Economic news for Monday, February 14, 2022
Condominium bill to regulate shared and common spaces
The condominium bill has yet to receive Cabinet approval
Real estate agency bill in sight
Public Works and Housing Minister Francis Asenso-Boakye has given assurances that the government is keen to push through the condominium bill.
The bill, when passed, is expected to regulate activities in the country’s housing sector, particularly for residential and non-residential condominium properties, also known as compound homes.
Francis Asenso-Boakye, speaking at the launch of Vaal Estate’s new apartments in Accra, said his team were working to ensure Bill was delivered on time.
“The need for high-rise buildings has driven the need for shared ownership of common spaces. This is why the government is currently working on a condominium bill to regulate shared and common spaces.
“The ministry is committed to putting in place condominium property legislation to provide for the establishment, ownership and management of condominiums and unit titles, among others,” it was quoted by Citi Business News.
Meanwhile, the decision to regulate ownership of residential and non-residential condominiums in the country has not moved forward for about five years.
In 2017, the Ministry of Works and Housing said it had started processes to put in place the legislation to regulate the housing sector with four pieces of legislation tabled in Parliament.
Among these are the passing of two new bills, the Estate Agents Bill and the Condominiums Bill. Although efforts have been made to pass the Condominium Bill, it has yet to receive Cabinet approval.
In Ghana, a condominium is often called a compound house. It normally consists of small rooms accommodating multiple households which come with an open courtyard and other shared facilities.
While many low-to-middle income earners reside in these compound houses, living conditions and ownership issues have caused players in the real estate industry to be eager for legislation to be passed to regulate ownership activities.