How to Sell Commercial Property in Ghana

Commercial property generally refers to real estate used primarily for business or income-generating purposes.

Examples include:

• Office buildings
• Retail shops
• Shopping spaces
• Warehouses
• Hotels
• Restaurants
• Industrial properties
• Commercial apartments
• Mixed-use buildings
• Commercial land
• Business centers
• Showrooms
• Development sites

The selling process can vary depending on the property type, location, ownership structure, existing tenants, and intended use.

For this reason, sellers should understand their property's strongest commercial selling points before putting it on the market.

One of the most important steps when learning how to sell commercial property in Ghana is determining a realistic asking price.

Commercial properties can be valued differently from residential properties because their income-generating potential may be an important consideration.

Factors that may influence value include:

• Location
• Land size
• Building size
• Property condition
• Rental income
• Occupancy
• Road access
• Parking
• Commercial activity in the area
• Development potential
• Nearby infrastructure
• Demand for similar properties

Research comparable commercial properties in your area to understand current asking prices.

For a significant transaction, consider obtaining professional valuation advice rather than relying entirely on online asking prices.

The Lands Commission includes property valuation among its land-service functions, alongside surveying, mapping, and land registration.

The physical condition of a commercial property can strongly influence buyer perception.

Before taking photographs or arranging viewings, make the property as presentable as possible.

Consider:

• Cleaning the building
• Removing unnecessary items
• Repairing obvious damage
• Improving lighting
• Cleaning windows
• Maintaining outdoor areas
• Clearing parking areas
• Fixing visible plumbing problems
• Touching up damaged walls
• Organizing storage areas

You do not necessarily need to undertake a major renovation.

The objective is to make the property look clean, functional, and ready for inspection.

A good online listing should answer the most important questions a potential buyer has.

Instead of writing:

“Commercial property for sale in Ghana. Contact seller.”

provide specific information.

For example:

Commercial building for sale in Accra with multiple office spaces, parking, road access, and potential for continued business use or redevelopment.

Then explain the relevant property details.

Your listing should ideally include:

• Property type
• Location
• Asking price
• Property size
• Land size
• Number of floors
• Number of rooms or units
• Current use
• Parking
• Accessibility
• Nearby landmarks
• Existing tenants where relevant
• Rental income where appropriate
• Documentation information
• Development potential

Accurate information helps attract buyers who are genuinely interested in the property.

Commercial buyers are usually interested in what they can do with the property.

Instead of simply describing the building, explain its legitimate commercial advantages.

For example, mention:

• High-visibility location
• Road frontage
• Parking availability
• Multiple units
• Existing tenants
• Rental income
• Proximity to business districts
• Accessibility
• Nearby residential communities
• Transport connections
• Potential business uses
• Development potential

Avoid promising guaranteed returns or making unsupported claims.

Instead, provide factual information that allows buyers to assess the opportunity themselves.

Documentation is a critical part of a commercial property transaction.

Potential buyers will want to verify ownership and other relevant property information before completing a purchase.

Depending on the property and transaction, relevant records may include ownership documents, site plans, identification documents, permits, tenancy documents, and other supporting records.

Ghana's Ministry of Lands and Natural Resources states that land registration can require documents such as a site plan prepared by a licensed surveyor, proof of ownership, identification, a Lands Commission search report, and applicable payment receipts, with additional documents depending on the land and location.

The Lands Commission's registration requirements also emphasize consistency between the property document and site plan, along with other supporting documentation.

Because commercial property transactions can involve substantial amounts of money, sellers should consider obtaining appropriate legal advice and ensuring that their documents are properly verified before entering into a binding transaction.

Selling commercial property can involve taxes, duties, professional fees, registration costs, and other transaction expenses.

For example, Ghana Revenue Authority information states that stamp duty applies to certain legal instruments, including documents transferring an interest in land, and rates can depend on the instrument and applicable provisions.

The exact costs applicable to your transaction can depend on the property, transaction structure, value, and other circumstances.

Before agreeing to a final sale price, understand which costs may apply to you as the seller and which may be the buyer's responsibility.

For a major commercial property sale, professional legal, tax, and valuation advice can help you understand the transaction properly.

Commercial property buyers often compare multiple opportunities.

If someone enquires about your property, respond as quickly as reasonably possible.

Be ready to answer questions about:

• Price
• Location
• Property size
• Current use
• Rental income
• Documentation
• Availability
• Viewing times
• Negotiation
• Other relevant information

Professional and timely communication can help turn an online enquiry into a property viewing.

Commercial properties can involve substantial negotiations.

A buyer may make an offer below your asking price.

Before listing the property, establish:

• Asking price
• Target selling price
• Minimum acceptable price
• Negotiable terms
• Preferred payment structure
• Desired completion timeline

Do not accept an offer simply because it is the first serious enquiry.

Consider the overall terms and the buyer's ability to complete the transaction.

Selling commercial property can be more complicated than selling a typical residential property.

Depending on the transaction, you may benefit from working with:

• Property valuers
• Real estate professionals
• Lawyers
• Surveyors
• Tax professionals
• Other relevant specialists

A professional can help with matters such as valuation, documentation, contracts, due diligence, and transaction completion.

Ghana's Real Estate Agency Act, 2020 also establishes a regulatory framework for real estate transactions, including requirements around transaction documentation and certificates.

For substantial commercial transactions, professional guidance can help reduce avoidable risks.

If you want to sell commercial property in Ghana, Aksumbase provides a simple way to start marketing your property online.

The process can be straightforward:

Step 1: Prepare Your Property

Make sure the property is clean, presentable, and ready for photography and viewings.

Step 2: Gather Your Information

Prepare the property size, location, type, features, price, and other relevant information.

Step 3: Take Quality Photos

Photograph the exterior, interior, parking, access points, and key commercial features.

Step 4: Create Your Aksumbase Listing

List the property for free and provide an accurate description.

Step 5: Promote the Listing

Share your property listing with relevant potential buyers and networks.

Step 6: Respond to Enquiries

Answer buyer questions and provide additional information where appropriate.

Step 7: Arrange Viewings

Schedule property inspections with serious prospects.

Step 8: Negotiate and Complete Due Diligence

Discuss the price and terms, then work with the appropriate professionals to complete the transaction properly.