Ghanaian Journalist, commentator, and lead sports editor Fentuo Tahiru Fentuo has advocated for the regulation of Ghana’s real estate market.
He reckons many individuals will become homeless if real estate prices are not controlled.
“We need better price regulation in the real estate industry, because, what is this?”, he posted on X.
The cost of real estate in Ghana has been steadily increasing, particularly in cities like Takoradi, Kumasi, and Accra. The high cost of real estate is caused by a number of variables.
Prices are rising because there is a greater demand for housing than there is supply, especially in desirable areas.
The majority of building supplies are imported, which raises their cost because of taxes, levies, and changes in exchange rates.
Due to numerous claims, court cases, and high land prices in urban areas, acquiring land in Ghana can be challenging and costly.
The Ghana cedi’s decline in value relative to other major currencies raises the cost of real estate and construction.
There is a lack of reasonably priced housing for the typical Ghanaian as a result of many developers focusing on the upscale market.
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Due to Ghana’s high mortgage rates, many people find it challenging to finance their homes.
Due to the exorbitant cost of these homes, whether they are for sale or rent, Ghanaians generally lack access to affordable housing options.
Without considering affordability, the majority of these real estate firms have increased the price of their properties by taking advantage of a few factors.
Tahiru Fentuo Tahiru is therefore urging the Housing Ministry and those in charge of various housing departments to assist in addressing the pressing situation.
