Segment: Real Estate Won't Get Cheaper - Stop Crying About Prices and Start Making Money in Ghana

Summary

Konnected Minds Podcast with Derrick Abaitey
Episode Segment: "Real Estate Won't Get Cheaper – Stop Crying About Prices and Start Making Money in Ghana"
Date: May 31, 2026

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Episode Overview

In this candid and provocative episode, host Derrick Abaitey sits down with a seasoned Ghanaian real estate developer (likely Mr. Saka) to confront the myths and realities of Ghana’s property market. The conversation debunks dreams of ever-cheap houses in Accra and the wider Ghanaian market, exposes scams targeting locals and the diaspora, and delivers a strong message: stop lamenting high prices and instead, focus on increasing your income and strategizing smart investments. The tone is frank, sometimes abrasive, but always brimming with practical insights for aspiring homeowners, investors, and anyone disillusioned with real estate prices.

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Key Discussion Points & Insights

1. The Myth of Affordable Real Estate in Ghana [01:14 – 02:49]

• Homes Will Not Become Cheaper:
  The developer insists that, barring government-subsidized or social housing, real estate prices will only go up:
  • “Homes are not going to be cheaper. From time immemorial, real estate doesn't get cheaper anywhere in the world unless it's subsidized by government… If you want to buy a home, I'm telling you today, homes are not going to be cheaper in Ghana. Not today, not tomorrow.” (Mr. Saka, 01:22)
• Import Costs and Currency Pressures:
  Most building materials are imported, paid for in foreign currency, making local price drops unrealistic.
• Stability = Opportunity:
  Current currency stability makes now a relatively less risky time to buy, not to wait for a mythical future dip.

2. The Dangers of “Too Good to Be True” Deals [02:49 – 04:20]

• Real Estate Scams:
  The episode highlights notorious scams promising “miraculous” low prices, especially for three-bedroom homes, and their inevitable collapse.
  • “You like cheap things... When it's too good to be true, it's too good to be true. The earlier we learn it, the better.” (Mr. Saka, 02:53)
  • Many diaspora Ghanaians and content creators were especially vulnerable because of slick marketing and the allure of bargains.
• Universality of Real Estate Value:
  Real estate is “real” because land has lasting value, even if structures are destroyed.

3. Advice for Buyers (Young and Diaspora) [04:20 – 08:27]

• Strategize and Build Wealth:
  Instead of waiting for cheaper houses, work smart and hard to increase income:
  • “If you are a young man, and you want to buy a place, strategize, work hard, make money, and buy… If it's too good to be true, it's too good to be true.” (Mr. Saka, 05:21)
• Infrastructure & Potential for Lower-Cost Suburbs:
  Developer points to infrastructural developments (roads, rail, etc.) making land beyond Accra more attractive and affordable for those willing to commute. Possible government efforts could help but are not guaranteed.
• Due Diligence Beats Wishful Thinking:
  Diasporans and first-time buyers are cautioned to research actual market rates. If someone offers land far below market, it’s almost certainly a scam.
  • “Nobody will sell land that is valuable for cheap. It is land.” (Mr. Saka, 08:01)

4. Market Realities: Accra vs. The World [08:27 – 10:34]

• Prime Neighborhoods Command Prime Prices:
  $580,000 for a four-bedroom townhouse in East Legon is justified due to schools, infrastructure, and amenities. Such areas are limited and will remain expensive.
  • “East Legon has everything… So why should East Legon sell for less? And how many East Legons do we have in Ghana?” (Mr. Saka, 08:41)
• Sales to Locals, Not Just Diaspora:
  Most buyers in a recent mid-high end development were local Ghanaians, not just wealthy outsiders.
  • “Apart from one Nigerian and two people from the diaspora, everything was bought by Ghanaians.” (Mr. Saka, 10:15)

5. Mindset Shift: Stop Complaining, Start Earning [10:34 – End]

• The Core Message:
  The developer urges listeners to shift from a complaining mindset to a hustler’s mentality:
  • “Please, let's make money. Let's think about ways we can make money to achieve our dreams and stop wanting real estate to be cheap. It's not going to get cheaper. It's even going to get crazier… If you think Accra is going to become cheaper, forget it.” (Mr. Saka, 10:35)
• Scarcity Principle:
  Only a small fraction of Ghana is as desirable or developed as Accra, hence perpetual high demand and prices.

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Notable Quotes & Memorable Moments

• On the Futility of Waiting for Price Drops:
  • “From time immemorial real estate doesn't get cheaper anywhere in the world unless it's subsidized by government or a social housing. But if you want to buy a home, I'm telling you today homes are not going to be cheaper in Ghana. Not today, not tomorrow.” (Mr. Saka, 01:22)
• On Scams:
  • “You, you like cheap things. I told you, when it's too good to be true, it's too good to be true.” (Mr. Saka, 02:53)
• On Infrastructure and Opportunity:
  • “If the road to Winneba is good and you can drive to Accra in an hour, land in Winneba is cheaper. So you can build in Winneba and drive to Accra… These are the things that can make real estate cheap in Ghana. But as per our current model, it's not going to be cheap.” (Mr. Saka, 05:33)
• On the East Legon Market:
  • “East Legon has everything… So why should East Legon sell for less? And how many East Legons do we have in Ghana?” (Mr. Saka, 08:44)
• On Buyer Mentality:
  • “Nobody will sell land that is valuable for cheap. It is land.” (Mr. Saka, 08:01)
  • “Let's make money… and stop wanting real estate to be cheap. It's not going to get cheaper. It's even going to get crazier…” (Mr. Saka, 10:35)

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Timestamps for Key Segments

• 00:30 – 01:14: Developer shares his start in building, selling, and living in own-built homes.
• 01:14 – 02:49: Discussion on why homes will not become more affordable in Ghana.
• 02:49 – 04:20: Unpacking real estate scams and how to spot them; the lesson of “too good to be true.”
• 04:20 – 06:13: Real estate’s universality, importance of diligence, and infrastructural factors.
• 06:13 – 08:27: Advice for diaspora/first-time buyers, content creators’ roles in scams.
• 08:27 – 10:34: Justification for high-end Accra prices; evidence that locals do buy these homes.
• 10:34 – 11:26: Final thoughts: stop expecting cheap homes, focus on building wealth.

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Conclusion: Episode Takeaways

This episode stands as a frank wake-up call for anyone navigating Ghana’s complex property market. Rather than waiting or hoping for drastic price drops, Derrick Abaitey and his guest advise focusing on personal financial growth, staying vigilant against too-good-to-be-true deals, and being realistic about what prime real estate commands in a growing metropolis. The lesson is clear: strategy, hustle, and skepticism are your best tools in Ghana’s property market.

Transcript

[Grainger Announcer]

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[Real Estate Developer (possibly Mr. Saka)]

I had a contractor.

[Interviewer]

From the time you finished building the next three homes to selling, how long did it take?

[Real Estate Developer (possibly Mr. Saka)]

Oh, it didn't take too long. Let me say maybe I used because this one I was well funded. I think I used about a year to build those three houses. Okay, but at this time I'd already built another house. I was living in Paraku. That's an uncompleted I bought and finished. So. So one year to build those three houses. I sold them. Maybe, maybe build and finish. I sold them maybe within I sold two, then I moved into one and sold the one that I'd already bought and that's how I started building and selling. So now I build, I sell, I build, I sell.

[Interviewer]

When it comes to this real estate conversation, young people are saying that homes are not affordable enough for them because

[Real Estate Developer (possibly Mr. Saka)]

they don't have money. They should look for money. Their homes are not going to be cheaper. From time immemorial real estate doesn't get cheaper anywhere in the world unless it's subsidized by government or a social housing. But if you want to buy a home, I'm telling you today homes are not going to be cheaper in Ghana. Not today, not tomorrow. We import most of what we use in finishing we import from the universal marketplace. And the universal marketplace thrives on competition and price. We spend hard forex to import these things. So how are houses going to be cheaper? Now that the city is stable is the best time. I think you should try and grab something because you can plan with it. Most of our salaries are low so people cannot apply for mortgages or they cannot afford a decent mortgage. So I'm hoping that things will improve and people's salaries will improve but the buildings are not going to get any cheaper. Any real estate in Ghana that claims to be selling for cheap, they don't last. They end up messing up people. I don't want to mention names. There was a company that came, yes, did a lot of noise. Pasted adverts on the whole of the highway stretch. They were quoting three bedrooms for miraculous Prices. A lot of you fell into that trap. I'm asking you today, do you have your houses? No. The time I said that this will crash. This will work.

[Interviewer]

So you knew that was a scam?

[Real Estate Developer (possibly Mr. Saka)]

Yes, because it's a scam. You, you like cheap things. I told you, when it's too good to be true, it's too good to be true. The earlier we learn it, the better.

[Interviewer]

A lot of people from the diaspora felt for that.

[Real Estate Developer (possibly Mr. Saka)]

Yes, they should fall. Because they especially they should fall for it. I don't pity them. When it's too good to be true, it's too. It's too good to be true. Learn it.

[Interviewer]

Over 800 homes they live promised.

[Real Estate Developer (possibly Mr. Saka)]

Yes, they should go and live in them. When they were promising them at those prices, where were they? Don't you understand this? The price of a door in China remains the price of a door in China. Are you getting those any cheaper than China? So do you think we are greedy? As we are building and we are quoting what we are quoting People come, they use English. You know why the diasporans fell? Because the people came. They were slanging. They were using their terminologies, they were using their market. I don't pity them one bit. I had a friend who came. He was working with them. I told him this day. He said, oh, Saka. No, no, no. The guy is the guy. A few months later I called Mr. Saka. What did you see that we didn't see? Now every day they are in court. And that is just one of those companies. When in 2005, when we finished, commercial investment came. East Legon Hills. Now it's Lagoon Hills. He was promising people that he will. They should pay money and. And then their houses will be ready in three years and they will move in. Look, you know why it's called real estate?

[Interviewer]

Talk to me.

[Real Estate Developer (possibly Mr. Saka)]

It is the only estate that is real. Even if the house burns, the land is valuable. That's why it's called real estate. A real and real estate is like gold. It's universal. Don't fall for scams. The only variation, the major variation, is the cost of the land. The energy it takes to build a cheap building is the same energy we use in building a nice building. The difference is in the finish and finishes are relative. Do you understand me? So when it's too good to be true, it's too good to be true. Real estate in Ghana is not going to get cheap any day. The government said they were doing chocolate. How many years after. These are the deep things we need to Talk about if you are a young man, you are watching this and you want to buy a place, strategize, work hard, make money and buy when it's cheap, when it's too good to be true, it's too good to be true. If you are happy now, my prayer is that in the last few months, my prayer is that this big push idea that Mahamadou has started will thrive because this is what it's going to do for most of us. If the road to Winnebagh is good and you can drive to Accra in an hour, land in Winnebagh is cheap, cheaper. So you can build in Winnipeg and drive to Accra. If pram, pram and beyond the roads are good, you can live in Chukwoli and come the railway service, the Pakadan service. That stretch has promise. There are a lot of decently priced lands there. If it's done well, government can put in incentives where developers like us can build there, people can come to Accra easily by rail. These are the things that can make real estate cheap in Ghana. But as per our current model, it's

[Interviewer]

not going to be cheap.

[Real Estate Developer (possibly Mr. Saka)]

No, no, no way.

[Interviewer]

There's somebody living in the diaspora, a person that fell for the recent scam that we have seen in the country. How do they differentiate between what Saka Homes is talking about, what ESB is talking about?

[Real Estate Developer (possibly Mr. Saka)]

They live abroad. Yes.

[Interviewer]

So how do they develop?

[Real Estate Developer (possibly Mr. Saka)]

They have a great understanding of real estate because it works in their country. So why do they think that it should be different here? Ghana is no different from abroad.

[Interviewer]

It's not.

[Real Estate Developer (possibly Mr. Saka)]

No information gets here in real time. The doors they use in America for their houses is the same doors we buy from China and use.

[Interviewer]

But in terms of checks, right? The person that is trying to purchase

[Real Estate Developer (possibly Mr. Saka)]

when it's too good to be true, it's too good to be true. If everybody is selling at 40 and this guy says he's selling at 25 and you think that because he's selling at 25, you go for a go. Where are the 800 homes? Have you seen the development? Because you are speaking slangs and train English are about then another thing, another scam. You know, the diasporans, they like to hear some English, they like to see some adverts, they like to see something. And these comers have noticed that. So now they bring diasporans to come and market and advertise for the content creators. Yes, land. And remember, the content creators are paid to do this. So they talk about lands in the breed they can, they could some funny, funny prices. And I sit and I watch and I like. You don't know what is coming. And it's the truth. They get scammed always because they like cheap site. That's the side you guys are not talking about.

[Interviewer]

Yeah, but look, no, but let's be real here.

[Real Estate Developer (possibly Mr. Saka)]

You do your due diligence. You know the price of land in a brick, okay? So if someone is giving it to you for cheap and you think you are lucky guy, then you're a fool. You are not a lucky guy. It's real estate, okay? Nobody, nobody will sell land that is valuable for cheap. It is land.

[Interviewer]

So watch this. A four bedroom townhouse two roads behind KB Clay being sold at $580,000. Does it actually make clear sense to you as a developer?

[Real Estate Developer (possibly Mr. Saka)]

It makes perfect sense to me.

[Interviewer]

I genuinely think it's worth the price.

[Real Estate Developer (possibly Mr. Saka)]

Yes. Why is it not worth it? This is East Lagoon. East Lagoon has everything. There are schools, there are good roads, there are restaurants. You can live in East Lagoon and live and not go out of East Lagoon. So why do you want to pay less? Let's play it back to if you are abroad. I get a lot of these arguments from these diasporans that we are selling for 580 and they spread East Lagoon. What is here? What is here? The houses you are buying in Maryland and those places for 350, $400,000. What is there? You claim there's a mall close by. ANC mall is close by. There's a school you mentioned, KB Leclerc. KB Leclerc is close by. A lot of cornerstone. And all these schools are in East Lagoon. What else? Roads. There are good roads in East Lagoon. So why should East Lagoon sell for less? And how many East Lagoons do we have in Ghana? In the case of abroad, there are a lot of East Legons.

[Interviewer]

Okay?

[Real Estate Developer (possibly Mr. Saka)]

So they can afford to go down on price. But here there's a market, there's competition and people want it. The 550 you are talking about, did he not sell?

[Interviewer]

He sold.

[Real Estate Developer (possibly Mr. Saka)]

He sold in record time. He didn't just sell. It was about eight of them. I know the houses. Yeah, he sold in record time.

[Interviewer]

Yeah, so he sold.

[Real Estate Developer (possibly Mr. Saka)]

Look, let's be serious.

[Interviewer]

And the people buying these properties are, you know, regular Ghanaians with regular income. These are some of the things that you know a lot of people.

[Real Estate Developer (possibly Mr. Saka)]

I did a community of 15 houses in that same area you're talking about at the time. I sold it for 270 to 300. And apart from one Nigerian and two people from the diaspora. Everything was bought by Ghanaians.

[Interviewer]

Wow.

[Real Estate Developer (possibly Mr. Saka)]

People make money. People make a decent living. Some can take a mortgage, those who work in the banks, those who are rising. So please, let's make money. Let's think about ways we can make money to achieve our dreams and stop wanting real estate to be cheap. It's not going to get cheaper. It's even going to get crazier because Ghana is just a little bit of Ghana that is very well developed that you can get all you want. The security, the comfort, the proximity to stuff is not much. So if you think Accra is going to become cheaper, forget it. It's not going to become cheaper. You need to make more money from time immemorial. Has it been cheaper? No. So what makes you think it's going to get cheaper? You are not realistic. If you are thinking that real estate is going to be cheaper in Accra,

[Interviewer]

that 20 year old that is just finishing university is going to have a real hard time.

[Real Estate Developer (possibly Mr. Saka)]

Connected Minds Podcast

[Grainger Announcer]

if you work in university maintenance, Grainger considers you an MVP because your playbook ensures your arena always ready for tip off. And Grainger is your trusted partner, offering the products you need all in one place, from H Vac and plumbing supplies to lighting and more. And all delivered with plenty of time left on the clock. So your team always gets the win. Call 1-800-GRAINGER visit grainger.com or just stop by Grainger for the ones who get it done.