Accra ranked Africa’s third fastest-growing real rstate market

Accra has been ranked the third fastest-growing real estate market in Africa, trailing only Nairobi and Lagos, according to Statista and Knight Frank’s Africa Report. The Ghanaian capital has become a magnet for investors, driven by strong economic stability, a rising middle class, and increasing demand for both luxury and affordable housing. With property values appreciating rapidly, Accra is solidifying its position as one of the continent’s most attractive real estate destinations.

The report revealed that Ghana’s real estate market is projected to hit GHS 533.34 billion by 2025, with residential housing contributing over GHS 456 billion. Growth is expected to remain steady at 3.44% annually through 2029, supported by urban migration and the expanding middle-income population. Prime residential enclaves such as East Legon, Cantonments, and Airport Residential are in high demand among expatriates and high-net-worth individuals, while affordable housing is surging in Spintex, Adenta, and Pokuase, fueled by government-backed initiatives and private developer partnerships.

Accra’s appeal extends beyond housing, as its role as a regional business hub has increased demand for Grade A office spaces, retail centres, and mixed-use developments. Although the city faces office oversupply challenges, with vacancy rates between 20% and 30%, developers are shifting toward flexible office spaces and mixed-use projects to match evolving work trends. These adaptations are reshaping the market while ensuring long-term investor confidence in the sector.

While Accra dominates West Africa, the continent’s real estate growth is diverse. Nairobi remains a hub for tech-driven property development, Lagos leads with a projected $2.25 trillion real estate value by 2025, Kigali is emerging with innovative smart city projects like Green City Kigali, and Johannesburg continues to thrive with prime commercial and industrial investments. Accra’s rise, however, reflects Ghana’s stability, investor-friendly reforms, and growing urban demand, positioning the capital as a powerhouse in Africa’s real estate future.