A Land and Property Consultant, Mr Kaaka Dello-Ziem, has cautioned landowners not to prepare a lease document of more than 50 years for non-Ghanaian citizens or companies.
He said that any land lease document prepared for non-Ghanaian citizens or companies for more than 50 years is illegal, according to the laws of Ghana.
He said oftentimes, both land sellers and buyers ignore this stated period of the lease when preparing their lease.
Mr Dello-Ziem, who is a law lecturer, was speaking at a seminar during the third and last day of the Graphic/Ghana Real Estate Developers Association (GREDA) Real Estate Experience 2022 at the premises of Silver Star Towers in Accra.
He explained that Ghana’s laws only permit land owners to lease lands for more than 50 years to only Ghanaian citizens or companies, adding that anything outside that is illegal.
Per Ghana’s laws, land can be leased from a minimum of three years to 99 years to Ghanaian citizens or companies and three to 50 years for non-Ghanaian citizens or companies.
Mr Dello-Ziem said it is illegal for any non-Ghanaian citizen or company to have any lease document of more than 50 years.
He has, therefore, asked prospective land buyers to pay more attention to the preparation of the lease, advising them to always engage lawyers to help them in getting the right documents on their lands.
The Graphic-GREDA housing fair, the biggest real estate and housing fair in the country, which is being sponsored by the Republic Bank, the biggest financial player in the real estate sector, started on Thursday, November 1, 2022.
The event which is being held at the premises of the Silver Star Towers will end on Saturday, November 3, 2022.
Prospective and existing homeowners, investors, real estate developers, financial advisors, interior decorators, regulators and other industry players in the housing sector have pitched their pavilions to offer customers and prospective customer information on all their housing needs.
The fair is on the theme: “Home Ownership through Collaborative Efforts of individuals, institutions and industry.”
What makes the fair very attractive is the fact that apart from having the opportunity to buy and invest in different types of houses on offer by the exhibitors, participants will also have access to information on financial instruments, funding options, investment plans and insurance relating to housing.
More importantly, patrons of the fair will also be educated on land acquisition, the effective ways of building houses and how to address issues such as flooding and fire outbreaks.
