Hello and Welcome to African Home Building News
Coming up
ONLINE PROPERTY TV & RADIO NEWS PORTAL
Greens Ghana Report Highlights Transformative Trends in Ghana’s Real Estate Sector
Market Prices of Building Materials in Ghana See Significant Changes
UK Mortgage Rate Increase Dampens Housing Demand: RICS Survey
To our first story
A recent survey conducted by the Ghana News Agency (GNA) has revealed significant price increases in iron rods and cement, while roofing sheets and paint prices remain stable.
The prices of all three grades of cement produced by Ghana Cement (GHACEM) have increased.
Iron rods, previously sold at GH¢6,500 per tonne, are now being sold at GH¢7,000 and above, with traders citing volatility in the market.
On the other hand, roofing sheets have seen a decrease in price since December 2023, with aluminium sheets (rough) now selling at GH¢2,300, down from GH¢2,500.
Despite the challenges, traders say they are determined to continue doing business
In more news
The Upper West Regional Minister, Mr. Stephen Yakubu, has assured the Overlord of the Wala Kingdom, Naa Fuseini Seidu Pelpuo IV, that he will take measures to stop the sale of state lands within the kingdom, particularly in Wa, to private developers.
The minister also promised to retrieve already sold state lands if possible. This follows a passionate appeal by Naa Pelpuo to President Akufo-Addo during his recent visit to the region.
The President instructed the Regional Minister to act promptly, and Mr. Yakubu has directed the Upper West Regional Lands Commission to cease the sale of state lands in Wa with immediate effect.
Additionally, the Minister expressed commitment to reducing poverty in the region through education, self-determination, and a “can-do” spirit.
According to a recent article by The Greens Ghana, Ghana’s real estate sector is undergoing a significant transformation.The expansion of the mortgage market and the growing tourism industry are driving this change.
The increase in mortgage accessibility is enabling more people to become homeowners, which in turn is stimulating economic activity. Additionally, tourism is fueling demand for various types of real estate, particularly in coastal and historically significant areas.
Government initiatives that support financing and tourism are further boosting the sector’s growth. The outlook for Ghana’s real estate is promising, with opportunities for economic advancement contingent on sustainable collaboration between the public and private sectors.
With a thriving real estate market, Ghana is poised to become an attractive destination for investors and stakeholders looking to capitalize on the country’s growth potential.
In International News
The latest RICS UK Residential Survey reveals a slight increase in mortgage rates in the UK over recent weeks, leading to a decrease in housing demand.
New buyer inquiries declined in April, with a net balance of -1%, down from +6% in March.
This marks a shift from three consecutive months of positive readings.
Buyer demand varied across the UK, with declines particularly evident in London and southern England.
Additionally, sales expectations for the next three months dropped to -1%, the lowest since October, indicating a stagnant near-term outlook for the housing market.
However, the rate of new listings reached its highest point in over three years.
Joycelyn Marigold & Diana Okyerebea -Africa Home Building News