The real estate sector is undoubtedly one of the main engineers of growth in Ghana. Statistics show that the sector has seen annual growth of about 11 per cent over the past five years. As the industry grows at a rapid pace, change has been a constant theme.
2015 saw a number of important developments for real estate, a sector which is now looking to the future. Lamudi takes a look back at the past year in real estate with this quick five-minute guide to the main milestones in the Ghanaian property market over the past 12 months.
1. Introduction of the real estate VAT
In October last year, the real estate tax was introduced. It was imposed on immovable properties by estate developers with the rate going at five percent. There have been positive effects of its introduction including the creation of more revenue from the sector. However, a number of experts have also warned that the tax is likely to discourage buyers from investing in the sector.
2. The National Housing Policy
Last year, a comprehensive national housing policy was introduced to guide the activities of players in the sector. The policy was launched in the first half of the year with the aim of creating sustainable building principles which will lead to the construction of green communities as well ensuring the full participation of decision makers in housing development. The policy will also ensure adequate funding to supply more houses. The policy will create an enabling environment for the private sector to help in reducing the over 1.7 million housing deficit and the National Housing Authority has been tasked to oversee its implementation.
3. Lamudi makes new additions to its services
In 2015, we introduced the Property Now magazine to keep both industry professionals and house-hunters up-to-date with changes and trends within the real estate sector. The magazines, which were distributed for free in print, were also available online. The first two editions were circulated widely and the third edition is to be released this year.
For individuals seeking information on housing in Ghana, Lamudi Ghana introduced a housing guide to solve the sector’s inadequate data problem. Topics in the housing guide include tenancy agreements in Ghana, mortgages and insurance.
Source: Lamudi
