Graphic-GREDA Housing Fair : GREDA boss calls for VAT cut on real estate
The President of the Ghana Real Estate Developers Association (GREDA), Patrick Ebo Bonful, has called for a reduction in Value Added Tax (VAT) on the real estate sector.
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Speaking at the launch of the Graphic-GREDA Housing Fair today in Accra, Mr. Bonful said the industry is facing challenging times and that removing the five percent VAT would provide much-needed relief.
He said: "Our industry is going through a tough time and it is our only wish that we could get some bailout from somewhere, from government especially, if we could do away with the five percent VAT (Value Added Tax) 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".
The annual housing fair, which opened its doors to the public today, aims to connect potential homebuyers with developers, financial institutions, and other industry stakeholders.
While addressing the theme of "Green Housing: Safe and Secure Home Ownership, Let the Buyer Beware", Mr. Bonful emphasised the importance of due diligence for property purchasers.
He urged buyers to conduct thorough research and consider hiring a reputable real estate agent.
The GREDA president also highlighted the role of the Real Estate Agency Act, 2020 in protecting consumers.
However, Mr. Bonful's primary focus was on the economic challenges facing the real estate sector.
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He argued that reducing the VAT on real estate would stimulate growth and benefit both developers and buyers.
The annual event, which climaxes on Saturday, is being held on the theme: “Green Housing: Safe and Secure Home Ownership, Let the buyer beware”. It will focus on homes and buildings built with environmentally sustainable materials and recycled plastics known to be eco-friendly.
Some confirmed participants in the fair are SIC Insurance, Vanguard Assurance, ASHFOAM, DEVTRACO, Waylead, CCAG and Sedan Landbank. Others are 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.