Warning: Property industry could slump next year

A player in the real estates industry fears the housing sector could face a slump from next year due to a fall in foreign investments.

Some industry players claim many housing projects earmarked to be completed this year have been abandoned due to lack of funds.

They say the challenges that confronted the economy this year led to a reduction in foreign investment in the property industry.

Managing Director of Orlens Ghana, Richard Mantho told STARR BUSINESS’ Europa Taylor that government needs to better manage the economy in the coming months if current challenges confronting the sector are to be addressed.

“I think the Dollar things have affected a lot of projects,” he surmised.

“You can see that a lot of projects are on standstill in Ghana; a lot of investors don’t want to come and invest in Ghana. I don’t know the reasons, but really they don’t want to invest in Ghana at the moment. Most of the people that were buying properties are all holding back now because they can see that now the economy is not as robust as we are thinking.

According to him, the properties industry will get slow again because people are waiting to see what happens next year.

Mantho also suggested that pricing in the properties industry should be regulated so that “nobody gets up and just gives a price”.