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A recent report from Pulse Ghana has shown that home-seekers in Ghana pay exorbitant charges to agents
Urbanization trend has led to increased housing demand in Accra and Kumasi
India Real Estate Regulatory Authority to grade real estate projects
Home seekers in Ghana pay exorbitant charges to Agents
A recent report from Pulse Ghana sheds light on the challenges faced by home-seekers in Ghana.
According to the report, real estate agents in Ghana impose a fixed GH$100 fee for property viewings, leaving tenants puzzled about its purpose since they also have to cover their transportation expenses.
Consequently, tenants find themselves paying well over GH$100 just to see a property.
The report further highlights that while agents use attractive property photos, they often withhold crucial details, leading to surprises like the absence of essential amenities such as water, kitchens, or even ceiling fans. Vital information is conveniently omitted by these agents, leaving tenants in the dark.
In addition to rent, tenants are burdened with an extra 10% fee directly payable to the agents.
This unexpected cost adds an element of unpredictability to the house-hunting process, akin to purchasing tickets for a captivating show with a mysterious ending.
In essence, dealing with these agents feels like embarking on an unpredictable adventure in the quest for a home
Urbanization trend has led to increased housing demand in Accra and Kumasi
A report on Marcopolis on Ghana’s Real Estate Sector indicates that Ghana’s urban population is growing at a rate of 3.4% per year, and it is projected that 70% of the population will reside in cities by 2035.
This urbanization trend has led to overcrowding and increased demand for housing in cities like Accra and Kumasi.
It said the economy is expanding, with a growth rate of 8.1% in 2017 and 6.3% in 2018. This growth, coupled with rising household incomes, is driving demand for better housing, especially among the growing middle class.
The report said Population and Household Growth: Ghana’s population is steadily increasing at a rate of 2.2% annually, resulting in more households and greater housing demand.
On Home ownership it said Ghanaians have a strong cultural preference for homeownership, with an 85% homeownership rate. consequently Developers are responding by constructing mid-range residential projects across the country.
Pan Africa Real Estate Summit to be held in Nigeria
Following the successful Africa Real Estate Summit held earlier this year in Accra, Ghana, this initiative is set to reinforce its objectives. Participants and stakeholders hailing from Cape Verde, Ghana, Nigeria, as well as several other African countries, will convene once again.
This time, they will gather in Lagos and Abuja, Nigeria, for the third edition of the Pan-Africa Real Estate Summit Awards and Expo.
Scheduled for the 25th and 26th of September 2023 in Lagos, and the 28th and 29th of September 2023 in Abuja, this event is set to host a diverse array of real estate stakeholders, exhibitors, and investors.
The overarching theme for the 2023 Africa Real Estate Summit Awards and Expo is “Building a Better Nigeria: Real Estate Investment Opportunities.” The summit’s agenda is brimming with engaging activities, including keynote addresses, exhibitions, workshops, networking sessions, executive meetings, investment opportunities, panel discussions, and award presentations.
The Africa Real Estate Summit is organized by Africa Real Estate International, a prominent player in the real estate industry.
Let’s head to India
In a move aimed at making the real estate sector more responsible towards homebuyers, A real estate regulatory authority in India, MahaRera will grade every project based on technical, legal, financial and general project overviews which builders will have to submit mandatorily through the online system every six months.
By doing so, MahaRera will become the first real estate regulatory authority in India to have such grades.
The gradation will be available to the general public to understand the status of a project and empower them to decide whether to invest or not.
Similarly, every promoter will have to appoint a public grievance redressal cell with a full-time officer for each project and display the officer’s name and number on the website and in advertisements for consumers.
Source : Property Express Magazine -Joycelyn Marigold & Diana Okyerebea