Pulse Ghana provides you information on cost of property in Accra and Kumasi. Below is the prices at which you can acquire properties in the two topmost cities in Ghana.
In 2010 statistics showed that 1.594 million people lived in Accra whiles 1.73 million people reside in Kumasi.
Many residents in these two cities rent apartments, buy homes or land and sometimes also build their dream houses from scratch.
If you had a million cedis to purchase a property in Accra or Kumasi, below is what you can get in both cities.
When you convert GHC 1million to dollars, you will get a little over US$ 225, 991.
What property can you buy with US$ 225, 991 in Accra and Kumasi? Which city is more expensive?
According to meqasa.com, one bedroom apartment in East Legon which is one of the prime areas in Accra is going for GHC 6,630.88 each month. This means with GHC 1million you can pay your rent for 12 years and 6 months.
Meanwhile a similar apartment in Ahodwo in Kumasi cost GHC 2000. Here the tenant can rent the apartment for 41 years and 7 months.
A 2-bedroom apartment at Parakuo Estate in Kumasi is going for GHC 450. Here the tenant who has GHC 1million can rent the apartment for 185 years.
At Shiashie, in the Greater Accra region, a 2-bedroom house cost GHC 7,955.73. GHC 1million will pay your rent for 10 years and 5 months.
A 3-bedroom house in Adum in the Ashanti region cost GHC 400. You can calculate how many years you will stay in such an apartment.
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However, a similar apartment in Osu has an average of cost 9,715.35. Definitely with the same money you will stay longer in an apartment in Adum than in Osu.
If you want to buy a house, you will have to pay an average of GHC 893,775.15 for a three bedroom detached house in North Legon.
A similar house in Santasi Kokoben costs GHC 390,000. Imagine what you can do with the GHC 610, 000 after purchasing the house.
Many say cost of living in Accra is higher than that of Kumasi. Is this enough grounds to agree with such people?