Business News of Wednesday, 30 January 2013
Source: Joy Online
Offoyeh Real Estate Limited (OREL Ghana), a major player in the Ghanaian real estate market, has moved to mitigate the housing deficit in the country by providing affordable housing to the middle class.
The company in statement signed by its Managing Director, Richard Mantho, said starting from US$30,000 individuals could own houses tailored to meet the pockets of in employees in urban areas under "flexible payment terms.”
The statement said the initiative, “is as a result of the emerging trend of young business professionals and young employees finding accommodation a big problem in the business centre in Accra, the reason being that all multinationals companies and local companies are located in this hub and the competition of finding an affordable house is very high in demand.”
It added that, “due to the influx of high earn luxurious accommodation in the urban area which young individuals find too expensive. OREL Ghana is here to change this structure of high accommodation in the urban areas and make it more attractive for young business professionals and young employees.”
It said the accommodation will be designed in the style of one bedroom apartment and two bedrooms apartment to cater for singles and young families and “payment terms will be on a 20% deposit and other payments spread within a number of years which will be administered by a mortgage company and a financial institution.”
OREL Ghana has therefore acquired acres of land at Achimota, Teasano and other prime locations in the capital for the housing project which will range from US$30,000 to US$70,000 - furnished and unfurnished apartments.
Some clients of OREL Ghana include La Beach Towers, Sloane Houses, Osborne Towers (Lagos), The Octagon, Blackwell and Koshy Kourt.