Expert reveals COVID-19 has reduced mortgage and housing deals by 50 percent

- The Ghana Real Estate Developers Association (GREDA) has expressed concerns about a 50% fall in mortgage and housing deals

- The fall has been attributed to the outbreak of the coronavirus

- It has also been revealed that the pandemic has led to a 30% fall in the operational capacity of real estate and house developers

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The Ghana Real Estate Developers Association (GREDA) has revealed that the outbreak of the coronavirus has led to a 50% fall in mortgage and housing deals.

GREDA explained that the negative effect of COVID-19 has also led to a fall in the operational capacity of only 30% for real estate and house developers.

A housing expert, Foster Osae-Akonnor, also disclosed that general demand for housing and mortgage deals have reduced all over the country.

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He added that there is an urgent need for the government to provide incentives for sector players such as architects and contractors to save it from collapse.

A Ghana Web report shows that COVID-19 has also led to a negative effect on both domestic and non-resident mortgage clients.

YEN.com.gh has also learned that the Minister for Works and Housing, Samuel Atta Akyea, recently announced that a new Rent Bill (Rent Bill, 2020) has been prepared and presented to the cabinet for approval.

The bill, when approved, is expected to alleviate the seemingly biased practices of some landlords such as wrongful termination of contracts, eviction, and other outrageous demands for rent advances.

In other news, the Director of the Institute of Social, Statistical and Economic Research at the University of Ghana, Professor Peter Quartey, has called for a careful reopening of Ghana’s borders.

According to him, the process must be done slowly and cautiously so that the coronavirus does not pose a threat to health and life.

He added that he agrees it is necessary to reopen the borders in order to revive economic activities, but it is essential that safety protocols are adhered to.

READ ALSO: Kotoka International Airport has not been sold - Ministry of Aviation

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Source: YEN.com.gh