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Government reaffirms commitment to address Ghana’s housing needs
Senya Bereku residents clash with Ghana Armed Forces personnel over a disputed land
A Chief Economist is Optimistic The Chinese real estate market will have a chance to resolve its risks in
2024
To our first story
The Deputy Minister of Works and Housing, Abdulai Abanga, affirmed the government’s dedication to creating a conducive environment for the real estate sector, emphasizing its role in sustainable urban development, elevated living standards, and addressing Ghana’s housing needs.
Speaking at the unveiling of VAAL Real Estate “Legato Heights” in Accra, Mr. Abanga praised VAAL for contributing to the nation’s social and economic development through innovative housing initiatives.
VAAL Ghana’s CEO, Alaa Zayed, highlighted Legato Heights as a commitment to providing high-end living spaces, offering state-of-the-art amenities and craftsmanship.
Abdulmecid Saadettin, Group CEO of VAAL Real Estate, expressed optimism about the project being a lucrative investment option, especially for those seeking modern and futuristic properties with promising rental returns.
Head of Sales, Nazir Ahma, urged potential investors to seize the early investment opportunity, emphasizing the potential for substantial returns upon project completion.
Alongside Legato Heights, VAAL introduced Nirvana Villas, aiming to redefine luxury mansions in Ghana.
Moving on
Senya Bereku residents clashed with Ghana Armed Forces personnel over a disputed land, reportedly allocated to them by the Gomoa Fetteh Traditional Council.
The Senya Traditional Council opposed the land transfer, besieging the area and threatening mayhem if the Military received the land.
The dispute stems from a longstanding conflict between Gomoa Fetteh Traditional Council and Senya Bereku Traditional Council over a hundred acres of land.
The Acting Chief of Senya Bereku emphasized their resistance to any handover and urged presidential intervention, alleging an attempt to encroach on their land by selling adjacent property.
An overnight demolition in Santeo Jordan, Kpone-Katamanso District, Greater Accra, has rendered numerous residents homeless.
The estate developer, claiming ownership of the 10-acre land, left the community, including mothers and children, in despair. Residents, who had lived on the land for nearly a decade, faced the sudden destruction of their homes.
Some had invested significant time and resources into building, only to see their properties torn down overnight. Despite promises of compensation, including 50 bags of cement and blocks, one resident refuses to relocate and vows to fight for his home.
The impact has led to immense hardship, leaving people without shelter and minimal support, prompting the need for alternative housing options and assistance.
As the Greater Accra Regional authorities have yet to respond, residents hope for assistance and justice while facing the risk of disease outbreaks if a solution is not found.
In International News
The Chinese real estate market will have a chance to resolve its risks next year, according to the chief economist at Nomura China, the Chinese arm of Japanese securities brokerage Nomura.
Although some of this year’s challenges will continue next year, there is hope because some industries, such as the real estate one, will have the possibility to grasp the opportunities in the challenges and find a balance.
The Chinese economy did not recover as expected this year mainly because of real estate constraints, Lu noted, adding that the first issue that needs to be fixed next year is the delivery of buildings.
In this regard, developers, banks, local governments, the central government, and other parties must work together, especially by combining monetary and fiscal policies, he pointed out.
The real estate sector has shown signs of stabilization, but not enough to be too optimistic.
Source : Joucelyn Marigold & Diana Okyerebea -African Property Magazine