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Here are our top stories for today
Ghanaians Urged to Embrace Escrow Services for Secure Real Estate Transactions
Prof Lesley Lokko Makes History with Royal Gold Medal in Architecture
Estate Intel Report Warns Inflation to Impact FDI in African Real Estate
Let’s dive into the stories
The public is encouraged to adopt escrow services for secure real estate transactions, according to Mr. Emmanuel Sackitey Korley, lead partner at M and O Law Consult.
Emphasizing the importance of due diligence, he highlighted the success of their escrow services in Ghana.
M and O conducts thorough due diligence, including spatial planning processes and land commission searches.
The main challenge identified is clients attempting to cut legal fees, especially among foreigners.
M and O aims to scale up services in 2024 through digitalization and free legal assistance, addressing the lack of education on responsible land ownership.
The public is urged to be vigilant in property transactions.
Away from that
Mr. Basil David Anthony, CEO of Modern Floors Ghana, has been nominated for the Africa Forty under 40 awards in the Architecture/Design & Décor category.
The awards recognize young business leaders under 40 for their achievements and commitment to business growth, professional excellence, and community service. Anthony, an internationally recognized
Modern Floors, a UK trademarked brand operating in Ghana for almost five years, expanded to Dubai in December 2022, strategically positioning itself in the city’s construction and home decor hub.
In more news
Ghanaian-Scottish architect Professor Lesley Lokko has made history as the first African woman to receive the Royal Gold Medal from the Royal Institute of British Architects (RIBA).
The award, approved by the monarch, recognizes her outstanding contributions to architecture and her commitment to promoting diversity and inclusivity in the field, with a focus on Africa and the Global South.
At 60, Prof Lokko is acknowledged as a trailblazer advocating for inclusive representation within the architectural community.
This historic achievement is expected to inspire future architects and highlights the importance of embracing diversity in the built environment.
The Professor who also received the Order of the British Empire (OBE), expressed gratitude for the recognition, emphasizing the continued need to make architecture globally accessible and representative.
The upcoming award ceremony is anticipated to celebrate her legacy and reflect on the evolving landscape of architecture.
The attractiveness of African real estate for foreign investments is diminishing due to macroeconomic and political uncertainties, according to a report by Estate Intel.
The report highlights challenges faced by the real estate sector, including dwindling macroeconomic indicators, currency performance, inflation, increasing debt levels, and potential defaults.
In 2024, these factors are expected to lead to a decline in market activity across the continent. Nigeria’s currency, the naira, experienced an 83% decline in the official rate in the year to December 2023, making it less attractive for investments.
Botswana and Morocco rank highest in real estate market attractiveness due to relative currency stability, low inflation rates, and lower construction costs.
On the other hand, Ghana and Angola are considered the least attractive countries.
The report emphasizes that continued local currency depreciation may result in expensive loans for financing real estate projects, leading to a limited development pipeline in many markets.
Source : Africa Home Building News -Joycelyn Marigold
