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Real estate regulatory bill to go before parliament

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Alhaji Collins Dauda
Alhaji Collins Dauda

The Real Estate Regulatory Bill would soon be laid before Parliament to help regulate the estate industry in Ghana, Alhaji Collins Dauda, Minister of Water Resources, Works and Housing has announced.

The bill would help regulate the real estate brokerage practice and transactions and prevent the use of those transactions for purposes of money laundering and other vices.

Alhaji Dauda said this in a speech read on his behalf by his deputy, Jonny Osei Kofi, in Accra during a real estate conference organised by Lamudi Ghana in collaboration with mobile giant MTN.

It was on the theme: “The Future of Real Estate in Emerging Markets”.

The conference brought together stakeholders in the industry including the Ministry of Water Resources, Works and Housing, Ghana Real Estate Developers Association and a number of real estate agents and developers.

Alhaji Dauda said the bill also provided for the training and licensing of estate brokers while at the same time requiring estate brokers to provide bonds as guarantees to operators in the property market.

Established under the bill would also be a Real Estate Agency Authority to regulate agency practice, commercial transactions including the sale, purchase, rental and leasing of real estate and related fixed assets.

“Today, several real estate agents/agencies are advertising houses for rent as well as for sale to prospective home owners online or sign post by road sides.

“In as much as it is a great opportunity for creating jobs for many Ghanaians, the most unfortunate thing is that, some of these real estate operatives have turned out to be fraudsters.

“In recognition of these challenges coupled with the important role the industry plays in our economy, the government is working assiduously to come out with a law to control the sector,” he said.

On the New Housing Policy, the minister said the policy had been finalised and sent to cabinet for approval, after which it would be laid before Parliament to be passed into law.

He said the overall goal of the policy was to provide adequate, safe, secure, decent and affordable housing that was accessible and sustainable to all people living in Ghana.

Alhaji Dauda said the way forward to bridge the increasing gap of housing deficit in the country was to partner with the private sector.

He said the main objective of the policy, therefore, was to promote greater private sector participation in housing delivery in Ghana.

He said the policy had also made some specific recommendations in respect of improved access to land with good life for housing and outlined policies for increased production and usage of local building materials in construction.

Alhaji Dauda said aside this; the policy also recommends the establishment of a National Housing Fund designated for affordable mortgages, slum upgrading and support for small scale local building material producers.

He said the establishment of a National Housing Authority had also been recommended under this new housing policy.

“Its mandate will be to operate government’s housing policies through strategies and programmes to be implemented by ministries, departments and agencies, metropolitan, municipal and district assemblies, and other stakeholders,” he said.

He lauded Lamudi for organising the conference.

Akua Nyame-Mensah, Managing Director of Lamudi Ghana, said Lamudi was focused on doing business online, and had over 500 agencies, developers and individuals listing.

She said the real estate industry in Ghana had grown by 11 per cent over the past five years.

Source: GNA

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