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Ghana’s Housing Minister lauds the impact of the Real Estate Act
Second edition of Ecobank/JoyNews Habitat Fair 2023 held
In International news
Chinese investors are also now investing in spacious housing units in Dubai
Ghana’s Housing Minister lauds the impact of the Real Estate Act
Mr. Francis Asenso-Boakye, Ghana’s Minister of Works and Housing, has praised the Real Estate Agency Act, 2020 (Act 1047), highlighting its transformative impact in the country.
Mr. Asenso-Boakye made these remarks during a constructive three-day workshop organized by the Real Estate Agency Council (REAC) Board.
The workshop provided a platform for stakeholders to discuss and contribute their inputs on specific articles of the Act.
The engagement also aimed at fostering knowledge sharing and enhancing understanding of crucial matters related to the latest developments in the real estate sector.
Notably, in November 2021, the Government inaugurated the REAC Board, chaired by Mr. Kojo Addo-Kuffour, to regulate the real estate agency business, covering purchases, sales, and rentals of real estate.
He expressed confidence in the Council’s potential to bring positive changes to the industry and assured continuous support from the Ministry in implementing the Real Estate Agency Act, 2020 (Act 1047).
Let’s stay awhile longer on this
Mr. Kojo Addo-Kuffour, the REAC Board Chairman, highlighted the Board’s efforts in engaging various stakeholders, such as the Ministry of Finance, Attorney General’s Department, and the Ghana Institute of Surveyors, to gather ideas for operationalizing the Act.
He stressed the need for regulation in the real estate industry to protect the public from various risks.
The Act, with a focus on licensing real estate agents, would provide a structured framework for addressing concerns related to money laundering and large financial transactions.
He reiterated that individuals engaging with unlicensed real estate agents would bear the consequences.
The Act offers an excellent framework for the Council to address industry concerns systematically, and once fully implemented, real estate transactions will be subject to its provisions, promoting a more transparent and regulated real estate market in Ghana.
Moving on
The second edition of Ecobank/JoyNews Habitat Fair 2023 took place at the West Hills Mall. Following the successful first clinic event at the Achimota Retail Centre last month.
The event aimed to attract thousands of potential homeowners seeking mortgage financing provided by the headline sponsor, Ecobank, and real estate companies to help make their dreams a reality.
As the headline sponsor, Ecobank Ghana pledged to leverage the Ecobank Joy News Habitat Fair to bolster mortgage financing in the country. Partnering with real estate developers, they aim to facilitate an easier path to homeownership for prospective buyers.
The event also served as a valuable platform for key stakeholders and companies in the construction and artisanal industries to showcase their innovative ideas and offer attractive discounts on their products and services.
This year’s fair centered around the theme: “Home ownership – to build or to buy,” encouraging visitors to explore the options available for achieving their homeownership goals.
In International News
Chinese investors are also now investing in spacious housing units in prestigious areas such as Downton Dubai and Jumeirah Golf Estates, as against their preference for smaller studio and one-bedroom apartments in the pre-pandemic period.
Chinese investors are back in Dubai’s real estate market with a vengeance, posting a staggering 130 percent jump in residential property investments in the city in the first half of 2023, compared to the post-Covid period, the latest market report revealed.
The spike is seen as the classic case of China’s loss becoming Dubai’s gain, as it comes amid an estimated 27 percent plunge in apartment sales in the Far East country – far below what was expected given the country’s urbanisation trends and the high demand for improved housing .
Source : Joycelyn Marigold & Diana Okyerebea – PE Magazine