Graphic Business News

Self-build craze threatening estate business – GREDA

By: Daily Graphic
Some of the estate developers at the meeting
Some of the estate developers at the meeting

The Ghana Real Estate Developers Association (GREDA) has expressed concern over the increasing preference of people to build their houses rather than buy from estate developers.

It blamed the trend on the gradual decline in the quality and standards of houses sold by estate developers.

As a result, it has pledged to help address the issue for the benefit of the developers and the buying public in particular.

The Executive Director of GREDA, Mr Sammy Amegayibor, raised the concern in Accra during a developers’ seminar organised by the GHL Bank.

The seminar is an annual event by the bank, formerly called Ghana Home Loans, to foster a mutually beneficial relationship with real estate developers.

It also aims to provide developers with the platform to stretch their ambition to deliver enough homes to meet the country’s housing demands.

Knowledge sharing
While commending GHL Bank for its role in the real estate business, Mr Amegayibor said estate developers needed to concentrate on the quality of the homes they developed, as it had become cheaper in the long term.

“Increasingly, people are beginning to prefer building their own homes to buying from developers because the quality and prices fail to meet expectations,” he stated.

On the issue of quality and standards, the executive secretary said the association was devising a strategy to help curtail the development.

He also encouraged developers to join the knowledge sharing programmes and meetings of GREDA to be abreast of ways to optimise and meet quality standards.

Information sharing
The Executive Director of Business, Mr Kojo Addo Kufuor, said the bank would continue to maintain its position as the true partner for the real estate sector, adding that the bank would do this by supporting developers through skills enhancement programmes meant to build their capacities.

“It has become more relevant that we have various streams of communication and support for developers. Now more than ever, we will be looking out for and sharing trends and innovative ways to enhance and facilitate the supply and production of homes to meet the increasing demand for homes and properties,” he added.

Impact of seminar
The seminar seeks to provide real estate developers across the country with insight into world-class industry standards and resources to enable them to improve on home construction and supply.

This year’s first event was heavily patronised by over two hundred real estate developers, property owners and partner vendors and suppliers within the real estate sector.

The team from GHL Bank shared the various innovative banking products and services that have been made accessible to the real estate developers, as well as business value optimisation facilities for the supply of quality modern and affordable properties.

Since its conversion to a bank late last year, GHL Bank’s partnership with developers has become profound, given that it is a one-stop bank still focusing on providing every applicable boost for the real estate sector.

In addition to the existing construction loans, developers can now operate accounts, manage payments and transactions, as well us acquire investment packages from GHL Bank to support their businesses.