Tag: real estate
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Housing Ministry gets tough on shady housing transactions
The Works and Housing Ministry is set to introduce laws to regulate activities in the real estate sector and sanitise the housing industry. To this end, the Ministry is set to resubmit a revised Real Estate Agency Bill to cabinet for onward submission to Parliament and subsequent approval. Deputy Works and Housing Minister, Freda Prempeh…
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Banks deepen partnerships to boost home ownership
As part of efforts to reduce the cost of financing mortgages, some banks have begun partnerships with real estate companies. The move according to them will help sustain real estate companies as well as the mortgage industry. This also follows the Bank of Ghana’s latest banking sector report showed that commercial banks decreased their percentage…
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Housing ministry to pass new laws to sanitize sector
The Works and Housing Ministry has disclosed it has initiated processes to get Parliament to pass four legislations to regulate activities in the housing sector. The move will see the passage of two new Bills and the amendment of two others. The two new Bills are the Real Estate Agency Bill as well as the…
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Complex land acquisition systems; the bane of estate developers
Industry players in Ghana’s housing sector want the government to critically address Ghana’s land acquisition and documentation system to ease the burden associated with the provision of decent accommodation. The estate developers contend that the high costs of properties have priced out the majority of prospective homeowners and compounded the housing challenge. Participants at Citi…
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High cost of production threatens housing sector – GREDA
The Ghana Real Estate Developers Association (GREDA) has stated that the industry is facing huge crises due to its unproductive nature. The Association has attributed this to the low patronage as a result of the high costs of properties. According to GREDA, though its members are expected to produce about 70, 000 houses, they only…
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Scrap VAT on real estate, financial services, import levies, et al – Analyst
A tax consultant, Eric Amponsah Boateng has outlined four key taxes he wants the government to scrap in its first budget. They include the 5% VAT on real estate, import levy, fiscal stabilization levy and the 17.5% VAT on financial services. Speaking ahead of the presentation by Finance Minister Ken Ofori Atta this morning, Mr.…
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Cheaper credit, lands may reduce cost of houses- Devtraco Plus MD
The relative high cost of properties in Ghana’s real estate industry may be reduced if Ghana stems up measures to reduce interests and regulate land acquisition processes. This is the view of General Manager of Devtraco Plus Limited, Cyril Tay. His comment comes on the back of concerns that the high cost of properties still…