The Managing Director of Nilex Properties, Nilesh More, has called on players in the real estate industry to patronise locally made building materials instead of importing them.

He explained that would reduce the cost of estate property, which was currently too costly for the ordinary Ghanaian.

The estate developer added that doing so would not only boost the local industry but would generate thousands of jobs for the youth, thereby addressing the issue of unemployment in the country.

Exhibition

Mr More, who was speaking at a media engagement as part of activities towards the first-ever real estate exhibition dubbed “Ghana-Diaspora Home Purchase Expo 2024,” said: “We believe that we should give jobs to our locals, thus boosting our industry.”

The two-day maiden expo, scheduled for December 12 and 13, this year, will feature developers, real estate agents, insurance experts, financial institutions and investment experts, who will offer insights into the current housing market and the best ways to make the most of available opportunities.

It will also highlight the potential for diaspora homeowners to earn passive income through real estate investments.

The expo is designed to attract both Africans and non-Africans in the diaspora, offering a golden opportunity to invest in Ghana’s thriving real estate market.

It further seeks to empower diasporans to own property in Ghana and promises to serve as a one-stop platform for potential buyers and investors to gain in-depth knowledge about property acquisition in one of Africa’s most peaceful and economically promising countries.

Creating jobs

Mr More explained that by patronising products from other countries, “we only create employment opportunities as well as improve the economies in those countries.”

He said currently, most of the estates developed in the country were above the reach of most Ghanaians and that Nilex Properties would move into affordable housing schemes to reach out to all Ghanaians.

"We have taken this decision to ensure that we can provide apartments, semi-detached and townhouses at a lower cost.

"We shall do this with local materials ranging from the blocks, tiles, wood, the doors, to cement and, indeed, everything will be bought in Ghana here," Mr More said.

He announced that the company had started acquiring plots of land to enable it to begin developing the low housing scheme, assuring potential home purchasers of “very good designs” starting next year.

Mr More explained that his company believed in ensuring that every Ghanaian should have a decent accommodation, “that is why we are not only participating, we are also sponsoring.”

He said the company would partner some financial institutions to support customers with mortgages to enable them to acquire their two-room and three-room apartments.

Mr More gave an assurance that the organisers were working on getting financial and insurance institutions actors in the sector and also those in the diaspora to register to participate.

Legal aspects

For his part, the Legal Director of HTS Construction, Alex Osei-Owusu, encouraged members of the diaspora to seize the investment opportunities presented by the expo to acquire properties that would not only serve as homes but valuable assets.

He assured the public that expert lawyers would be on hand to guide attendees on the legal aspects of property investment.

“From understanding land tenure systems to avoiding fraud, participants will receive all the legal insights they need,” Mr Osei-Owusu, who is also the lead organiser of the exhibition, added.