2024 Real Estate Engineering and Construction Conference kicks off 28 June

The 2024 Real Estate Engineering and Construction Conference has been launched with a call to stakeholders to address the pressing issue of affordable housing.

Executive director of REACO International, Ebenezer Duncan Eghan, emphasised the multifaceted nature of affordable housing discussions, highlighting the importance of understanding the target market to make informed decisions.

Speaking at the launch, Eghan suggested a shift in focus towards utilising local materials and providing tax incentives to developers as potential solutions to reduce costs and increase affordability.

“The affordable housing discussion entails so many things; from the building materials to access to the developers and the brokers and the agents,” Eghan explained.

“There is so much discussion around it. It’s now time to understand the target market. If we are to know the target market and the category of people for whom the houses are being built, it will help us make informed decisions.”

He cited the example of homes priced between US$100,000 and US$150,000, questioning the affordability for many people, even with a 20-year mortgage.

“Even if they are to go for a mortgage for a period of, say, 20 years, how many people will have their mortgage being able to pay for the bill? We now must look at local materials which are less expensive and making tax evasions for those in that industry so that they can put out the housing.”

Eghan also pointed out the need to reassess the market for luxury housing, suggesting a focus on middle and lower-income groups who often face the greatest challenges in securing housing.

“If we know the luxurious target is not hitting, why don’t we break it down? In the chain, a chunk of the populace is in the middle and the low class, and even at the low class, they are the ones that often find challenges regarding housing”, he said.

The Real Estate Engineering and Construction Conference, set to be held on 28 June and 29 June 2024 at the CCB Auditorium at the Kwame Nkrumah University of Science and Technology (KNUST). It aims to unite all stakeholders in the industry, offering a platform to explore the latest technologies, strategies, and investment opportunities.

Reporting By Bright Yeboah, Asaase Newsroom, Kumasi

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