A fast-growing market and a wide range of property investment options can create a whole minefield of questions within the real estate industry. People are naturally curious about the industry and how it works, and the fast growth and wide investment options will leave persons who are not active players in the industry constantly playing catch-up when they find themselves looking to venture into the space.

Housing prices are, generally, not uniform (some might call them unstable) largely due to the absence of pricing regulations as well as existing regulations constantly changing. In such a dynamic and complex market, seeking expert advice can help individuals, especially, the uninitiated, navigate the real estate industry.

Each year, at the Meqasa Home and Property Fair, attendees come with many questions, usually centred around the cost of available residential and commercial offers. Participants also seek clarity on any additional fees or hidden charges associated with these offers.

After the 2023 edition, exhibitors Vaal Real Estate, Eden Heights, Swami India, and Signum Development shared the following frequently asked questions from participants at their stands:

Where Are You Located?

In view of the fact that the location of a property can strongly influence its price, it is natural for homebuyers to want to know where developers have projects. Properties in cities with limited room for expansion, like Cantonments, East Legon, and Airport Residential Area tend to be priced higher than those in areas with plenty of space for development. However, in recent years, Oyarifa, Ayi Mensah, and environs have caught up in the market, having room for expansion but costing steadily higher for newly built projects by developers.

This shift in the market can be attributed to the rising demand for properties in areas with more open space and quieter neighbourhoods. Additionally, citizens’ appetite for commuting seems to be growing.

What Do You Have On Offer? Do You Have Any Completed and Uncompleted Property Projects?

This question is influenced by home buyers’ preferences and desire for customisation.

Apart from knowing the types of buildings available (semi-detached houses, studio apartments, 2 or 3+ bedrooms, apartment buildings, etc.), they also wanted to know the current state of development of the projects.

Some home buyers are interested in unfinished projects because they want to add their personal touch and design elements to the home, especially if they aren’t ready to move in right away.

For investors, it presented an opportunity to buy unfinished buildings at a lower cost, finish them, and resell them for a higher price. Other homebuyers were drawn to finished and even furnished structures because of the minimal labour left to do. It all comes down to personal preferences and a price range.

What is the Cost? What Are Your Property Prices?

In real estate, the final offer is the highest a prospective buyer can make for the sale of a property. Ordinarily, the final offer is made only after home seekers have carefully weighed all other competing offers, the market situation, and the value of the property. It is an important step in the negotiation process because it determines whether the seller will accept an offer and complete the sale.

Developers and property owners use this to gauge the buyer’s interest in and willingness to pay for the property.

What is the Payment Plan Like?

Investing in a property involves a considerable long-term financial commitment and is, therefore, a big deal. For this reason, buyers ask tons of questions about the available payment plans before purchasing a property. This helps them in their decision-making process to choose the payment plans that best suit their financial situation. Also, their understanding of the flexibility of the payment schedule and any penalties for early repayment influences their decision to buy.

During Meqasa’s Home and Property Fairs, there is a lot of interaction between stakeholders, thought-provoking conversations, and numerous viable leads for participating developers and other exhibitors. The event provides a platform for networking and knowledge sharing among industry professionals, fostering collaboration and innovation in the real estate sector. Attendees also have the opportunity, in addition to learning from the industry experts, to explore a wide range of properties, from luxurious apartments to affordable homes, catering to all budgets and preferences.