The real estate industry in Ghana is gradually picking up after a rather difficult year in 2020 as a result of the coronavirus pandemic.
Stakeholders in the Real Estate industry are confident of growth in their business and in high expectation of future investments in the sector.
The Chief Executive Officer of online real estate company Meqasa, Kelvin Nyame, says it is already beginning to see some hints of improvement.
With this, he is optimistic that the progress recorded so far in 2021 will be sustained throughout the year.
“We are already seeing big demand especially in lands, houses; three- and four-bedroom houses for sale. We’ve seen traffic bounce back again in January to 30% growth; so we are expecting more people. The vaccine is out, so we are expecting more people to be able to travel. We expect more content, more content and more property to be built and more investment to come back into the country. We expect the confidence for people to invest in apartments to lease for rental yields also bounce back.”
The sector which was significantly hard-hit by the knock-on effects of the government’s measures to contain the novel coronavirus saw reduced buying patterns and as a consequence, people were being forced to stay home; many people, including home buyers, were in a ride-it-out, wait-and-see mode.
Earlier, the President of the Ghana Real Estates Developer Association (GREDA), Mr. Patrick Ebo Bonful disclosed the plight of the real estate industry in Ghana and the extent of damage it has had on agents within the sector.
According to him, the real estate industry was woefully affected by the coronavirus pandemic as most buyers have had to review their plans in the midst of the uncertainty.
Real estate developers, contractors, surveyors and supplies who are housed under the association have equally been affected by the pandemic.
In bringing sanity to the sector, the Ghana Chamber of Construction Industry rooted for the Construction Industry Development Authority, (CIDA) Bill.
Cherry Emmanuel Awusanya, Chief Executive Officer of the Ghana Chamber of Construction Industry, noted that there is the need for the Bill to be passed to bring stability to the sector.
Subsequently, Parliament passed the Real Estate Agency Bill, which without a real estate license issued under the law, a person will not be allowed to provide real estate agency services; provide services as a real estate agent; engage in any business connected with the provision of real estate agency services; or engage in a real estate transaction including the business of finding accommodation for a prospective tenant for a fee.
The Ghana Real Estate Developers Association (GREDA) confirmed the bill being passed by Parliament pending assent by the President to make it an enforceable Act.
A representative from Ghana Association of Real Estate Brokers (GAR) with this, commended the industry and the Parliament with steering efforts from the Minister for Works and Housing.
