entry ticket5$169,000 US$USDNational agencies and broker research · Broker transaction review2026-09-11
Typical entry ticket5$364,000 US$USDNational agencies and broker research · Broker transaction review2026-09-11
Typical entry ticket5Not available US$USDNational agencies and broker research · Broker transaction review2026-09-11

Internal dataset

FigureSectionValueBasisSource / seriesRetrieved
Supply response rating3Not available 1–5not applicableIntelligence Real Estate · Supply response model2026-09-11
Morocco house prices4+18.0% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Morocco house prices4+3.8% %realIntelligence Real Estate · Property return dataset2026-09-11
Morocco house prices4-7.3% %USDIntelligence Real Estate · Property return dataset2026-09-11
Egypt house prices4-12.0% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Egypt house prices4-26.2% %realIntelligence Real Estate · Property return dataset2026-09-11
Egypt house prices4-566.2% %USDIntelligence Real Estate · Property return dataset2026-09-11
Georgia house prices4+30.0% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Georgia house prices4+15.8% %realIntelligence Real Estate · Property return dataset2026-09-11
Georgia house prices4-54.2% %USDIntelligence Real Estate · Property return dataset2026-09-11
Sri Lanka house prices4-12.0% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Sri Lanka house prices4-26.2% %realIntelligence Real Estate · Property return dataset2026-09-11
Sri Lanka house prices4-179.0% %USDIntelligence Real Estate · Property return dataset2026-09-11
Thailand house prices4+42.0% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Thailand house prices4+27.8% %realIntelligence Real Estate · Property return dataset2026-09-11
Thailand house prices4+34.6% %USDIntelligence Real Estate · Property return dataset2026-09-11
Typical income threshold5$1,800 US$ per personUSDIntelligence Real Estate · Segment viability dataset2026-09-11
Gross rental yield55.2–8.1% % rangenot applicableIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5+6.5% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-64.5% %realIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-231.3% %USDIntelligence Real Estate · Property return dataset2026-09-11
Typical income threshold5$2,500 US$ per personUSDIntelligence Real Estate · Segment viability dataset2026-09-11
Gross rental yield57.8–9.4% % rangenot applicableIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5+12.0% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-59.0% %realIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-225.8% %USDIntelligence Real Estate · Property return dataset2026-09-11
Typical income threshold5$2,200 US$ per personUSDIntelligence Real Estate · Segment viability dataset2026-09-11
Gross rental yield56.6–8.6% % rangenot applicableIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5+4.5% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-66.5% %realIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-233.3% %USDIntelligence Real Estate · Property return dataset2026-09-11
Typical income threshold5$1,200 US$ per personUSDIntelligence Real Estate · Segment viability dataset2026-09-11
Gross rental yield56.3–8.6% % rangenot applicableIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5+10.0% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-61.0% %realIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-227.8% %USDIntelligence Real Estate · Property return dataset2026-09-11
Typical income threshold5$2,000 US$ per personUSDIntelligence Real Estate · Segment viability dataset2026-09-11
Gross rental yield56.0–7.8% % rangenot applicableIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-1.0% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-72.0% %realIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-238.8% %USDIntelligence Real Estate · Property return dataset2026-09-11
Typical income threshold5$3,500 US$ per personUSDIntelligence Real Estate · Segment viability dataset2026-09-11
Gross rental yield56.4–8.2% % rangenot applicableIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-4.0% %nominalIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-75.0% %realIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5-241.8% %USDIntelligence Real Estate · Property return dataset2026-09-11
Typical income threshold5$4,000 US$ per personUSDIntelligence Real Estate · Segment viability dataset2026-09-11
Gross rental yield5Not available % rangenot applicableIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5Not available %nominalIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5Not available %realIntelligence Real Estate · Property return dataset2026-09-11
Five-year price change5Not available %USDIntelligence Real Estate · Property return dataset2026-09-11

This report contains 82 figures from 20 sources. 73 are estimates or modelled values.

Real estate agencies, ranked by data quality

Each agency earns one point for each verified factor. Open any awarded point to inspect its evidence. Rankings measure public data transparency, not service quality or investment performance. Reviewed September 28, 2026.

RankAgency and main sourceIndexResearchMethodDatasetFrequencyScore
1

Broll Ghana

Agency · Commercial property market snapshots

Main source

Published April 3, 2025

+1Ghana Market Snapshot H2 2024Published April 3, 2025
+1Ghana Market Snapshot H2 2024Published April 3, 2025
+1Broll Ghana research servicePublished Publication date not stated
+1Broll Ghana research servicePublished Publication date not stated
0No verified evidence
4 / 5
2

meqasa

Listings portal · Listings-based market reports and insights

Main source

Published 2020

0No verified evidence
4 / 5

A publication date marked “not stated” means the publisher does not display one on the linked page. It does not earn a frequency point unless a reporting schedule is stated.