Minister Commends Lamudi, Devtraco Support For Real Estate Sector

Dr Kwaku Agyemang-Mensah, Minister for Water Resources, Works and Housing, has lauded Lamudi Ghana and Devtraco Limited for their outstanding roles in addressing the housing deficit in the country.

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Minister commended the estate developers during a real estate conference and summit in Accra, on the theme, “Real Estate: An Emerging Engine of Growth”.

Dr Kwaku Agyemang-Mensah.jpg21821
Dr Kwaku Agyemang-Mensah.jpg21821

It was jointly organised by Lamudi Ghana and Devtraco Ltd in collaboration with the Ghana Real Estate Developers Association.

The event, the second to be organized by Lamudi Ghana, hosted key industry players to discuss the way forward for the real estate industry.

He said the conference was a manifestation of yet another effort by Lamudi to bring together industry players with the aim of preserving and improving affordable rental housing units in Ghana while at the same time, bridging the gap between supply and demand information in the real estate market place.

“I wish to state that your organization, since its inception has continuously pursued a very worthy course, and I am very delighted to join you this afternoon for this conference,” he said.

Dr Agyemang-Mensah said the sustainability and development of the real estate sector was the responsibility of both the private sector and government.

“An effective real estate market will happen when both parties play their respective roles to ensure that real estate price reflects the true market price.

“Our role as government is to formulate policies and ensure that the rules and regulations are enforced to protect both consumers and producers,” he said.

The Minister said the Bill for the Establishment of a Real Estate Agency, which would regulate real estate practice and connected purposes, was currently before Parliament.

He said the Parliamentary Select Committee was still deliberating on it; stating that when finally passed into law, it would regulate real estate brokerage practice and practitioners, real estate transactions as well as prevent the use of real estate transactions for the purposes of money laundering and other vices.

Dr Agyemang-Mensah said the Bill would also provide for the training and licensing of estate brokers and would require estate brokers to provide bonds as guarantees to operators in the property market.

He said plans were also far advanced to promote the development of affordable rental housing units for all Ghanaians.

Akua Nyame-Mensah, Managing Director of Lamudi Ghana, said the conference sought to encourage more collaboration between stakeholders in the sector.

The Managing Director said she believes that this would help in reducing the huge housing deficit in Ghana.

“This conference is an opportunity for all stakeholders to come together to deal with Ghana’s housing deficit. Our approach for the most part has been to tackle this challenge on an individual basis,” she said.

“We are stronger as a group in this regard. So we need to join forces to see how best we can tackle this housing deficit.

Mr Elvin Larkai, the General Manager, Marketing and Corporate Affairs of Manager of Devtraco Ltd, said the real estate sector was unfortunately driven by high-level competition; adding that “this is hindering progress in the housing sector”.

“As developers, we need to understand that our main competition are individuals building their own homes.

“If developers can come together to do more community housing for instance, this would benefit Ghana as a whole,” he said.

By Iddi Yire, GNA

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