More Ghanaians patronize Mortgages – GHL Bank

There is a growing interest and demand for mortgages by Ghanaians, Mr Richmond Asante, Head, Mortgage Origination, at the GHL Bank has said.

He said statistics from the GHL Bank showed that most mortgage customers in Ghana were locals and not non- resident Ghanaians as many believe.

“This demonstrates the growing interest and demand for mortgages by young professionals looking to own a home and proves that mortgages are not the preserve of the offshore Ghanaians,” Mr Asante said in a statement issued by the GHL Bank on its annual Developers Seminar.

He said most of these mortgage customers were typically males in their 30s and 40s, from the finance, IT and mining sectors.

“Although young people show great interest in mortgages only 2% of mortgage customers are under 30 years old,” he noted.

Dr. Kwadwo Ohene Sarfoh, an international Urban Development Specialist, also spoke on how players in the industry could innovate to ensure steady business growth.

He charged real estate businesses to stop adopting a ‘business as usual’ approach to accommodation, and assuming a ‘build and they will come’ mindset, as the country was facing a housing deficit.

He bemoaned the industry’s trend where houses were built but failed to meet the needs of the populace or fell out of their purchasing power.

He stressed the need for property developers to gather market intelligence to understand potential customers and how to meet their needs.

“Members of the bank’s Real Estate Club from the University of Ghana, Kwame Nkrumah University of Science and Technology, University of Cape Coast, Ghana Institute of Journalism, Ashesi University and University of Professional Studies, also shared innovative ideas on how technology could improve the housing industry,” the statement said.

Mr. Samuel Amegayibor, the Executive Secretary of GREDA, urged developers to pursue the implementation of policies that would protect and favour the growth of the industry.