We'll commence registration of key real estate players before the end of the year – REAC CEO

In order to ensure and have a credible data-based ecosystem in the real estate industry in Ghana, the Real Estate Agency Council (REAC) has announced its quest to commence the registration of key players in the industry before the end of the year.

According to the Council, 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.

"We are looking hopefully before the end of the year to ensure that all those interested are being registered. God willing in the next year we hope that with the possible resources, we should be able to start formal registration where we will gradually start sanitizing the system. it is a critical part of our country and the agency is very passionate and driven to make sure that we see the dream of the government implemented for the benefit of everybody," Nana Otu Turkson, Chief Executive Officer of Real Estate Agency Council, stated.

The CEO of the Real Estate Agency Council, Nana Otu Turkson disclosed this at a media engagement in Accra to propagate the message of the council to the public.

"We are going make sure that everybody we regulate will have a unique QR code. We will provide shortcode numbers for those who do not have a smartphone (to scan) to call and then as soon as the unique numbers of a particular agent or broker or regulated person pop up, they can see what their status is," he noted.

This, Nana Otu Turkson stressed, will bring trust and sanity into the real estate industry in Ghana and revenue to the government.

"A robust data system for the country’s real estate industry will help in properties’ valuation. It will help track property sales and help the government get tax revenue from all property sales. The availability of data and information on our industry will stop speculations and sanitize the pricing of houses in the country’s urban space, which will ultimately benefit citizens who want to purchase these properties. Our mandate as a regulator also includes monitoring and reviewing real estate transactions to protect the consumers’ interests,” he added.

The Real Estate Agency Council (REAC) – a statutory body established by an act of Parliament to regulate the operations of real estate agencies in the country.

The council is keen to provide a cloud-based service where agents, brokers, and developers whom the council will regulate can sit in the comfort of their offices and log on to their accounts.