Ghana’s Property Market Shows Signs of Revival: H1 2025 Snapshot

Broll Ghana just released their "Property Market Snapshot (Accra). Ghana’s economy continues to strengthen, the property sector is beginning to show encouraging signs of recovery across all major asset classes in the first half of 2025. Here’s a deep dive into the trends shaping the country's real estate landscape.

🌱 Economic Momentum Fuels Confidence

Ghana kicked off the year with real GDP growth of 5.3% in Q1, up from 4.9% in the previous year. The non-oil sector, notably agriculture and services, drove this uptick—suggesting broad-based growth and economic diversification. Inflation dropped steeply from 23.5% in January to 13.7% by June, while the cedi appreciated dramatically against major currencies, boosting investor sentiment and domestic purchasing power.

🧑‍💼 Office Sector: Cautious Optimism

While vacancies hover at 22%, Accra’s office market saw modest recovery thanks to tenant relocations and expansions. About 10,000 sqm of new space entered the pipeline, with pre-letting already underway. Flexible leasing strategies and stable rents are helping landlords remain competitive as demand slowly rebounds—especially among finance and professional service firms.

Outlook: Projects like Skyview Tower, Empire Business Centre, and UBA Head Office hint at more than 70,000 sqm of upcoming Grade A stock. Expect rental ranges to remain steady with selective spikes in high-demand buildings.

🛍️ Retail: Stability Amidst Cautious Recovery

Retail demand stayed muted early in the year, with tenants gravitating towards smaller units. No major additions to stock were recorded, but existing malls saw intensified marketing to fill spaces. Landlords maintained rent levels but offered incentives to lure tenants.

Outlook: Improving inflation and currency trends are sparking retailer optimism. Ghana International Mall is set to add 100,000 sqm of prime retail space, but developers remain cautious, focusing on boosting occupancy before expanding.

🏭 Industrial: Strength in Infrastructure-Ready Spaces

Demand stayed flat in H1, though newer, well-connected facilities held firm on pricing. Peripheral and outdated properties continue to feel pressure due to oversupply and maintenance issues.

Outlook: Expect demand to rise as businesses gain confidence post-election. Warehousing supply is projected to expand gradually, with yields averaging between 11%–14%.

🏡 Residential: Mid-Range Market on the Move

The housing market saw rising buyer interest following political and economic stabilization. Listings climbed, especially in urban and peri-urban locations, with the mid-range segment driving most activity. However, affordability remains a hurdle, and short-term rentals underperformed due to slower travel recovery.

Outlook: Numerous residential developments like The Monarch, Aria Residences, and Danfa Park are nearing completion. Prices will likely stay firm, although the gap between asking prices and buyer budgets persists.

📊 Conclusion:   With macroeconomic indicators trending positively—GDP growth, stabilizing inflation, and currency strength—the second half of 2025 could mark a turning point for Ghana’s property market. Investors, occupiers, and developers are watching closely. For those willing to adapt to changing conditions, op portunities abound.

Full report can be accessed on their page brollghana.com