Accra’s skyline is evolving, and so is the appetite for high-end living. With Ghana’s urban population expanding and a growing class of affluent professionals, diaspora investors, and international buyers, the demand for luxury apartments in the capital has surged, creating a boom in upscale residential developments.
According to industry analysts and property developers, the luxury apartment market—particularly in prime locations such as Cantonments, Airport Residential Area, East Legon, Roman Ridge, Ridge, and Labone—has witnessed a significant upturn over the past five years. What was once a niche market has matured into a thriving sector driven by modern lifestyles, security concerns, and a shift towards convenience and exclusivity.
Shifting Tastes and Urban Priorities
The traditional preference for detached homes on large plots is giving way to compact, service-oriented apartment living. Today’s buyers are seeking properties that offer not just shelter, but also amenities such as 24-hour security, backup power, private parking, gyms, rooftop pools, concierge services, and smart home features.
“Diaspora and Investor Confidence
The Ghanaian diaspora is playing a significant role in this trend. Many are investing in upscale apartments either as future homes or rental assets. With the local currency facing periodic volatility, real estate—especially in the high-end segment—is seen as a stable store of value.
Short-term rental platforms like Airbnb and the influx of expatriates have also boosted returns for investors in this segment. High-end apartments in Cantonments and Airport Residential Area are particularly attractive for this purpose, offering yields between 8–12% annually.
Price Points and Market Dynamics
The cost of luxury apartments varies depending on location, size, finishing, and developer brand. A one-bedroom unit in Cantonments can range from $120,000 to $180,000, while a three-bedroom penthouse in Airport Residential could fetch $500,000 or more. Prices per square metre in these areas typically range between $2,000 and $3,500.
Developers are increasingly targeting discerning buyers with fully furnished options, high-quality fittings, and flexible payment plans, especially for off-plan purchases. This has made it easier for more people—particularly returning Ghanaians and middle-class professionals—to enter the market.
Challenges and Sustainability Concerns
Despite the growth, the luxury apartment sector is not without challenges. Rising construction costs, land scarcity in prime zones, regulatory bottlenecks, and limited mortgage financing options continue to pose hurdles.
Sustainability is also becoming a concern. Critics argue that many developments prioritize aesthetics and profit over energy efficiency, green spaces, and long-term liveability. However, some newer projects are incorporating solar panels, rainwater harvesting systems, and eco-friendly materials to address these issues.
Looking Ahead
As Ghana’s economy stabilses and the city of Accra modernises, the luxury apartment market is expected to continue its upward trajectory. The rise of mixed-use developments, coupled with improved infrastructure and a more transparent
Source : Property Express News – Joycelm Marigold
