One sector in Ghana which is witnessing exponential growth is the real estate sector. Over the years, there have been an increase in the buying, leasing and investment in commercial and residential properties. To further boost growth in the property sector, there have been calls to introduce a Real Estate Licensing Act.
The Real Estate Licensing Act is one measure that would help to eliminate fraud, dishonesty and improve competition among industry players. It would also help to increase honesty and integrity in the sector. Another addition which could improve the sector tremendously is the involvement of the government, which would ensure the protection of customers while making sure real estate brokers and professionals are properly educated.
These were some of the concerns raised when a nine-member parliamentary delegation from Ghana recently paid a working visit to Chicago to learn about the US licensure requirements and the training programmes being offered by Certified Commercial Investment Member (CCIM) Institute to commercial real estate professionals.
The delegates were hosted by Mrs. Vicky Sampah, Managing Broker of L’Abri Realty and President of the Ghana Real Estate Professional Association, who put together the visit in collaboration with the National Association of Realtors (NAR), Illinois Association of Realtors (IAR), Mainstreet Organization of Realtors (MORe) and the International Real Estate Federation (FIABCI).
“We need to regulate the commercial real estate industry in Ghana, an emerging market which provides commercial real estate professionals with the best education,” says Honourable Alhaji Amadu Seidu, who is also the chairman of Lands and Forestry. “We want to learn international best practices for our young economy and commercial real estate market, and welcome a partnership with the CCIM Institute to contribute to our vibrant economy.”
The four-day visit culminated in a confereitnce of Counselors of Real Estate, an organization of professionals within the real estate sector, specialized in providing advice in the area of property investment. They also pledged their support to the formulation of the Real Estate License Law in Ghana.