The Real Estate Agency Council (REAC) will from May this year commence the registration and licensing of about 5,000 real estate professionals in the country.
The professionals include legal practitioners, property developers, property brokers and agents.
According to Chief Executive of REAC, Nana Otu Turkson, the registration and licensing formed part of efforts to ensure effective regulation and enforcement of international best practices in the industry.
He was speaking to the Ghanaian Times in Accra on the sidelines of the Minister of Works and Housing, Kojo Oppong Nkrumah’s inspection of the head office facility of the council.
The facility, located within the Cantonments enclave is undergoing rehabilitation works, would become the operational headquarters of the council which was currently operating from the premises of the Ministry of Works and Housing.
Mr Turkson explained that, the licensing and registration would also help to root out unscrupulous key players who defraud unsuspecting Ghanaians during real estate transactions.
“The initiative to register intermediaries in negotiating and arranging real estate transactions such as agents, property brokers, property developers, and property marketers will provide the credibility of data gathered from recognized resources for the industry to thrive.
A robust data system for the country’s real estate industry will help in properties’ valuation. It will help track property sales and help the government get tax revenue from all property sales. The availability of data and information on our industry will sanitise the pricing of houses in the country, which will ultimately benefit citizens who want to purchase these properties,” he stated.
Additionally, Mr Turkson said, the Council would enhance monitoring and reviewing of real estate transactions to protect the interests of Ghanaian consumers.
He said the council had designed unique codes for the identification of all real estate properties that would enable the various local Assemblies in the collection of property rate.
He noted that, the council was working towards providing a cloud-based service where regulated agents, brokers, and developers could log on to their accounts from anywhere in the world.
The council, he noted, was in need of clearance to recruit more personnel as well as logistics to be able to undertake monitoring and enforcement.
Mr Oppong Nkrumah, on his part, said, the work of the Council was critical in regulating the transactional activities of brokers and other industry players to protect the interest of Ghanaians.
REAC, he said, was a statutory body established by an act of Parliament in 2020 to regulate the operations of real estate agencies in the country.
He stated that, the Ministry was keen to get the agency functioning in the new head office space by end of April to minimise the challenges faced by Ghanaians in the sector.
“Transactions in real estate must be done by professionals that are regulated to ensure that Ghanaians are not overly charged or duped.
That’s why this Council will be resourced to be able to carry out its mandate. I have spoken to the Minister of Finance, who is more committed to ensure the release of necessary funds for the acquisition of logistics and clearance for recruitment of personnel,” he added.
BY CLAUDE NYARKO
ADAMS