Real Estate Agency Council to start registering Real Estate Professionals
About 5,000 real estate professionals nationwide will begin to register and receive licenses from the Real Estate Agency Council (REAC) in May of this year.
Professionals in this field include attorneys, real estate developers, brokers, and agents.
The licensing and registration processes were a part of the efforts to guarantee efficient regulation and enforcement of global industry best practices, according to Nana Otu Turkson, Chief Executive of REAC.
While Kojo Oppong Nkrumah, the Minister of Works and Housing, was inspecting the council’s head office, he was speaking to the Ghanaian Times in Accra.
According to Mr. Turkson, the license and registration would also aid in the capture of dishonest major actors who connive to swindle gullible Ghanaians in real estate transactions.
““The initiative to register intermediaries in negotiating and arranging real estate transactions such as agents, property brokers, property developers, and property marketers will provide the credibility of data gathered from recognized resources for the industry to thrive.
The nation’s real estate sector will benefit from a strong data infrastructure that will aid in property appraisal. It will facilitate the tracking of real estate transactions and assist the government in collecting taxes from each one. Data and information on our sector would be widely available, he said, “sanitizing the nation’s housing market and ultimately helping citizens who wish to buy these properties.”
In order to safeguard Ghanaians’ interests, Mr. Oppong Nkrumah stated that the Council’s activity was essential in controlling the transactional operations of brokers and other industry participants.
REAC, he said, was a statutory body established by an act of Parliament in 2020 to regulate the operations of real estate agencies in the country.
In order to lessen the difficulties Ghanaians in the industry encounter, he said, the Ministry was eager to get the agency operating in the new head office by the end of April.
“Transactions in real estate must be done by professionals that are regulated to ensure that Ghanaians are not overly charged or duped.
That’s why this Council will be resourced to be able to carry out its mandate. I have spoken to the Minister of Finance, who is more committed to ensure the release of necessary funds for the acquisition of logistics and clearance for recruitment of personnel,” he added.
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