The current economic challenges which have resulted in the cedi’s depreciation and rising inflation rate are now having impact on the housing market.
According to a new report by real estate research firm, Housing Data during the first quarter of 2014, housing prices have experienced an overall hike of between 18.5% and 25%.
A year ago in the Dawhenya District of Tema, a two bedroom semi-detached and three bedroom-detached houses were sold for USD 66,500 and USD 87,000 as compared with the first quarter of 2014, selling at USD85, 000 and USD 105,000.00 – an increase of 23.5% and 19% respectively.
Again, in the Kasoa area of the Central Region, a two bedroom semi-detached and a three bedroom detached houses which went for USD35,000 and USD 55,000 during the first quarter of 2013, were being sold for USD 42,000 and USD 66,000 respectively in the first quarter of 2014.
In the Dodowa district, a two-bedroom semi detached and a three bedroom deatched that were selling at USD72, 000 and USD120, 000 in the first quarter of 2013, were sold for USD 90,000 and USD 150,000.00 during the first quarter of 2014. This represents an increase of 25% in the prices.
Clearly, access to a decent residential housing property in Ghana is gradually and on daily basis becoming more and more difficult for the average Ghanaian worker.
This, according to the research firm, is largely due to the tough economic conditions emanating from the apparent lack of direction from government in managing the various aspects of the economy especially the depreciation of the local currency and the introduction of the 17.5% VAT on the Real Estate.
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