Housing fair ends at Accra Mall
Stakeholders in the real estate industry have advocated more platforms to conscientise the public about the real estate industry and its importance to the growth of the economy.
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At the just ended Graphic –GREDA Fair that climaxed last Saturday at the GHUD Park of the Accra Mall, real estate companies, agents, service providers and mortgage lenders appealed to the government to scrap the five per cent VAT on estate developers and the construction industry.
Their call echoed a similar sentiment shared by the president of the Ghana Real Estate Developers Association (GREDA), Patrick Ebo Bonful who told the Graphic Business
that the 5% VAT on estate developers had further exacerbated issues for the real estate industry which needed an urgent bailout.
"Our industry is going through a tough time, and it is our only wish that we could get some bailout from somewhere, from the government especially, if we could do away with the five per cent VAT that has been imposed on real estate.
It is only making the matter more difficult. We humbly plead that they do so and they do so expeditiously," he stated.
He reassured the public that safe and secure home ownership remained a priority for GREDA and its partners, to ensure that all patrons of the sector achieve their dream of owning a home with confidence and peace of mind.
Real Estate Act
Mr Bonful said the passage of the Real Estate Act, 2020 (Act 1407) four years ago gave much protection to homeowners and buyers, and charged prospective home buyers and patrons of the 2024 Graphic-GREDA Real Estate Fair to exercise caution when buying homes to avoid potential risks.
“With the passage of the Act, homeowners can protect themselves from unexpected problems, and the chosen theme for this event goes to show the due diligence buyers must do to be free from problems,” he stated.
He said prospective home buyers should do a lot of research before buying their homes to ensure safety and security, which, he said, were critical aspects of ensuring peace of mind for homeowners.
"With the passage of the Real Estate Agency Act 2020, Act 1047, it is important to hire a reputable real estate agent who can provide you with the necessary information to ensure that your property is safe and secure,” Mr Bonful said.
Housing fair
The annual event featured everything from housing solutions to the final touches needed to complete a dream home. Key stakeholders in the housing sector, including the Lands Commission, SIC Insurance, Vanguard Assurance, ASHFOAM, DEVTRACO, Waylead, CCAG, and Sedan Landbank, have gathered to interact with the public.
Other notable participants include Hollard Insurance, STL Superlock, Broll Ghana, Affordable Luxury Homes, Lakeside Estate, Star Properties, Spotlight Homes, Latex Foam, First National Bank, Azar Chemical Industries Limited, Regimanuel Gray Limited, Cornerstone Developments, Emerald Properties and Swami India Ghana Limited.
Graphic’s responsibility/affordability
The Managing Director (MD) of the Graphic Communications Group Ltd. (GCGL), Ato Afful, said the theme for the fair reflected the responsibility held by the GCGL as a national brand to provide accurate, truthful and verifiable information daily to promote national development, and enhance the living standards and well-being of the population.
He said the collaboration with GREDA on the fair aimed to fulfil the vision of growing the country’s real estate market.
“The event provides insights into prevailing market dynamics, explores emerging trends in green housing and promotes the concept of green living.
It guides existing homeowners and potential buyers on their investment journey, from land acquisition to opportunities in real estate as an investment portfolio,” he said.
Climatic factors
Mr Afful said the importation of the majority of building materials was a critical issue to look at regarding affordability.
He said to ensure the success of that local content policy ambition, it was imperative that GREDA and partners in the building materials segment continued to research and explore the use of locally sourced and available materials, considering the sunny, warm and humid tropical local climate.