Prices of the Affordable Housing Units in Ghana and Payment plan

Prices of the National Affordable Housing project in Ghana, at Pokuase.

What will be the average cost for the various housing Units upon completion? Prices of the National Affordable Housing Project in Ghana and Payment plan

The government has subsidized the cost of the houses through the provision of land and on-site infrastructure to make the units affordable.

To ensure the subsidy is transferred to buyers of the housing units, Government has worked with
the developers to agree on price ceiling for the various housing units.

Developers cannot sell above the agreed price ceiling but they can sell below the agreed price ceiling.

Prices

HOUSE TYPE    FLOOR AREA(m2)    PERCENTAGE MAXIMUM ESTIMATED
UNIT PRICE (US$)

Studio   32m²                 10%    $13,800

One-Bedroom  48m²                  $20,700

Two-Bedroom 80m²          60%   $34,500

Three-Bedroom 100m²       30%      $42,550

The amounts are payable in Ghana cedis at the prevailing Bank of Ghana exchange rate.

Payment Plan

What payment plan is in place for Ghanaians to own these Affordable Housing Units?

The project provides for flexible payment options to accommodate different financial capacities of potential buyers. Three payment models have been identified:

Mortgage Payment:

This model will allow buyers to secure housing units through mortgage financing under the model being run by the National Homeownership Fund (NHF).

This option would be beneficial for buyers who require long-term payment plans and wish to spread their payments over an extended period.

The NHF will collaborate with financial institutions to facilitate the provision of mortgage
financing to eligible buyers.

Interested buyers can make private mortgage arrangements with their banks.

Scheduled Payment Plan:

This model will enable buyers to make regular instalment payments towards the purchase of the housing units based on agreed terms.

Outright Payment:

This model will cater for buyers who can afford to make a lump-sum payment for their housing units based on agreed terms.

Time of Completion

What is the expected time of completion for the Pokuasi Affordable Housing Project?

The construction of the entire 8000 housing units will be in two (2) phases.

The first phase comprises 4000 housing units to be constructed in 18 months with the remaining
4000 housing units to be completed in the second phase within the same timeframe.

Source; Ministry of Work and Housing

Prices of the Affordable Housing Units in Ghana and Payment plan