Housing and mortgage have experienced several difficulties in the real estate economy of The Republic of Ghana for decades. Several look at it has espouse on varied attributes to the subject of mortgage.
Limited mortgages have been attributed to inadequate capital allocated to long-term financing, persistent gaps in borrower credit appraisals, and difficult macroeconomic conditions, resulting in high interest rates which largely deters interested patrons.
Other alternatives such as housing microfinance has also encountered challenges in its consolidation, perhaps worse than the subject of mortgage. As such, many housing projects are out of the reach of many households in Ghana since the least expensive house would still be unaffordable to over 95 percent of Ghana’s urban population considering monthly mortgage repayments relative to household income of urban residents.
The majority of housing, about 90 percent of the total, is delivered by individuals and the most common method building is incremental construction, where owners self-manage, relying on craftsmen and tradesmen to build progressively, dictated by availability of funds. This trend has implications on the quantity and quality of the dwellings. The result has been overcrowding, particularly in urban areas, evidenced in the Greater Accra Region.
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