Real estate consultant and Sales Lead of I2 Development, Beatrice Nortey, has issued a disclaimer that there is no legally legitimate person who is the ideal embodiment of all real estate knowledge in Ghana.
Beatrice Nortey, an experienced real estate professional speaking at the Real Estate investment workshop organized by the Global Startups Ecosystem on September 1, cautioned prospective buyers, investors, and stakeholders of the chances of being deceived by persons who claim to be the one-stop shop for every knowledge in the real estate landscape in Ghana.
“Ghana’s real estate industry, in terms of professionals, is still very young. It’s still emerging and unregularized. I think in Ghana, if there is anyone purporting themselves as an industry expert or a one-stop shop for knowledge on Ghana’s real estate market, they might be deceiving you.” She said.
She based her argument on legal parameters, inferring from the lack of proper regularization of the system where there is yet to be commissioned the licensing authority that shall certify realtors, hence conferring legitimacy on their work.
With regulations coming forth to bind transactions, she recounted that every player in real estate in the country is running on their experience and clout courtesy of the licensing gap in the industry.
“The first realtor’s training was launched two days ago. In 2020, the Real Estate Agency Bill was passed, and there has not been the commissioning of the licensing authority. Currently, everyone is working based on their experience, clout, their influence so there is the gap for licensed, experienced people coming from advanced markets to bring their knowledge to serve the Ghanaian market.” She noted.
Underscoring the diaspora opportunities in real estate and banking in Ghana, Beatrice Nortey was among a panel of financial moguls with depth in real estate. The likes of Abdul Razak Gyimah, mortgage manager at Fidelity Bank, and General Manager at Metropolitan Pensions Trust Ghana Ltd., Issaka Ibrahim, delivered nuggets of experience and knowledge to audiences.
She highlighted the gaps in the real estate industry that the diaspora community can zero in on. Investing in luxury markets, real estate and ecotourism, and emerging markets were the key areas she noted needed attention.
Nortey tipped areas outside Accra as becoming the next hot spot for real estate as international airports are being established in regions within the middle and upper belt of the nation, which will attract tourists, investors, and business people.
She also touched on the technological advancements expected to surge in the industry. With the growth of technology, there will be faster tracking of sales and transactions in real estate.
The real estate investment workshop was organized by Global Startups Ecosystem, a tech recruitment company headed by Christine Souffrant Ntim that is home to the world’s first digital talent career accelerator platform and the fastest-growing network of tech summit programs in emerging markets.