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Homeowners in Ghana prefer to build than buy from estate developers

The President of the Ghana Real Estate Developer Association (GREDA) Patrick Ebo Bonful has revealed that most homeowners in Ghana prefer to build their own houses than buy from real estate developers.

President of the Ghana Real Estate Developers’ Association (GREDA), Patrick Ebo Bonful

Mr Ebo Bonful, therefore, called on his members to change their mode of operation or risk collapsing.

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He said data from GREDA showed that 6 out of every 10 houses built recently were constructed by the homeowners themselves. The other 4 were provided by real estate developers.

“GREDA, through its members, has in the immediate past decade delivered more residential houses to the Ghanaian real estate market than at any other time before now. Interestingly, however, at the same time, residential housing construction by private individuals for their personal use has skyrocketed to a ratio of 60 percent to 40 percent in favour of private individuals.”

Speaking at the GREDA Annual CEOs Breakfast Meeting Exhibition, he said this can only be changed if members of the association put in measures to construct homes for low-income earners.

“The above scenario poses a great challenge to our members in general and our association in particular. To remain relevant, we need to do more to reduce the national housing deficit.”

“To help reduce the national housing deficit, we need to do more in the area of sustainable, adequate, affordable mass residential housing; and if we are to succeed in that direction, then we will also need to be innovative in the design and technology-mix of our housing construction delivery,” he added.

GREDA has therefore charged its members to use local building materials which will also reduce the cost of operation and develop the local economy.

The association has also called on the government to help by providing litigation-free land banks. This they say will help them reduce Ghana’s housing deficit – pegged at 2 million housing units by the Ministry of Works and Housing.

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