Speed up review of mortgage law - GREDA

The Ghana Real Estates Development Association (GREDA) wants its proposal to the government for the review of the mortgage law to enhance access to mortgage financing to be looked at imminently.

According to GREDA, that is the only way that the banks can provide comprehensive mortgage facility to enable consumers buy houses.

Majority of the banks have/are avoiding mortgage financing because of the many risks associated with housing financing. Republic Bank, Cal and GHL are few of the banks providing mortgage facilities to consumers.

But speaking in an interview with Class Business, President of GREDA, Ebo Bonful, said his office will continue to support the government to reduce the housing deficit, which is estimated to have reached about 1.7 million housing units.

“We're hoping that there will be a deepening of the mortgage market because we can’t get people to buy the houses if there are no mortgages. We're hoping that the proposal we sent for the review of the mortgage law will be looked into very quickly so that the banks will be comfortable to roll out mortgages to buyers who buy our houses.

“This is our biggest problem, so we are hoping that our proposal to government which is a comprehensive one will be looked at and will be transformed into a law so that we can get mortgages for our buyers”, he mentioned.

Mr. Bonful also said GREDA will do its best to provide affordable housing to consumers.

“We have sent a proposal to the government to develop affordable housing, we want to do 20,000 housing units per annum but we need a certain kind of arrangement with government to make that happened. If we get the cooperation that we need from government, we will deliver on that to help reduce the deficit."

GREDA recently held its annual housing fair to encourage many Ghanaians and consumers to acquire houses with ease.