Ghana’s short-term rentals market delivered something remarkable in 2024: gross yields reaching 22% in select neighborhoods while tourism revenue jumped 27% to $4.8 billion. For property investors watching from London, Toronto, or Atlanta, these numbers raise an obvious question: where exactly should I buy?
After analyzing performance data across Greater Accra and secondary cities, three locations stand out for investors seeking different outcomes. Your choice depends on whether you prioritize immediate cash flow, long-term appreciation, or balanced returns.
Airport Residential: The Cash Flow Champion
Properties within 10 minutes of Kotoka International Airport generate the highest returns in Ghana. The math tells the story: 78% average occupancy at $172 nightly rates produces gross yields of 19-22%. Compare this to the national median of 34% occupancy, and you understand why serious investors target this neighborhood first.
Business travelers drive consistent demand. Corporate executives, NGO staff, and aviation professionals pay premium rates for convenience. They book Sunday through Thursday, require reliable WiFi for remote work, and expense their stays through company accounts. This creates year-round revenue without the feast-or-famine seasonality plaguing other areas.
Entry costs run $250,000-400,000 for quality apartments. The investment pays for itself within 5-7 years through rental income alone, before factoring in Ghana’s 8-12% annual property appreciation.
One requirement proves non-negotiable: backup generators. Ghana’s power infrastructure means outages affect 64% of households weekly. Properties without generators face 20-30% occupancy penalties and negative reviews. Budget $3,000-5,000 for this essential system.
East Legon: Balance for the Patient Investor
East Legon offers what most investors want: strong cash flow today plus meaningful appreciation tomorrow. Properties here generate 9-10% rental yields while appreciating 8-12% annually, creating total returns exceeding 18%.
The neighborhood attracts young professionals, upper-middle-class families, and returning diaspora. Two-bedroom apartments dominate bookings at $80-130 nightly. Monthly rates span $1,500-2,700 for furnished units, supporting both short-term and extended-stay strategies.
Investment entry points of $150,000-300,000 make East Legon accessible for first-time buyers. Properties near Accra Mall with modern amenities perform best. Include pools, 24/7 security, and quality kitchens. Diaspora guests value home cooking during their 7-30 night visits.
Competition runs high here. East Legon represents Ghana’s most saturated premium market. Success requires superior property presentation, professional photography, and dynamic pricing strategies. Properties with 4.8+ star ratings generate 13% more revenue per star, making guest experience your most powerful competitive advantage.
Spintex: The Emerging Winner
Smart money targets Spintex for its combination of proven performance and affordable entry. This emerging corridor delivers 9-10% yields with 25% appreciation over five years, matching East Legon’s returns at 60% of the cost.
Properties start at $94,000 for studios and reach $250,000-350,000 for quality apartments. Strategic positioning near Tema Port and industrial zones supports consistent tenant demand from young professionals and industrial workers.
Infrastructure improvements strengthen the investment case. The Accra-Tema Motorway expansion and Eastern Corridor Road upgrades improve connectivity. Monthly rental rates of $100-200 for 1-bedroom units support income-focused strategies, with reliable roads, utilities, and commercial amenities reducing operational headaches.
Spintex scores 8.5 out of 10 on risk-adjusted returns, the highest among emerging areas. Moderate competition allows differentiation, though the industrial character limits ultra-luxury positioning. Target middle-income demographics seeking quality housing near employment centers.
December Changes Everything
Ghana’s “Detty December” phenomenon concentrates extraordinary revenue into one month. December occupancy hits 43.6% versus 34% annually, with properties earning $1,383 versus the $775 monthly median.
Diaspora visitors from the US, UK, and Nigeria spend $700 daily across 22-night stays. They book 6 months ahead for festivals like Afrofuture and Detty December Concert. Properties must market to diaspora communities by June-July to capture this peak demand.
This seasonality shapes investment strategy. Premium neighborhoods maintain strong occupancy year-round through business travel. Emerging areas depend heavily on December and summer peaks, requiring properties to achieve 50-60% occupancy during high season to compensate for slow periods.
Your Decision Framework
Choose Airport Residential for immediate cash flow and capital recovery within 5-7 years. Accept higher entry costs of $250,000+ for 19-22% yields.
Select East Legon for balanced returns combining 9-10% yields with 8-12% appreciation. Entry points of $150,000-300,000 suit first-time investors building long-term wealth.
Target Spintex for value entry below $150,000 with proven 9-10% yields and emerging area appreciation. Accept moderate infrastructure requirements and middle-income positioning.
All strategies require backup generators, security systems, and professional property management for diaspora investors. Infrastructure investment of $3,000-10,000 proves essential before operations commence.
Ghana’s STR market rewards strategic location selection and operational excellence. The opportunity exists now for investors willing to navigate infrastructure realities while capitalizing on Africa’s strongest tourism recovery.
Ready to discuss which location fits your investment goals? Book a consultation to analyze properties currently available in these high-performing neighborhoods.
