The Valuation and Estate Surveyors (VES) Division of the Ghana Institution of Surveyors has held its annual Seminar in Accra. The seminar was themed “Enhancing Mortgage Administration for Efficient Housing Delivery.”
The seminar was aimed at providing Surveyors and banking institutions with meaningful answers to problems to provision of housing which is affordable either by direct ability through personal savings or through mortgage finance administration and to also provide an insight into the importance of mortgage financing in housing delivery.
In an open address read on his behalf of the Minister for Lands and Natural Resources, Alhaji Collins Dauda made a humble call on financial institutions to seriously consider matching long-term capital, instead of short-term capital, to mortgage financing. “Insurance companies that undertake long-term investments, such as life insurance, to consider housing finance as one of their areas of investment.”
Outlining some works by his ministry on housing, Alhaji Dauda said his Ministry is contributing to Government’s agenda of reducing the country’s housing deficit through the release of lands acquired but which are underutilized, for the provision of affordable housing.
He added that it was also important for security of tenure to enable investors in the housing sector have a low cost of production which will lead to low cost housing pricing to enable the poor in society acquire one.
He urged them to engage effectively to have an efficient outcome to help promote valuation and surveying in the country.
President of the Ghana Institution of Surveyors, Surveyor Yvonne Odoley Sowah, in a her speech said that, the concentration on the upper middle and high income earners in the provision of housing has led to a high deficit of housing for the low to middle income earners. “ I expressed regrets that housing finance or mortgage, which enables access to home ownership, appears to have eluded the vast majority of the population, as only the rich have access to it because the prices of houses are far beyond the means of average Ghanaian– the minimum housing prices start from US $29,000.”
Making estimation she indicated that there is an absolute shortage of approximately 500,000 units of houses nationwide and the supply capacity nationally is only 42,000 units per annum, meaning 60 per cent of the national requirement remains not obtained. To replace the shortfall, annual national housing delivery should be approximately 12,000 units.
The seminar was aimed at providing Surveyors and banking institutions with meaningful answers to problems to provision of housing which is affordable either by direct ability through personal savings or through mortgage finance administration and to also provide an insight into the importance of mortgage financing in housing delivery.
In an open address read on his behalf of the Minister for Lands and Natural Resources, Alhaji Collins Dauda made a humble call on financial institutions to seriously consider matching long-term capital, instead of short-term capital, to mortgage financing. “Insurance companies that undertake long-term investments, such as life insurance, to consider housing finance as one of their areas of investment.”
Outlining some works by his ministry on housing, Alhaji Dauda said his Ministry is contributing to Government’s agenda of reducing the country’s housing deficit through the release of lands acquired but which are underutilized, for the provision of affordable housing.
He added that it was also important for security of tenure to enable investors in the housing sector have a low cost of production which will lead to low cost housing pricing to enable the poor in society acquire one.
He urged them to engage effectively to have an efficient outcome to help promote valuation and surveying in the country.
President of the Ghana Institution of Surveyors, Surveyor Yvonne Odoley Sowah, in a her speech said that, the concentration on the upper middle and high income earners in the provision of housing has led to a high deficit of housing for the low to middle income earners. “ I expressed regrets that housing finance or mortgage, which enables access to home ownership, appears to have eluded the vast majority of the population, as only the rich have access to it because the prices of houses are far beyond the means of average Ghanaian– the minimum housing prices start from US $29,000.”
Making estimation she indicated that there is an absolute shortage of approximately 500,000 units of houses nationwide and the supply capacity nationally is only 42,000 units per annum, meaning 60 per cent of the national requirement remains not obtained. To replace the shortfall, annual national housing delivery should be approximately 12,000 units.
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