Accra isn’t short of luxury apartments. So when new Labone apartments for sale hit the market, the question isn’t whether it has a pool, gym and beautiful renders. The question is much simpler: is it actually worth buying?

I look at property differently.

Before the kitchen finishes, rooftop lounge or glossy brochure, I want to understand three things: the location, the developer and the numbers.

That is why Moonbow caught my attention.

Developed by VAAL Real Estate in Labone, Moonbow is a collection of studio and one-bedroom apartments currently under construction, with studios starting from approximately $101,000 VAT inclusive and one-bedroom apartments from approximately $155,000 VAT inclusive.

Would I recommend it?

For the right buyer, yes.

But there are a few things I would want you to understand before reserving one.

Why Moonbow Caught My Attention

A moonbow is a rare rainbow created by moonlight rather than sunlight.

There is something appropriate about the name.

Moonbow isn’t trying to sell the loudest version of Accra luxury. Its proposition is more understated: contemporary apartments, compact layouts, a strong amenity offering and, importantly, an established Labone address.

Studios currently range from approximately 32–40 sq m, while one-bedroom apartments range from around 54–69 sq m.

And that tells me something about the intended market.

This isn’t trying to be a sprawling family residence.

It is city property.

The potential occupants are professionals, couples, corporate tenants, international residents, diaspora owners and investors looking for manageable apartments in central Accra.

That distinction matters.

The Apartment Is Important. The Address Is More Important.

I tell clients this often:

You can renovate an apartment. You cannot renovate its location.

Labone has something many new development areas are still trying to create: an existing neighbourhood.

Restaurants, cafés, shops, businesses, hospitals and diplomatic institutions are already part of everyday life here.

From Moonbow, Moka’s Resto Café is approximately 200 metres away. Palace Mall and Labone Arcade are about 750 metres away. Cantonments Police Station is approximately 1.2 kilometres away, the US Embassy 2 kilometres, The Bank Hospital 2.2 kilometres and Kotoka International Airport approximately 5 kilometres away.

For someone living there, that creates convenience.

For an investor, it creates something potentially more valuable:

reasons for tenants to choose the neighbourhood.

Where Does Moonbow Sit in Accra’s Prime Apartment Market?

This is the comparison I would encourage every buyer to make.

Don’t ask only:

“Do I like Moonbow?”

Ask:

“What else could this money buy me?”

Cantonments offers a quieter, diplomatic environment and contains some of Accra’s most premium residential developments.

Airport Residential appeals strongly to corporate and airport-connected residents.

Osu gives you considerably more nightlife, restaurants and activity.

Labone sits somewhere interesting between them.

It retains a residential character while keeping you remarkably close to Cantonments, Osu and Accra’s commercial districts.

Moonbow’s $101,000 starting point also creates a relatively accessible route into that location.

But don’t misunderstand “from $101,000”.

That is the entry price—not the price of every studio.

The size, floor, position, orientation and availability of the apartment you choose matter.

I would rather see you buy the right $115,000 unit than the wrong $101,000 unit simply because it was cheaper.

What Does $101,000 Actually Buy?

This is where I stop looking at the headline and start looking at the unit.

Moonbow’s studios range from approximately 32 to 40 sq m.

Its one-bedroom apartments range from approximately 54 to 69 sq m and currently start from around $155,000 VAT inclusive.

Before choosing either, I would want to compare:

the exact floor, orientation, internal layout, view, usable space, price per square metre and position within the building.

Two apartments inside the same development can produce very different ownership experiences.

And potentially very different investment outcomes.

Never buy a development. Buy the right unit within the development.

What About the Payment Plan?

This matters almost as much as the purchase price.

VAAL’s currently published Moonbow payment example involves a $5,000 reservation fee, followed by payment up to 30% of the purchase price within 20 days, inclusive of that reservation.

The remaining 70% can then be spread through the construction period, with completion currently referenced for 2029.

That can make an off-plan purchase attractive to someone who would prefer to deploy capital gradually rather than pay the entire purchase price immediately.

But affordability isn’t simply:

“Can I afford $101,000?”

It is:

“Can I comfortably meet every instalment when it becomes due?”

Before reserving, I would therefore run the payment schedule against your actual cash flow.

Is Moonbow a Good Investment?

Potentially.

But I would be careful with anyone promising you a spectacular guaranteed yield.

VAAL’s own recent Labone analysis estimates approximately 4%-8% net returns for well-priced furnished apartments after considering costs such as vacancy, management, maintenance, service charges and applicable rental taxes.

That’s much more useful to me than an impressive gross-yield headline.

Consider a simple illustration.

If a $155,000 one-bedroom eventually achieved $1,300 per month, that would produce $15,600 in annual rent and a gross yield of approximately 10.1% before costs.

That is not a Moonbow forecast or guaranteed return.

Once you deduct vacancy, furnishing, service charges, management, maintenance and taxes, your net return would be lower.

And that is precisely why I would model the specific apartment before recommending it as an investment.

Good property investment begins where the sales brochure ends.

The Amenities Are Attractive – But There’s a Question Buyers Should Ask

Moonbow plans an equipped gym, swimming pool, café, pharmacy, mini-mart, children’s area, game room, indoor lounge, office space and rooftop BBQ and outdoor lounge.

That’s an impressive lifestyle proposition.

It could also help make the building attractive to future residents.

But amenities cost money to operate.

So one of my questions would be:

What is the service charge?

A beautiful amenity package can improve rental appeal. An excessive annual service charge can eat into an investor’s return.

I would want that number understood before calculating the property’s true yield.

What Do I Think About the Developer?

Before recommending an off-plan apartment, I want to know who is responsible for turning the render into a building.

VAAL says it has operated in Ghana since 2017, works across several international markets and has served more than 1,500 clients in Ghana.

But developer research shouldn’t end with what a developer says about itself.

Before purchasing, I would still want documentation reviewed, understand the relevant title and sublease, examine the contractual delivery obligations and look at the developer’s existing projects and construction progress.

Moonbow is currently under construction, and VAAL has been publishing construction updates during 2026.

That’s useful.

The contract is more important.

Before You Sign: Read the SPA, Not Just the Brochure

This is particularly important if you’re buying from London, New York, Toronto or elsewhere and aren’t physically in Ghana.

Before committing significant capital to any off-plan development, I would want the relevant legal documents independently reviewed.

Among the questions I would ask are:

What is the contractual completion date? What happens if completion is delayed? Is there a grace period? What unit-size variation is permitted? What happens if the delivered apartment is smaller? How are service charges determined? Can you assign or resell before completion? What happens if you need to withdraw? What exactly happens at handover? What leasehold interest are you receiving?

Those questions aren’t as exciting as choosing your kitchen.

They are considerably more important.

Can You Airbnb a Moonbow Apartment?

Labone’s central location makes short-stay accommodation an obvious consideration for some investors.

But demand for Airbnb and permission to operate an Airbnb are not the same thing.

Before buying specifically for short-term rentals, I would want confirmation of Moonbow’s management rules regarding Airbnb, Booking.com and other short-stay platforms.

Until that is confirmed in the applicable documentation, I would not build an investment case around Airbnb income alone.

A long-term or corporate-rental scenario should make sense too.

Would I Recommend Moonbow to One of My Clients?

Yes –  for the right client.

I would shortlist Moonbow for someone who wants a modern apartment in central Accra, prefers an established neighbourhood over a speculative location and wants the flexibility to use the property personally while retaining rental potential.

I particularly understand the appeal for diaspora buyers.

You could have an Accra base when you’re in Ghana and potentially rent it when you’re not.

But I probably wouldn’t recommend Moonbow to someone whose priority is maximum internal space, a large family residence or simply finding the lowest price per square metre available in Accra.

That’s an important distinction.

A good property isn’t automatically the right property.

What Would Make Me Walk Away?

There are circumstances in which I would tell a client not to buy Moonbow.

If the available unit were poorly positioned within the development.

If the final service charge materially weakened the investment case.

If the payment schedule put unnecessary pressure on your finances.

If the SPA contained terms that didn’t work for your circumstances.

Or if another development offered substantially better value for what you were trying to achieve…

I would tell you.

Moonbow can be a compelling development without every apartment inside it automatically being a compelling purchase.

That’s the difference between selling someone an apartment and advising someone on a property decision.

My Final View on Moonbow

Moonbow has several fundamentals I like.

An established Labone location.

Compact apartment types with a broad potential tenant base.

An entry point beginning around $101,000 VAT inclusive.

Staged payments during construction.

And amenities designed around how people increasingly live, work and socialise in Accra.

But I wouldn’t tell you to buy Moonbow because I like Moonbow.

I’d tell you to buy a particular Moonbow apartment only after we’ve established that the unit, numbers, payment structure and documentation make sense for you.

That’s the conversation worth having.

Moonbow Labone: Quick Answers

Is Moonbow Labone a good property investment?

Moonbow could suit investors seeking a compact apartment in an established central Accra neighbourhood. Current developer analysis for Labone suggests well-priced furnished units may achieve approximately 4%–8% net returns, but actual performance depends on purchase price, rent, occupancy, service charges, management, maintenance and taxes.

How much does a Moonbow apartment cost?

Moonbow studios currently start from approximately $101,000 VAT inclusive, while one-bedroom apartments start from approximately $155,000 VAT inclusive. Studios range from around 32–40 sq m and one-bedrooms from 54–69 sq m. Pricing and availability can change.

What is the Moonbow payment plan?

VAAL currently publishes an example requiring a $5,000 reservation, with 30% of the purchase price-including the reservation- paid within 20 days and the remaining 70% spread across the construction period. Buyers should request the payment schedule applicable to their specific unit.

When will Moonbow Labone be completed?

Moonbow is currently under construction, with VAAL’s current buyer information referencing completion in 2029. Buyers should rely on the completion provisions in their own contractual documents rather than marketing material alone.

Can Moonbow apartments be used for Airbnb?

Labone has characteristics that can support short-stay demand, but buyers should confirm Moonbow’s specific short-term letting and building-management rules before purchasing on the assumption that Airbnb will be permitted.

Is Labone better than Cantonments or Airport Residential for investment?

There is no universally better neighbourhood. Cantonments offers a quieter diplomatic environment, Airport Residential is strongly corporate and airport-oriented, while Labone combines established residential streets with easy access to Osu, Cantonments, dining, retail and major employment areas. The better investment depends on the unit, entry price and intended tenant.

Can diaspora and foreign buyers purchase at Moonbow?

Yes, subject to Ghana’s applicable leasehold rules. Non-Ghanaian buyers can hold registered leasehold interests, although the permitted duration differs from that available to Ghanaian citizens. Independent legal advice and verification of the head lease and proposed sublease are advisable before purchasing.

Interested in Moonbow? Let Me Compare the Units With You

If you’re considering Moonbow, don’t start by asking me which apartment is available.

Start by telling me what you’re trying to achieve.

Is this primarily an investment?

A home in Ghana?

Somewhere to stay when you visit Accra?

Or a property you hope will eventually become all three?

I’ll help you compare the available Moonbow units, pricing, floor plans, payment structure and investment considerations – and tell you whether I believe Moonbow is actually the right fit.

Book a private property consultation with Sarah Arthur.

Because the objective isn’t simply to own property in Ghana.

It’s to own the right one.