Ghana Property Investment Network Blog

Investing in the Ghana property market
11
Jul

Lower building costs to drive down high housing prices

It is an undeniable fact that correcting Ghana’s housing deficit would require concerted efforts by both the government and private sector.

At Citi FM’s Housing Forum which came off on Tuesday at the Alisa Hotel, discussants identified the systemic challenges facing the housing sector and looked at ways to correct the trend.
These bordered on the future of housing with an emphasis on sustainability, affordability, standards and financing.

With a projected housing deficit of 2 million by 2020, industry players believe there is the need to pin down all stakeholders to quicken the pace of bridging the housing gap.

With a keen interest in how the capital city is planned and structured, the CEO of Apollonia City, Bright Owusu-Amofa identified the complex issues in land acquisition and documentation as one fundamental issue which ought to be rectified immediately.

“The Metropolitan and national governments must be willing and able to either acquire or facilitate the acquisition of bulk developable lands. We also need to provide the enabling infrastructure for the development of satellite towns and cities,” Mr. Amofa said.

While admitting that Ghana’s relatively high cost of mortgages, prices out a large chunk of prospective homeowners, the Chief Operating Officer of Ghana Home Loans, Kojo Addo-Kufuor impressed on colleague industry players to develop models that will enable everybody to get accommodation despite his daring remarks that, ‘not everybody will own a house.’

Meanwhile, Professor William George Ntsiful of the Department of Architecture at the Kwame Nkrumah University of Science and Technology and a member of the Ghana Institute of Architects believes the continuous pricing of properties in dollars by real estate developers remains as a key constraint to Ghana’s housing challenge. Read more…

Courtesy

Ghana News

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