Four cultural shocks foreigners are likely to experience in Ghana’s real estate industry

For example, the Bank of Ghana issued a directive that real estate owners must not price their properties in dollars but that directive is yet to be fully adhered to.

For this reason, landlords and property owners do as they wish.

Here are some interesting facts that will come as a shock to foreigners who come to Ghana as compiled by GhanaWeb Business.

1. Payment of rent advance

Rent in Ghana is expensive for the average Ghanaian. This is because landlords charge beyond 6 months’ rent advance before giving out their apartments. A lot of tenants continually lament this phenomenon due to the low-income levels in the country. But according to Ghana’s rent laws, landlords are liable to a 2-year jail term for charging beyond 6 months’ rent advance.

2. Houses are priced in dollars

Real estate owners quote the prices of their properties in dollars despite clear-cut instructions by the Bank of Ghana against it. Some hotels and Air BnBs also quote their prices in dollars. Despite the fact that Ghanaians have rebelled against this act, nothing substantial has been done about it.

3. Uncertified persons acting as real estate agents

Being a real estate agent or an agent that helps people in need of houses is under no strict regulation in Ghana. Anyone with the means and connections can be a real estate agent. These people usually help people to scout for properties or houses. They are then paid a discount after the person settles on his/her choice. Even though some are genuine, many fraud activities happen in this regard.

4. Landlords increase rent prices without upgrading the house

In Ghana, landlords blatantly disregard laws that state that a landlord must not increase rent unless there some changes have been made to the house. But the case is the direct opposite. Landlords increase rents when they choose to.

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