Dr. John Watson Otumfuo, Chief Executive Officer of Mayfair Estates Limited, has urged the government to waive the five percent Value Added Tax (VAT) currently imposed on estate development in an effort to stimulate growth within the industry. He argued that removing the tax would make homeownership more accessible for both developers and buyers, enhancing confidence in the market.
Dr. Otumfuo made this appeal during the opening of the Mayfair Estate/Fidelity Bank Property Fair and the signing of a Memorandum of Understanding (MOU) between the two companies in Accra on Tuesday.
The property fair provided a platform for prospective and existing homeowners, investors, financial advisors, and other industry stakeholders to engage in purchase agreements, finalize deals, and explore innovative solutions. The event also showcased 150 completed housing units by Mayfair Estates in locations such as Mayfair Court, Adjiringanno, Jubilee Gardens, Kanda, The Watson, Burma Hills, and Mayfair Enclave at Oyibi.
Dr. Otumfuo highlighted the financial strain caused by the VAT, especially in light of the current economic challenges facing the industry. “The industry is going through a tough time, and it is our wish that we get some bailout from the government,” he said, emphasizing the need for urgent intervention.
He also advised prospective home buyers to exercise caution and conduct thorough research before making purchases to ensure their safety and security, which he noted are critical for peace of mind.
Mr. Abdul Razak Gyimah, Mortgage Manager at Fidelity Bank, described the partnership between Mayfair Estates and the bank as a valuable learning opportunity that should be sustained. Participants at the fair received first-hand information on financing homes and properties, as well as the chance to explore various financial instruments and funding options.
