Ghana’s favorite property portal, Jumia House, recently organized a real estate conference on the theme “The Future of Real Estate in Emerging Markets”.

The conference was proudly sponsored by MTN and supported by media partners, Starr FM, Business Day and Modern Ghana. Other partners were Windzor Realty, Ghana Prime Properties, Orel Ghana, The Realty Connection GH Ltd, Isaac Anthony Homes and Ankacorp. It was also simultaneously held around the world in 15 other countries, with the objective of addressing key issues affecting real estate and the way forward.

In Ghana, the event was held at Holiday Inn on 26th November 2014. The conference brought together over 150 stakeholders in the real estate sector, including the Ministry of Water Resources, Works and Housing (MWRWH) and the Ghana Real Estate Developers Association (GREDA).

Deputy Minister of MWRWH, Hon Jonny Osei Kofi, delivered a speech on the proposed Real Estate Bill and Housing Policy. According to the Deputy Minister, the Ministry had taken keen notice of some real estate agents who have acted unprofessionally. This he said has necessitated government to draft a Bill to address such issues.

“Government is working assiduously to come out with a Bill to control the [real estate] sector. The main objective of this Bill is to regulate real estate brokerage practice and practitioners, real estate transactions as well as prevent the use of real estate transactions for the purposes of money laundering and other vices,” Hon Osei Kofi stressed.

Hon Osei Kofi went on to add that the Bill will establish a real estate agency which would in effect regulate real estate agency practice. This Bill, according to him, would also regulate commercial transactions in real estate including the sale, purchase, rental and leasing of real estate.

Managing Director of Jumia House Ghana, Akua Nyame-Mensah, spoke on the need for increased transparency in the sector, adding that the proposed Real Estate Bill would address a number of issues in the industry.

“Jumia House is concerned with increased transparency and we believe that the government’s efforts in drafting a Bill to regulate the real estate industry is a step in the right direction.

“It will not only be in the interest of house-hunters to have this enacted into Law, but that of real estate professionals too, as it will improve the confidence reposed in them, thereby, leading to more sales,” she asserted.

The Chief Executive Officer (CEO) of Ghana Prime Properties, Delores Sekyere, averred that technology had made a great impact in the real estate sector. According to the real estate broker, tools such as the World Wide Web had enabled many real estate stakeholders like herself to increase their business portfolio. Speaking on the benefits for house-hunters, she stated that the Web portal has given them more convenience as well as increasing their home options.