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Mortgage Rates Must Be Affordable for Real Estate to Boom in Ghana

Mortgage Rates Must Be Affordable for Real Estate to Boom in Ghana

The Managing Director for Akka Kappa Ltd Property Solutions, Jolanda Castagna Mischiari, has bemoaned the high interest rate on mortgage which is deterring homebuyers, and its negative effects on the real estate markets.

Highlighting the lack of a convenient mortgage system through which an individual can purchase a home in Ghana Jolanda Castagna said the situation can be reversed with a properly regulated mortgage system for homebuyers.

Speaking with Real Estate Times Africa, she extoled the positive rate at which the real estate market is evolving in the country, predicting, that in few years there will be a much easier process of selling and buying properties in Ghana.

On the issues of real estate transactions in the country, Jolanda singled out land ownerships as a major problem and was quick to applaud Lands Commission for the constant progress in their efforts to minimize land-related nuisance in the country.

“We need to regulate the real estate industry, not only the complete enforcement of the rent act and all the laws that are related to the land acquisition process but also having the audience and departments that control what is happening,” Jolanda said.

She further explained that the Real Estate Agency Act (Act 1047) mandates all real estate broker and agent to have a registered license before operating as such.and, encouraged industry players to pay their taxes whilst expressing delight in working in Ghana.

“If we don’t pay all our taxes the government will never be able to provide and improve on all the infrastructure the people complained about,” she concluded.

Akka Kappa Ltd Property Solutions, is one of the leading real estate service providers in the country, since its inception in December 2015 has gained the trust of the expatriates working in Ghana.

 

Source: Abdul-Razak Mohammed(Real Estate Times Africa)

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