Participation of Real Estate Developers in Mortgage Financing: Push and Pull Factors in Ghana
|Author(s)||by Isaac Decardi Nelson, Richard Oduro Asamoah|
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Ghana, with a population of 24 million people and growth rate of 2.4% per annum has a housing deficit of about 1,000,000 units as of 2010. It is also estimated that 500,000 houses are needed annually. The government and the real estate companies have constructed houses for sale the but the prices are too high, the cheapest is sold atUS$35,000.Housing industry in Ghana have not been active in the mortgage financing market. The reasons assigned to this includes: payment of high commission per annum by mortgagors, the introduction of indexed mortgages is undesirable to potential and existing mortgages and charging of high prices houses by real estate developers. The study seeks to consider the pull and push factors influencing the mortgage financing market in housing delivery in Ghana. A case study approach was used by focusing on Ghana Home Loans and Ayensu River Estates who are members of Ghana Real Estate Developers’ Association (GREDA). The study revealed that no GREDA members into direct mortgage finance without financial institution. Poor performance of the local economy, in proper address systems, lack of information about potential clients were identified as the push factors. Stable economic indicators like the prime and lending rates, efficient banking systems and proper identification system were also considered as the pull factors. The study concludes that successful mortgage market will depend highly on efficiency of land title system and mortgages must be an attractive investment that will provide investors with positive and risk –adjusted rate of return.
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