Ghana real estate industry slumps in 2016
According to Executive Secretary of GREDA, Sammy Amegayibor, local real estate operators are apprehensive about business prospects for the rest of 2016.
“ Sale of property have dropped and we have incurred heavy debt in unpaid loans.Normally if it is an election year, we expect things to be much easier because quite a number of people are willing to spend and there is a lot of money flowing in the system. Unfortunately this year, it is not happening like that,” Mr. Amegayibor told online real estate platform, Lamudi.
GREDA expects government to take decisive decisions in reducing Value Added Tax, high interest rates, land acquisition issues and access to long-term financing.
These, according to Mr. Amegayibor will go a long way to turn the year around for local real estate developers.
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