The Ghana Real Estate Developers Association (GREDA) says it is positioned for a turnaround in 2019 after a poor showing in the previous year.
Executive Secretary for GREDA, Sammy Amegayibor observed 2018 was the worst year for its members because of happenings in the financial sector limiting cash flow.
“Real estate booms when there is income surplus. When people struggle to feed, they wouldn’t be thinking of building or buying property,” he stressed.
As it stands, it is when the economy does well and people earn good pay or returns on investment that capital intensive projects like owning a home can be pursued.
GREDA is established under the Company Code, Act 179, of 1963 as a Private Company limited by guarantee among others to liaise with financial institutions in developing an effective mortgage house ownership scheme for prospective owners and also impress on the institutions the need for long-term financing in real estate development.
Its president is CEO of PS Global Limited; Patrick Ebo Bonful who wants regulation bothering on home finance mortgages to be reviewed to make it easier for mortgage banks to retrieve properties from defaulters making the process easy and cost-effective.
The non-profit organisation birthed around 1988 core vision is to assist all Ghanaians gain access to the housing of their choice and the opportunity to own their dream home.
GREDA has however come under scrutiny for failing to bridge Ghana’s housing deficit by concentrating on building mansions for the upper tier of the middle and high income earners and not exploring the development of basic structure for low income earners to scale up the supply of houses.
By Michael Eli Dokosi/goldstreetbusiness.com