Rédaction Africa Links 24 with Ghanaian Times
Published on 2024-02-27 06:29:50
The Real Estate Agency Council (REAC) is set to begin the registration and licensing process for approximately 5,000 real estate professionals in the country starting in May of this year. These professionals include legal practitioners, property developers, property brokers, and agents. The Chief Executive of REAC, Nana Otu Turkson, highlighted that this registration and licensing initiative is part of the council’s efforts to ensure effective regulation and enforcement of international best practices within the industry.
In a conversation with the Ghanaian Times in Accra, Mr. Turkson explained that the goal of this initiative is to eliminate unscrupulous individuals who defraud unsuspecting Ghanaians during real estate transactions. By registering intermediaries involved in negotiating and arranging real estate deals, such as agents, brokers, developers, and marketers, the industry can benefit from increased credibility of data, leading to a thriving real estate sector. Additionally, a robust data system will aid in property valuation, track sales, and help the government collect tax revenue from property transactions, ultimately benefiting citizens looking to purchase properties.
Furthermore, the Council aims to enhance monitoring and review of real estate transactions to safeguard the interests of Ghanaian consumers. Unique codes for identifying all real estate properties have been designed to assist local assemblies in property rate collection. Mr. Turkson mentioned plans to provide a cloud-based service that will allow regulated agents, brokers, and developers to access their accounts from anywhere in the world. However, the Council requires clearance to recruit additional personnel and acquire logistics to effectively undertake monitoring and enforcement tasks.
Minister of Works and Housing, Kojo Oppong Nkrumah, emphasized the critical role of the Council in regulating the transactional activities of brokers and industry players to protect the interests of Ghanaians. Established by an act of Parliament in 2020, REAC is a statutory body tasked with overseeing the operations of real estate agencies in the country. The Ministry is eager to have the agency operating from its new head office location by the end of April to address challenges faced by individuals in the sector.
Mr. Oppong Nkrumah stressed the importance of having transactions in real estate handled by regulated professionals to prevent overcharging and fraud. Resources will be allocated to ensure the Council can fulfill its mandate, with the Minister of Finance demonstrating commitment to releasing necessary funds for logistics acquisition and recruitment. Overall, the implementation of registration and licensing for real estate professionals by REAC seeks to promote transparency, credibility, and consumer protection within the industry.
Read the original article on Ghanaian Times
