The Chief Executive Officer of 3D Homes Ltd, Mr. Frank Nkrumah, has called on the government to help reduce taxes on import building materials and come up with working policy to help real estate developers when buying lands and avoid litigation matters.
The call was made during an interview with BUSINESS DAY, Mr. Nkrumah said prices of land is expensive even at the same area. This does not help with pricing of building and makes the sales of property difficult.
Furthermore the prices of raw material are very expensive because majority of realtors used foreign building materials, which makes the prices of homes and property increase. The government should take a second look at these area, which has a great potential of reducing the housing deficient in the country.
The real estate industry in Ghana continues to boom as new residential facilities are springing up everywhere in the country. Newly wedded couples of today have one thing in mind: owning or renting a property to start their family.
Owning a property is considered as one of the most important investments that one could ever make in life and it is considered as chalking success for achieving that.
For several years, Ghana was at the top of the list for economic growth due to increased oil production. The prospects for economic growth in African countries for 2017 continue to be positive. Even though production has dropped off, the oil industry is still thriving.
The political and economic climate in Ghana has improved and is more stable than in previous years. Even though the country went through a challenging economic time due to energy challenges that spanned a period of three years, the economy is gradually picking up from the doom days.
The residential property market in Ghana is booming due to the strong economic growth. Prices for homes in Ghana and land prices are currently higher than in previous years. Many of the middle-class people in Ghana are selling their property and are being bought up by non-residents of the country and foreign investors.
Another reason there’s such a fast turnover with a lot of properties, is that properties for rent and sale by owners are being advertised online more, reducing the need for print advertising. Investors can find properties they’re interested in buying in seconds.
3D Homes, ultimate goal is to help young entrepreneurs, young executives and the newly couples to boost their growth prospects and elevate their business to meet international standards.
The company, which is situated at Bawaleshie -East Legon, in Accra, offers flexible, affordable fully furnished homes to young executive family to undertake their activities with ease.
Motivation & Passion
‘My real passion is to empower the young business-minded Ghanaians to eventually owe their property without much stress, that is why I set up 3D Homes to provide cost-effective homes solution that frees up the young couple funds,’ he added.
“At 3D Homes, we believe that access to services in Ghana’s Real Estate Industry should be easily attainable, affordable, flexible and most importantly, professional”.
According to Mr Nkrumah, empirical test revealed that developed and transition economies were driven by young executives, or entrepreneurs.
However, he said this was not the case in Ghana, stating that ‘in order to stimulate economic growth in Ghana, there is therefore the need to give budding young executives, entrepreneurs and young couples the leverage with which to successfully acquire affordable homes at prime areas.
How do you access Ghanaian’s Home & property?
There is a deficit of about 1.7 million in the housing industry. The country needs to have more than the current number of real estate companies we have. The financing aspect of real estate is not making flexible to undertake.
Government policy impact in the real estate
Aggressive government policies and steadily improving macroeconomic fundamentals are likely to boost confidence and attract investors into the Ghanaian real estate market.
These factors such as a lower inflation rate, the relative stability of the cedi against major currencies and an improvement in Ghana’s GDP growth, are helping the property market to emerge from a recessionary dip.
“The outlook for developers and investors may include a slight uptick in transaction activity in 2018 if the growth trend in Ghana remains on track,”
Difficulties in the real estate sector
Properties in some Ghana neighborhoods are no longer affordable for the average Ghanaian, since the per capita income is struggling to keep up with the economy.
However, according to statistics the World Bank has compiled, the economic status of many Ghanaians has changed from low income to low, middle-class income.
The population in Accra is steadily growing, so a lot more property in Ghana is needed to accommodate the population, which will result in the construction of new apartment complexes and residences.
Ghana is more conducive to business than some other African countries and doesn’t rely solely on oil production, and more investors are looking to Ghana for real estate investments.
Options for real estate in Ghana are diverse and include residences, offices, warehouses, and land for rent or sale by owner.
Many of the houses in the Accra region and surrounding communities feature two or three bedrooms, each with a bath.
Homes in the Accra region are close to shopping and schools. These homes are a great investment option for foreign investors is being used to improve the infrastructure of the country, and the economy is expected to thrive.
Ghana has more cultural tolerance than some other African countries, which means more immigrants flood the country. As a result, more retail and commercial properties are moving into the country.
Since the Accra Mall opened in 2007, several new and smaller malls are springing.
Why choose 3DHomes
3D’s Real Estate Ltd is your No. 1 affordable real estate development in the sale of Houses. Establish in Ghana over twelve (12) years to help the young and executive’s family acquire property at prime areas in the country.
3D is specialized in the sale of Quality an affordable houses, land documentation, Real Estate development among others. There have about 5,000 arces of land which is yet to be developed at Dorwueya.
3D Real Estate throughout the successful period of existence has built the most comprehensive database of estate houses, in Ghana, flats, offices, apartment for rent in Accra and sale of Land at prime areas and expanded our business for other categories of clients as Ghanaian companies and citizen, Diplomatic mission, international organization and individuals etc.
Special Promotion
3D is offering a special promotion for their customers, from April to June, 2018. Customers who buy home from their East Legon property get a free Hyundai i10 and those who buy from their Tema Community 25, property area get free Hyundai echo. These are fully furnish four (4) bedroom apartment (Town houses).
3D Homes, work with their customers for their satisfaction.
