The Ghana Real Estates Developers Association (GREDA) is warning of a complete takeover of Accra by foreigners who are acquiring houses from Ghanaians at an alarming rate.
According to GREDA “Accra is becoming like Johannesburg; every property which is good is now owned by foreigners and we are moving to the outskirts”.
Speaking at the Housing festival organised by Citi Fm on the topic ‘Fixing Ghana’s housing problem’, Executive Director for the Association, Samuel Amegayibor, attributed the development to the lack of regulation of the real estate industry.
“There is no regulation. Everybody is doing anything. For those of us who are selling properties, if you look at the statistics all the fine areas in Accra are being owned by foreigners now.
“Today, we are selling all our properties to foreigners and we are becoming watchmen and house boys servicing those properties. We have to do something about this alarming situation,” he lamented.
GREDA recommended the acquisition of large tracts of land and the creation of land banks as one of the solutions to the problems that have bedeviled land acquisition in the country.
On management of lands, GREDA recommended the establishment of an Authority that would be solely responsible for sale of lands, “so that if you are a chief or a family head and you have land, you register the land with that Authority so that its disposal would also go to through the same process so that we are certain that one body is dealing with the issue”.
Touching on some earlier suggestions from speakers at the same event, Mr Amegayibor pointed out that government providing infrastructure to ostensibly reduce the cost of lands was unlikely to be achieved.
“Go to where the infrastructure exists now and find out the cost of an acre of land. When you go to places like Labone, and Airport you are buying an acre for $2.5 milion so then what kind of property will a developer put on to even just defray the cost of land?”
The GREDA boss called on government to restore macro-economic stability to provide relief to estate developers through reduced cost of production.
Chief Executive Officer of Appolonia Real Estate Developers, Mr Bright Amofa, also called for careful definition and articulation of Accra’s development plan to ease the congestion in the city.
“At Appolonia, we believe that the best model is to focus on development of major satellite towns and cities around Accra linked to the main city of Accra via major highways and rail links if possible,” Mr Amofa recommended.
Source: The Finder
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***barred word*** country apuuuuuuuuuuu
Very funny in deed. When you price your houses in dollars and sell at prices that only foreigners can buy what do you expect? We are too greedy in this country. How can one make a 40% margin on one house sale? Houses in Ghana are way too expensive, and its not due to solely cost of materials. 50% of the problem is greed and rip-off. If individuals build their own houses cheaper, why can't developers who buy in bulk not build cheapest. They should rather push government to provide the civil infrastructure of roads, water etc to the sites. Some promise these things and slap the costs on the houses but never deliver. The few who do prices the houses as if they are ornaments. Until we stop the Peter robbing Paul merry-go-round economics we won't anywhere. If you charge me exorbitantly for a house, when you come to the consulting room I too will take my money.... so who loses?
The government and people of Ghana must listen to this advise and warning and react quickly to correct the unfortunate and dangerous situation.Accra,Kumasi,Cape Coast and all Ghana must be in the hands of Ghana with a Ghanaian president.Please act now to save the nation for future generation.