A Ghanaian man based in the United States has raised concerns about the legitimacy of wealth in Ghana's real estate market after a recent investment attempt in his home country.
He questioned how some Ghanaians could afford high-priced properties given the country's average income levels.
In a video shared on social media platform X, he described his personal experience investing in real estate upon returning to Ghana.
He mentioned that he was offered a 39-year lease for $130,000 with a monthly charge ranging from $150 to $350. Despite his initial excitement, he realized that it would take at least 20 years to recoup his investment under ideal conditions.
"So, when I did my mathematics, I still realized that even if I invest $130,000 in this property right now, it is going to take me about 20 years to get my money back just looking at the positive side of things," he stated.
His concerns deepened when he observed that most of the apartments in the area were owned by Ghanaians living in the country and who had paid cash for these properties.
"But guess what, all the rest of the rooms, the four, three, and two bedrooms were all sold out, mainly purchased by Ghanaians living in Ghana here, and they paid cash for those properties. And foreign companies keep coming and building because Ghanaians are buying them," he noted.
"It is obvious if you live in Ghana and you look at the average earning of a Ghanaian, there is no way anyone living in Ghana making money from the system genuinely should be able to afford those properties. It is not possible," the US-based Ghanaian stressed.
Watch the video below:
A Ghanaian man who lives in the US says most Ghanaians do not make money genuinely, following a recent personal experience where he tried to invest in the real estate business after returning to Ghana. pic.twitter.com/8dxeiQWKMx
— EDHUB🌍ℹ (@eddie_wrt) June 23, 2024
AM/MA
Watch the latest edition of BizTech below:
Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.
Click here to follow the GhanaWeb Business WhatsApp channel
- Locked-up funds: 'Bawumia will top-up compensations if he wins 2024 elections' - Finance minister
- We pay cedi equivalent of duties calculated based on dollar rate – GUTA fires back at GRA
- Cedi depreciation: Government must invest in food production – Dr. Atuahene
- The Chinese and other foreigners are gradually taking over our retail market – GUTA claims
- Ghana to end debt restructuring program soon – Finance Minister
- Read all related articles
