The real estate developers and fund managers have called the Securities and Exchange Commission’s (SEC) to speed up regulation review and see that how much investment is needed for fund managers to invest in housing sector.
Two years ago SEC indicated that through existing regulations it will allow only 15 % of funds to the fund managers to invest in housing sector.
Whereas house sector developers want to get more funds to develop the sector by creating new housing projects and they also want to maximize their profits by investing more funds into the sector.
Ghana Real Estate Development Association (GREDA) has called for SEC’s regulations to speed up its review for the country’s development.
According to the Managing Director of UT Properties Limited there is a need to review the regulations to allow the housing developers to highly invest in the sector; there are enough funds for the sector but the restrictions from SEC not allowing the fund managers to invest more in the sector.
The deficit of housing sector is estimated at 1.7 million units however 70,000 units annual growth is recorded. Ghana Real Estate Development Association estimated that almost 50 percent of Ghanaian are living in sub standard housing and unsuitable structures.
There are few industries in the country which are capable to fulfill the demand for building materials, sinks, tiles, plumbing materials and louver frames and blades.
More than a year ago the workers in housing sector who earned between GH¢4,000-GH¢5,000 has qualified to purchase a house of US$84,000 priced.
Farmers Union demanded transparency in dividends payment
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