The Sales & Property Management Director of Akka Kappa Ltd Property Solutions, Edoardo Castagna, has attributed the hikes in home prices to the cost of construction, largely influenced by the importation of building materials.
Imported building materials carry extra costs in the form of import duties and custom levies, culminating in the high cost of the finished product.
Speaking to Real Estate Times Africa in an exclusive interview, the realtor admitted that these factors push up the cost of building in Ghana, and was quick to add that houses in Ghana are fairly priced given the escalating cost of construction.
"The cost of building in Ghana is quite expensive. Ghana doesn't have all the building materials to build, though it produces some of the raw materials but imports more from foreign countries,"Edoardo said.
According to him, the booming real estate market in Ghana demands investment, especially that of foreign investors.
"Ghana as a country is very politically stable and that attracts foreigners to come in and set up the companies locally to operate in the sub-Saharan region or maybe across Africa," he added.
Edoardo Castagna called for the regulation of the real estate market to help rid it of unqualified agents and unprofessional whose continuous operations pose a serious threat to the industry.
Source: Abdul-Razak Mohammed (Real Estate Times Africa)