[ 2015-04-17 ]

Ghanaians pay cash for million dollar houses – Housing analyst
Most Ghanaians who buy luxury houses usually pay
cash, the Chief Operations Officer of Ghana Home
Loans, Kojo Addo Kufuor has revealed.

There is a perception that most of these luxurious
houses that are owned by Ghanaians are initially
funded by mortgage providers and later paid in
instalment by the to- be- owners.

Some of the luxury homes range from between
$500,000 to over $1 million in parts of Accra.

Speaking on the Citi Breakfast Show, Kojo Addo
Kufuor revealed that “more local people are
paying cash for high end houses going for over
half a million dollars. “A lot of people who buy
these units tend to pay cash. As an institution,
we have a very good view of both ends of the
market.

We don’t finance a lot of the high end stuff,
but when we speak to the developers who build
these things, they will tell you that the buyers
finance these things through cash,” he further
explained.

Addo Kufuor however clarified that since” the
rental market is not great,” most of the
individuals who patronise the luxurious buildings
have resorted to buying the houses to “live in
themselves.” He said the house owners, in some
instances also decide to “sell it out and use
the money somewhere else or decide to lock it out
and wait for a better day.”

Addo Kufuor pointed out that the ancient times
where prospective tenants came onto the market and
were willing to pay 2 or 3 years advance upfront
is becoming increasingly rare.

Source - Citifmonline

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