Estate agency council receives office block from Housing Ministry

The Ministry of Works and Housing has dedicated an office block to the Real Estate Agency Council (REAC) to operationalise the council. 

The office, which serves as its headquarters, was opened by the Chief of Staff, Akosua Frema Osei-Opare and the sector minister, Kojo Oppong Nkrumah, in Accra last Tuesday. 

REAC

The council was set up by the Real Estate Agency Act 2020 (Act 1047) to regulate the real estate and housing sector to ensure transparency, fairness, accountability and professionalism.

However, it was not fully operational because among other challenges, the council did not have an office space, slowing down the execution of its mandate. The council will employ cloud-based service delivery to facilitate its work across the country and offer clients convenience without decentralising its physical presence. 

Dignitaries

The occasion brought together key stakeholder institutions and individuals such as the Minister in charge of Parliamentary Affairs, Osei Kyei-Mensah-Bonsu, the Board Chairman of REAC, Dr Kojo Addo-Kuffour, board members and some dignitaries. 

Role

Ms Osei-Opare said the presidency was excited about the contribution of the Real Estate sector to the socio-economic development of the country. She said the sector played a very significant role in every economy and served as a fundamental element for investment, development and economic growth.

The new offices of the Real Estate Agency Council

“In the country, the industry has expanded remarkably with rising demands for property across various segments of the market. “However, alongside this growth are numerous attendant challenges stemming from the lack of regulation and the absence of professional standards.

“This has contributed to incidences such as uncontrolled pricing, fraud and high-risk transactions. These challenges hinder the industry’s potential and weaken trust among stakeholders.

“Recognising the need for comprehensive reforms, the government embarked on a journey to reshape the real estate landscape, guided by the principles of transparency, accountability and professionalism,” she said.

The Chief of Staff said that led to the passage of the Real Estate Agency Act 2020 (Act 1047).

Order & stability

Mr Oppong Nkrumah said the occasion did not only mark the opening of a building but symbolised stakeholders’ commitment to deliver the much-needed order and stability to the real estate industry.

“Too many of our citizens are being subjected to pain and disappointment by developers who did not deliver what they promised even after years of taking the customers’ money, while too many businesses are also struggling with clients who have taken possession of properties and playing games with payment.

“The resulting effect is that the industry is not growing as well as it should, while people who should benefit from the sector are opting out to build themselves with its attendant difficulties.

“By providing oversight and guidance to the industry, the council will ensure that ethical standards are upheld, transactions are conducted transparently and the interest of all stakeholders - from developers and property investors to home buyers and renters - are protected and empowered,” he explained.

Writer’s email: Doreen.andoh@graphic.com.gh