Although GREDA describes the news as welcoming, it says its members need further clarification on how the tax holiday will be of benefit to the industry.

“It is welcoming except that we want to understand what the new terms are; definitely there has to be something new and beneficial as an incentive for the real estate developers. So we want to know the full content of what this policy is going to do,” Executive Secretary of GREDA Sammy Amegayibor said.

A Deputy Minister of Works and Housing, Eugene Boakye Antwi has stated that first time estate developers would be granted tax holidays for five years to attract more investments into Ghana’s real estate sector.

Mr.  Sammy Amegayibor, who spoke to Citi Business News said the move when it materializes, will solve some major challenges facing the industry.

“It is one part of the solutions to the challenges that players in the industry are having. In housing, it takes a very long time to start a project and so five years for real estate developers as an incentive to enjoy some tax relief, is really good for the industry for one reason. That the five years will give sufficient time for the companies to properly pop up and be ready to take the mantle on,” he added.

Ghana’s housing industry has been faced with huge challenges.

Currently, the country faces a huge housing deficit estimated at 1.7 million

Government has since tried to sanitise the industry to make it more lucrative for investors.

Government has proposed a land bank policy to address the rising housing deficit by the end of the year.

The program has become necessary as the issue of land acquisition has been cited as one of the basic issues contributing to Ghana’s housing crisis.

Under the policy, custodians of lands such as traditional leaders will offer available concessions to estate developers to be developed and repaid under agreed and flexible terms.

GREDA has since called on government to ensure the project is achieved by the end of the year.

–

By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana

The post Estate developers demand clarity on new tax holiday appeared first on Citi 97.3 FM - Relevant Radio. Always.

The program has become necessary as the issue of land acquisition has been cited as one of the basic issues contributing to Ghana’s housing crisis.

Under the policy, custodians of lands such as traditional leaders will offer available concessions to estate developers to be developed and repaid under agreed and flexible terms.

This initiative is also expected to address the huge housing deficit facing the country,estimated at 1.7 million.

Deputy Minister for Works and Housing, Eugene Boakye Antwi says his outfit is liaising with regional ministers and chiefs to ensure this is achieved.

“It’s to make land accessible to would be investors and to also bring equity into the system. We don’t see why somebody should bring his money from a foreign bank, but any attempt to support with land gets the investor entangled in a legal confrontation. That is why we want to acquire the lands and when these investors come, then we can give these investors portions to develop,” he explained.

Mr. Antwi who spoke at a CEO’s Breakfast meeting organized by the Ghana Real Estate Developers Association (GREDA), Mr. Antwi was also hopeful of rolling out the plan by the end of this year.

“We have sent out letters to the various regional ministers and chiefs. Some have responded favorably, while some are also working on it. It is work in progress; hopefully by the end of the year, we should give the housing industry players some favorable news,” he added.

Meanwhile GREDA who has been calling for the establishment of the land banks to mitigate land challenges in the country expressed optimism to the approach by the ministry.

Executive Secretary of GREDA, Sammy Amegayibor however says government must live up to its assurance and ensure the policy is implemented to enhance the efficiency of the housing sector.

“Land acquisition has been a hurdle and so we have called for the establishment of land banks. We have made this call on the minister long ago and we believe that is the number one solution to our land issues. If they acquire the land and hand over to us then we will remove this problem of litigation because we have properly acquired it,” Mr Amegayibor explained.

–

By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana

The post Govt to implement land banks to tackle housing deficit appeared first on Citi 97.3 FM - Relevant Radio. Always.

As a result, most of them have begun counting their losses as the continuous delay compounds their interests to be paid on loans contracted from banks.

Statistics available to Citi Business News also indicate that four out of every ten houses are occupied within a year.

In the third of our new series dubbed, Ghana’s housing crisis which focuses on the industry’s problems and how they can be solved, Pius Amihere Eduku examines the low occupancy levels among residential properties in the nation’s capital.

Click to listen to full audio report.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Ghana’s housing crisis: High supply outstrips low demand? appeared first on Citi 97.3 FM - Relevant Radio. Always.

Figures from players in the housing sector show Ghana’s housing deficit ranges from 1.7 million to 2 million.

Despite moves by successive Governments and the private sector to reduce the deficit, it appears the multiplicity of the problem makes it difficult to find solutions.

In the first of our new series dubbed ”Ghana’s housing crisis” which focuses on the industry’s problems and how they can be solved, we examine the increasing cost of acquiring land and its availability in the Greater Accra region.

Click to listen to full audio report.

–

By: Bobbie Osei/citibusinessnews.com/Ghana

The post Ghana’s housing crisis: Cost of land up by 450% in 13 years appeared first on Citi 97.3 FM - Relevant Radio. Always.