The Minister for Works and Housing, Francis Asenso-Boakye (MP) has expressed confidence in the Real Estate Agency Act to sanitize and regulate the operations of the real estate sector and other intermediaries.
This, the Minister believes, will compel industry players to adhere to international best practices and standards.
The Real Estate Agency Bill, which was submitted to Parliament for consideration and approval in the year 2020 has subsequently been passed into law (Act 1047).
In a speech delivered on his behalf by the Deputy Minister, Hon. Abdulai Abanga at the opening of the Africa Real Estate Conference and Expo 2021 in Accra, the Minister said the Real Estate Act intends to among other things regulate the practice and conduct of real estate agencies and practitioners as well as commercial transactions including the sale, purchase, rental and leasing of properties.
The Minister indicated that the Act will also prohibit the activities of unlicensed real estate persons to make room for only authorized individuals or exempted organisations under the Act.
He added that the provisions of the Act will go a long way to plug the avenues in which real estate transactions are used to launder money including the prohibition of the use of cash for real estate transactions
The Minister observed that the enormous developments being experienced within the real estate sector across the African continent, as revealed at the Africa Property Investment (API) Summit held in South Africa has aroused the interest of developers and brought an expansion of the lending market.
Available research indicate that Africa’s real estate sector is driving the continent’s economic recovery forward with more than US$800million deals taking place in the year 2021. This, the Minister said shows that there are attractive opportunities in the African real estate market and steady growth over the past years.
He urged both developers and lenders to invest in the real estate business in Ghana, adding that growth in the economy, improvement in demographics, continuous political stability, as well as improvement in the stock market promises good investment returns.
Madam Vicky Sampah, the founder of the Ghana Real Estate Professionals Association (GREPA) said the GREPA was set up to bring Professionals in the Ghanaian Real Estate Industry together for purposes of promoting the goals of its members, promoting ethics and professional standards within the industry as well as creating and supporting local and international networking opportunities for its members.
She indicated that the maiden Africa Real Estate Conference and Expo 2021 has brought together local and international attendees including experienced local and International speakers, instructors, investors, industry practitioners as well as a global audience with a vision to empower, motivate and equip industry professionals with tools to succeed.