Headlines for PE News 05/03/25
Diaspora Property Expo 2025 Team Briefs Housing Minister on Investment Goals
GREDA Urges Developers to Explore Local Materials Amid Rising Cement Costs
UK Housing Minister Pledges to Abolish Leasehold System by End of Parliament
The Minister of Works, Housing, and Water Resources, Kenneth Gilbert Adjei, has been briefed by a team representing the Diaspora Property Expo 2025 (DPE2025) ahead of the event, which is scheduled to take place in Philadelphia, United States, later this month.
The meeting, held in Accra, highlighted the objectives of the expo, which seeks to connect Ghanaian real estate developers with investors from the African diaspora in the USA and Canada.
DPE2025 is set to run from March 21 to March 23 at 1735 Market Street in Philadelphia, Pennsylvania.
Organised by the Diaspora Property Investment Ltd, Made in Ghana Consulting Ltd, the Ghana Real Estate Developers Association (GREDA), the World Trade Centre of Philadelphia, Nkunim Diaspora City in Mankesim, and Atomu Africa Development Services, the expo aims to showcase investment opportunities in Ghana’s real estate sector.
The initiative is being supported by key partners, including the Ministry of Works, Housing and Water Resources, the Ministry of Foreign Affairs, the Ghana Embassy in Washington DC, the Office of Representative Amen Brown of Pennsylvania, and the Office of the Mayor of Philadelphia. So far, 25 exhibitors from various segments of Ghana’s real estate and property sector have signed up to participate in the maiden edition.
During the briefing, the DPE2025 delegation emphasised the strategic partnership between Ghana’s private sector and the government in positioning the country as an attractive destination for real estate investments from the diaspora.
Mr. Thomas Young, President of the World Trade Centre of Philadelphia, who was visiting Ghana, expressed appreciation for the Ministry’s support in facilitating the expo.
Also present at the meeting were Nana Kwesi Atomu II of Atomu Africa Development, Sidney Justin Tehoda, Verus Nartey, and Nana Obokese, CEO of Nkunim Diaspora City, alongside officials from Diaspora Property Investment Limited.
Minister Kenneth Gilbert Adjei commended the organizers for their efforts in promoting Ghana’s real estate industry to a global audience and reaffirmed the Ministry’s commitment to supporting the success of the expo.
The Ghana Real Estate Developers Association (GREDA) has called on its members to explore innovative ways of incorporating locally available building materials alongside cement in their construction projects.
This appeal follows a recent increase in cement prices by approximately GHC 9.00 per bag, a development attributed to higher port tariffs imposed on manufacturers.
Speaking during the Association’s annual general meeting, President Patrick Ebo Bonful urged industry players to find alternative solutions to cushion the impact of rising costs. He emphasized the importance of blending cement with other materials to ensure affordability and sustainability in construction.
Meanwhile, GREDA has introduced an initiative aimed at addressing mortgage financing challenges within the sector. The Association announced the establishment of the GREDA Investment Trust, which is currently awaiting approval from the Securities and Exchange Commission for listing on the Ghana Stock Exchange.
According to Mr. Bonful, the Trust will provide a much-needed financial cushion for developers, allowing them to focus on their projects without being constrained by inadequate mortgage financing. He noted that while banks have made efforts in the sector, additional investment is necessary to drive real growth.
Housing Minister Matthew Pennycook has pledged to abolish the leasehold system in England and Wales by the end of this parliament, marking a major step toward banning new leasehold developments.
The move follows long-standing complaints from leaseholders about high service charges, poor building maintenance, and slow repairs. With five million homes still under leasehold agreements, Pennycook described the system as a “feudal relic” and stressed the need for change.
The government aims to replace leasehold with the commonhold system, where flat owners collectively manage their buildings. A forthcoming white paper will outline reforms, including simplified property management for leaseholders, stricter building maintenance guidelines, and a system ensuring only those who use certain amenities pay for them.
Despite previous delays and leaseholders’ frustrations over slow reforms, Pennycook assured that this overhaul would create lasting improvements in the UK housing market.
Source : Property Express New -Joycelyn Marigold
