Residential market analysis of Tema, Accra

Tema is an affluent area located in the region of Greater Accra, Ghana. It is bordered by, Adenta Municipal District, and Ledzokuku-Krowor Municipal District to the west respectively, Prampram and Miotso to the East, and Gulf of Guinea to the South.

This city is made up of 26 communities, named from community 1 to community 26. Initially planned to be an industrial area, Tema is therefore home to several factories and industries. However, as the communities continued to expand, residential developments also sprang up.

Tema is also known for its fishing harbor, and has one of the largest seaports in the whole of Ghana, especially because of its close location to the coast. 

The residential market in Tema is affordable and has developments such as;

• East End Condos by Devtraco Limited
• Crystal Court by Devtraco Limited
• Riverdale Cluster by Devtraco Limited
• Meridian Gardens

 

So far, Estate Intel is tracking 5,236 residential (5,160 completed and 76 pipeline) properties in Tema. Based on our analysis, the average rent for a 3 bed apartment is GH₵68,124  and the same currently sells for GH₵1,288,308 representing a yield of 10.55% per annum (Rates at $1 = GH₵8.11). Overall, Tema has seen its rental prices remain the same, while its sale prices decline by -3.4% over the past 5 years. As such, we believe the market direction over the next year will be neutral.

Click here to view the full Tema Residential market Analysis, which gives a more in-depth analysis of other market data that we track including; sales and rental rates, yields, supply drivers, stock breakdown, occupancy rate, and information on key contractors who are active in the market. 

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