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Prosperity Real Estate Investment Trust
Actual conditions in the emerging property market Ghana
Ghana is an emerging economy. The country is prosperous with a coin recently reassessed and hopes to reach middle income status by 2015. The picture could not be more clear to potential investors. However, the laws of Ghana and the bureaucracy have not kept pace its rapidly growing economy. If you plan to buy land or property in Ghana as a foreign investor, it is strongly recommended that you use the services of a local lawyer with expertise in land issues.
Despite the recently launched Land Administration Project (LAP) this year, there are hundreds if not thousands of open cases of territorial claims in Ghana. Different views on the registration of land titles is a problem here and there is often several owners claim a package. Not only working with a local trust, but must also obtain independent confirmation that no third party claims not paid for the property you are considering purchasing.
There are two other important reasons to invest in local knowledge when it comes to real estate – the knowledge of processes and culture. construction permit procedures can be difficult to navigate, especially for a foreigner. Another consideration is whether the land is stool land – land traditionally belonging to a specific tribe or chieftain. In essence, belongs to the stool or throne. Have a local advisor can be a major asset when the negotiation and cultural customs.
Despite these apparent deterrents to investment, the Government of Ghana took the matter very seriously Register Property. A street naming project launched last year, with the first bank in Ghana Land Information Directory – a project designed to save about 120,000 hectares of land, so they are accessible not only for investment but also reduce the demands for compensation. The government also continues to work closely together with traditional leaders, who are the custodians of 80 per cent of the land surveyed.
Prices are rising in the capital, Accra and therefore property values. Rents are increasing rapidly, and so are revenues. However, if you is planning on the development of house construction, note that if the urban economy class and treatment are growing, the system of mortgage sector non-financial. You may want to availability of funding before embarking on a major development.
There may be problems, but are taken into account by the government Ghana. With a market already full to bursting, surely explode once the constraints of bureaucracy and an old system have been reduced.
About the Author
Visit http://www.eleganthomesgh.com/ for expert help with Ghana property development.
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