The Ghana Real Estate Developers Association (GREDA) has expressed worry about the state of unregulated housing sector which has triggered high pricing of lands and properties.

According to its Executive Secretary, Samuel Amegayibor, this has created challenges with respect to acquisition and ownership of properties, adding, many properties sold today in the country do not go through valuation.

Speaking on the Joy Business Social Media Engagement show, Mr. Amegayibor said it would have been better if pricing of housing and land have benchmarks that will guide dealer, so that they do not sell beyond the threshold.

“I must admit that it could be very ideal if we all had some benchmarks with which we will be pegging our prices, but unfortunately, there is too much space in which people have taken advantage and have charged exorbitantly  for certain things in the course of development.”

“Formerly, one could get access to a land at certain locations for a very reasonable price. But these days when you go to the same locations, land are being sold three times, four times”, Mr. Amegayibor explained.

Citing an example to support his case, he said “one time, somebody asked me he has a land around where Zoomlion has their school. He told me the land was going for ¢40,000 - I didn’t get clarity - I assume that it was ¢40,000, only for me to get all the way there for this guy to tell me its $40,000. So I said a land for $40,000 dollar, what property am I going to put on that land and what value am I going to put on before I would sell – my profit margin”.

“If it was you coming to me to buy the house and I mention the price, you will go crazy”, he added.

The GREDA Executive Secretary outlined further that these challenges are driving the exorbitant pricing of properties.

“This is the challenge. There is too much uncertainty, and too much unregulated environment in which we work. So everybody is doing what he likes", he added.