Property Leasing In Ghana [Everything You Need To Know]
Are you planning on buying land? Or do you have land and planning on leasing it to someone or renting it out?
The following are answers to important questions about property leasing in Ghana.
Land leasing is a good way to start your business in Ghana. The rent is guaranteed for the duration of the lease, and you aren’t tied down to a lengthy contract.
This can be helpful for budgeting and bankruptcy protection as well because you will definitely get your property back when the time is up.
Before you can lease any land in Ghana, the land must first be demarcated.
Demarcation is the official registration of boundaries for types of land uses for permanent reference.
The Land Act has established a procedure for periodic (every ten years) demarcation of lands in Ghana.
The leasing of land in Ghana has an extended history. Ghana did not get its independence from Britain until 1957, which means it had to endure nearly 7 years of British law (1957 – 1964).
However, even before the lease of a land act, Ghana already had its customary law to govern land relations and agricultural tenancy relations.
How Long Can Land be leased in Ghana?
The full years that land can be leased to you is 99 years for Ghanaian citizens and 50 years for foreigners.
Although the years can go further than the 99 years, it depends on your agreement with the landowner.
How Much Is Rent Per Month In Ghana?
The cost of rent per month in Ghana ranges from GHS 150 to GHS 25,000. The cost depends on the location of the house that you want to rent.
What Happens When Land Lease Expires In Ghana?
After the lease expires, the land will be reverted to the person that sold it to you, although you can renew it again.
One thing you need to do when buying land in Ghana is to go through the agreement and make sure the agreement allows lease renewals.
Although you might see the years as long, ensuring you can renew will help your offspring.
Conclusion
Maybe you are about to sell your land to someone, or you have finally bought land in Ghana and want to know how a lease works in Ghana.
This article covers everything you need to know regarding property leasing in Ghana.
We covered all the questions surrounding leasing, and some of the questions are how long can the land be leased in Ghana?
What happens when a land lease expires in Ghana? And we also answered the cost of rent per month in Ghana.
