The Ghana Real Estate Developers Association (GREDA) has raised concerns regarding the limited participation of foreign developers in the association, calling it a major obstacle to fulfilling its mission in the nation’s real estate industry.
During the inauguration of GREDA’s Executive Council Standing Committees and Stakeholder Forum, the Association’s President, Dr. James Orleans-Lindsay, emphasized ongoing initiatives aimed at increasing foreign developer involvement—initiatives that have encountered significant hurdles thus far.
“If you observe the landscape, there are enormous developments underway—very large-scale projects. However, the truth is that most of these prominent developers, especially foreign firms, are not affiliated with GREDA,” Dr. Lindsay stated. “This is an issue. Despite our continuous efforts, they have either declined or shown little interest in becoming GREDA members.”
He also disclosed that GREDA’s research indicates a considerable amount of liquidity is exiting the local market—funds that could otherwise assist local developers and stimulate national growth.
“This is a serious concern. The liquidity that could enable GREDA members to advance the country is being redirected, and that’s quite alarming,” he remarked.
Dr. Lindsay additionally tackled the problem of stagnant property prices, even with the recent strengthening of the cedi against the dollar.
“We continue to price properties in cedi at the current exchange rate. However, the costs of essential materials like cement and iron rods have not decreased in tandem,” he pointed out. “At present, a property valued at $100,000 is approximately ¢900,000
Source: HotFmOnline.com
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