Ghana

3. Housing quality: 

• Condition and age of the housing stock, and whether there are issues with maintenance or safety.

4. Demographics: 

• Population of the area, such as age, income, and education level

5. Economic indicators: 

• GDP, unemployment rate, and inflation.

6. Government policies: 

• Laws, regulations, and policies related to real estate, such as zoning laws, building codes, and tax incentives.
• Deposits
• According to the Rent Act, landlords can only charge 6 months rent in advance, and succeeding rents are due every six months; however, in practice, landlords charge one to three years rent in advance.
• What rights do landlords and tenants have in Ghana, especially as to duration of contract, and eviction?
• Rental contracts last for the duration of the advance payment, usually one to three years. An option to renew can be included in the contract.
• If the tenant wishes to pre-terminate a contract, he must inform the landlord three months in advance. In most cases, the tenant must look for someone to take over the lease for the duration of the contract, or wait for the repayment since the landlord may have invested or spent the money already.
• The Rent Act was passed to protect the tenants from frequent evictions by the landlord, especially when the former are not able to cope with incremental rent increases. Under this law, a tenant is usually given time, usually three months, to find a suitable place to relocate before being asked to leave. He can only be ordered by the court to vacate the premises immediately if the landlord has demonstrated that the property is required for his or his immediate family's personal use or that he wants to remodel and renovate. But even then, the tenant must still be given time to find a suitable place.

• How effective is the Ghanaian legal system?
• Evictions can be a problem in Ghana, especially when dealing with low-income tenants. The Rent Control Department is the primary authority responsible for resolving disputes between landlords, tenants, and other persons with interests in premises. However, this Department is notorious for its inefficiency and corruption.
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• To evict tenants faster, the landlord can bribe the Rent Control Officer and his staff to ensure that your papers will be processed faster and to get a favourable decision. This is not guaranteed because some tenants would rather "counter bribe" the Rent Control Officer than pay rent. If the landlord is unwilling to pay the bribe, his case will most likely be referred to the court after waiting a long time for a decision from the Department.
• Another option is for the landlord to hire macho men and local hoodlums to scare away non-paying tenants.
• Legislation
• The Rent Act (Act 220) of 1963 established the Rent Control Division, responsible for monitoring and establishment of guidelines relating to the monitoring of landlords and tenants relations. Common law and customary laws of Ghana also apply.

7. Environmental factors: 

• Flooding, hurricanes, or earthquakes etc
• Ghana is exposed to floods, particularly in the northern Savannah belt, and faces associated risks of landslides. Extreme rainfall events have increased over the 1986-1995 period, including a high number of 24-hour maximum rainfall events—a trend that has continued in the last decade.
• The recurrence of both floods and droughts in the northern Savannas is becoming a common phenomenon, often associated with high temperatures and intense heat.
• Already affected by coastal erosion, especially along the eastern coastline, the coastal regions of Ghana are likely to be affected by further sea level rise and storm surges by the end of this century.
• Areas around Accra, including the Akosombo Dam, are exposed to seismic hazards.
• Insufficient rainfall during the major cropping season during the last major severe drought in 1982-1983 affected more than 12 million people. More recently, the 2007 catastrophic floods in north Ghana occurred immediately after a period of drought and damaged the initial maize harvest.

8. Market trends:

• Consumer preferences, shifts in demand for certain types of properties, and the impact of technological advancements.

9. Financing options: 

• Availability and terms of financing options for real estate, such as mortgage rates and down payment requirements.

10. Property taxes: 

• Property tax rates and how they are calculated, as well as any exemptions or deductions that may be available.
• How is property rate calculated in Ghana?

• Ghana's property tax is 8% for residential properties and 15% for non-residential properties. To arrive at the property's rate, the value of the property must be multiplied by the rate impost.

11. Real estate agent practices: 

• Commission rates, fees, and transparency in pricing.

KEY TAKEAWAYS

• It's important to understand the costs associated with buying and selling a home, including real estate agent and broker fees.
• Real estate agents and brokers buy and sell homes, but have different licensing requirements.
• Real estate commissions are negotiable but tend to range between 5% to 6% of the sale price.
• Buyers should shop around and be prepared to negotiate.
• Although it may be challenging, sellers may choose to forgo hiring an agent or broker.

Real Estate Agent vs. Real Estate Broker

12. Rental market: 

• Rental rates, vacancy rates, and tenant protections.