17.03.2005 Business & Finance

New Estate Development Agency opens

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Accra March 17, GNA - A new Estate Development Agency, Regalon Estate Agents, involved in residential sales, letting of houses, property management and valuation was officially opened on Thursday. The agency, which has a branch in the United Kingdom, was established in Ghana to give quality and professional services to clients at a lower fee.

Mr Kwamena Bartels, Minister of Private Sector Development at the launch said estate development would have direct positive impact on the country's economy as it would increase the inflow of foreign exchange into the economy.

"We know that remittances from abroad is one of the largest earners of the nation. We also know that about 90 per cent of these foreign currency remittances go directly into building of houses and outright home purchases," he said.

Mr Bartels said it was encouraging that Regalon had responded to government's call to investors to contribute to national development by setting up such enterprises.

Regalon Estate Agency would, among other objectives want to become the leading estate agent in the country and would provide a one-stop-shop for people's housing needs.

Mr Samuel Antwi, Director of Regalon Estate Agents said the company would minimize the time involved in looking for accommodation in Ghana. Dr Kwame Donkor Fordjour, a Former Finance Minister in the Acheapong regime, giving comments about the programme said it was important that government encouraged the establishment of more estate agencies. He explained that the remittances that the country gained from estate development did not go into consumption alone, "the remittances are used to develop more properties."

Dr Donkor Fordjour said government could encourage the sector by giving them some tax exemptions.

The occasion was used to launch the "Property Express", a magazine that would provide information about properties and the housing industry in the country.

Mr William Darko Opare, Executive Director of Ghana Real Estate Development Association, who launched the magazine said it would provide the right information to people who wanted to own property and stakeholders in the housing industry. The bi-monthly magazine, which will sell at 15,000 cedis for a copy, would have a moderate advertising rate for advertisers on the sale or the renting of their properties.

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